Send Money To Bangladesh
With around 7.7 million Bangladeshis having moved to other countries in search of better paying jobs and a good lifestyle, international money transfers to Bangladesh too have increased by leaps and bounds. According to a World Bank report, Bangladesh is the ninth highest receiver of remittances from abroad. We understand the importance of being there for your family and friends when you are away from home. And InstaReM is here to help you do just that, even when you are miles away. With InstaReM, individuals, SMEs and corporates can transfer money to anywhere in Bangladesh anytime.
Our easy sign up process and affordable charges make money remittance to Bangladesh convenient as well as cost-efficient. We convert your money using real-time FX rates, apply a nominal fee*, and pay out to your recipient from our local bank account in Bangladesh. With our wide network of banks across Bangladesh, you can send money to Dhaka, Khulna, Chittagong, Rangpur or anywhere in between.
At InstaReM, we are committed to giving you the best FX rates and keep your transactions free from hidden markups and undisclosed charges. Due to our real-time FX rates, low transfer fees and fast transfers, the World bank has ranked us the No. 1 cost-effective remittance platform in several corridors around the globe, including Bangladesh. Want to remit money to Bangladesh? Click here.
All You Need To Know About Sending Money To Bangladesh
1. InstaReM fee:
For payments from AUD to BDT
and HKD to BDT
, the fee is 0.5%. For payments from SGD to BDT
, the fee is 0.25%. For transfers from MYR to BDT, the fee is 0.6%. Please note that the fees are subject to change.
2. Transfer time*:
Typically, InstaReM makes same-day transfers 7 days a week.
*The transfer time is subject to change as per the banking systems and holidays in both sending and receiving countries.
3. Banks covered in Bangladesh:
InstaReM covers all banks in Bangladesh, including Islami Bank Bangladesh Limited, Sonali Bank, Dutch Bangla Bank Limited, HSBC (Bangladesh), State Bank of India (Bangladesh), Habib Bank Limited and Standard Chartered Bank (Bangladesh), among many others.
4. Required details:
When sending to individuals in Bangladesh, you need to fill in the beneficiary's first name and last name.
Beneficiary's full residential address.
• Account no.:
Beneficiary's local account number.
• Beneficiary's bank code:
You need your beneficiary's SWIFT-BIC code to make a transfer to Bangladesh.
5. Payment methods:
InstaReM supports POLi and bank transfers in Australia, and bank transfers in Singapore and Hong Kong. Please note that we accept payments only from the sender's own bank account. We do not accept third party transfers.
6. Maximum amount per transfer:
AUD 2500 for transferring money from Australia. No limit for Singapore and Hong Kong.
No limit. Transactions above USD 10, 000 must be declared to the authorities concerned.
7. Available payout currencies:
We make payouts in BDT only.
8. No cash or cheque:
As an online remittance platform, we do not accept or send out cash or cheques. InstaReM transfers money from one bank account to another bank account.
InstaReM does not support payments for FDI (Foreign Direct Investment) purposes. As per the guidelines by the Bangladesh Bank (Central Bank of Bangladesh), payments for investment purposes are allowed only through banking channels.
10. E-mail transfers:
No. InstaReM does not support transfers to an email address.
You can cancel your transfer before we start the process to credit your money to the beneficiary's account. You might need to provide your refund account details, if we don't already have them. You'll be refunded in full, and we don't charge a cancellation fee.
What Is SWIFT-BIC Code?
Swift Code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also use the codes for exchanging other messages between them.
You can find Bangladeshi SWIFT codes here.
5 Quick Tips To Transfer Money To Bangladesh
1. Conduct a proper analysis of all the options available, before choosing a service provider.
2. To get the best rates, monitor BDT exchange rates and compare with other platforms that send money to Bangladesh.
3. Be absolutely certain about the account details of your recipient in Bangladesh. Errors in SWIFT codes, for instance, can delay your transfers.
4. Choose a money transfer service that makes money transfers to Bangladesh convenient and cost-effective.
5. Find out all about the costs and charges involved in money transfers to Bangladesh, to avoid last-minute surprises.
6. Note that your recipient receives the same BDT amount that was promised by the service provider.