Receiving inheritance from abroad: What you need to know
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
Need to send money to Bangladesh? You might be paying bills for a property you own there, supporting a family member or paying for goods or services.
Whichever is the case, you’ll need to know the cheapest and most convenient way to make an international transfer.
One of your options is Remitly, the online money transfer service. In this handy guide, we’ll show you how to make a money transfer with Remitly to Bangladesh. This includes fees, exchange rates, transfer times and how to get started.
There are also alternative providers such as Wise who use the mid-market rate, which is among the fairest you can get. This means your money goes further.
New to Remitly? Here’s a useful step-by-step guide to help you set up your first international money transfer¹:
Now, how much does it cost to send money to Bangladesh with Remitly?
The good news is that Remitly charges no transfer fees for digital delivery. This means that if you choose a bank or mobile wallet deposit, you won’t pay any upfront fees².
Opt for cash pickup though, and there’s a fee of £2.99².
Alongside the transfer fee, it’s also important to check out Remitly’s exchange rate for Bangladesh. This can make a big difference to the overall cost of the transfer.
Over in Bangladesh, your recipient will have a choice of options for getting their money. This includes²:
If you’ve chosen cash pickup as the delivery method, it’s useful to know that there are over 9,700 Remitly Bangladesh pickup locations across the country. You should be able to see all available options when you start setting up your transfer.
Another useful thing to know about using Remitly is that there are limits on how much you can send.
New users will usually start with basic limits, where you can send a maximum of⁵:
You should be able to check your own personal limits in your Remitly account, or on the mobile app. If you’d like to increase your limits, you’ll need to provide Remitly with additional ID and documentation.
Remitly generally offers two different transfer speeds⁷:
It’s usually the case that there’s an extra fee to pay for the Express service.
How does this compare with other providers? Well, if you send money to Bangladesh with Wise, your money should arrive the next working day⁴.
Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
And that’s pretty much it - everything you need to know about making a money transfer with Remitly to Bangladesh. We’ve looked at fees, transfer times, exchange rates and much more.
Just remember that Remitly isn’t the only game in town when it comes to international transfers. An alternative like Wise could be faster and cheaper.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
Sources used:
Sources last checked on date: 23-Jan-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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