Compare Hidden Exchange Fees When Sending Money to Bangladesh

Time Doctor - Sending Money to Bangladesh

Once you start using international money transfer services, you’ll find out that there are more charges in addition to the declared fees.

Hidden conversion costs occur as a difference between the declared exchange rate and the individual rate that the service provider applies to exchange your money.

If you need an in-depth explanation about hidden currency exchange fees, take a look at this text. Technologies today have made it possible for people to choose numerous instant and easy money transfer options to Bangladesh and every other part of the world.

The following tables provide estimates about the total amount of hidden and stated fees that you’ll pay from sending 1,000 dollars to Bangladesh.

Table 1 – Sending $1000 from the US to Bangladesh
Transfer MethodStated fees to send $1000 USD Hidden currency conversion costTotal costTime for the transfer to arrive
Klinnk$4$0$43-5 days
Lucky Money (slow)$0$6$63-5 days
Transfast (slow)$6$0$63-5 days
Ria Money Transfer (slow)$10$0$103-5 days
XE Trade$0$13$133-5 days
Western Union (slow)$5$8$133-5 days
Xpress Money$10$8$183-5 days
Transfast (fast)$18$0$18Minutes
Payoneer$3$28$313-5 days
MoneyGram (slow)$25$6$313-5 days
Ria Money Transfer (fast)$34$0$34Minutes
Western Union (fast)$30$8$38Minutes
Lucky Money (fast)$33$6$39Minutes
WorldRemit*$14$28$423-5 days
Wire transfer$25-55$10-30$35-853-5 days
MoneyGram (fast)$81$6$87Minutes

Notes:

  • WorldRemit is offering their services only from the following states of US: District of Columbia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, South Carolina, Utah, West Virginia, and Wisconsin.
  • The fees for wire transfers are estimates and vary from bank to bank.
Table 2: Sending money to Bangladesh from Various Countries. The TOTAL Cost in Percentages including the HIDDEN currency exchange fees.
Transfer MethodFrom the USFrom the UKFrom CanadaFrom Western EuropeFrom Australia
AzimoNot available0.5%Not available0.4%Not available
Klinnk0.4%0.6%Not availableNot available1%
Lucky Money 0.6%Not availableNot availableNot availableNot available
Transfast0.6%Not available0.6%Not availableNot available
Ria Money Transfer 1%Not availableNot availableNot availableNot available
Small World FSNot available0.2%Not available2.1%Not available
XE Trade1.3%1.6%1.5%1%2.2%
Xpress Money1.8%1.6%1.2%3%2.8%
Exchange4freeNot available2.3%2.4%2.4%2.3%
Western Union1.3%2.6%1.5%7.6%3.2%
Payoneer3.1%Not availableNot availableNot availableNot available
MoneyGram 3.1%3.8%1%4.8%2.3%
WorldRemit4.2%3.3%3.7%*5.1%3.7%
Wire transfer2.5-5.5%2-4.5%2.5-5.5%2-4.5%3-6.5%

Notes:

  • *Worldremit can transfer maximum 995 CAD from Canada to Bangladesh.

Other articles that might interest you:

Transferring Money with TransferWise
What is the Cheapest Way to Send Money to Indonesia?
What’s the Cheapest Way to Send Money to India?
What are the Best Options to Send Money to Pakistan?

Leave a reply

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    Also if you join or use my referral link mentioned below, you can avail first fee free transfer up to $4500 or £3000 or 4000 euro . I am not associated / affiliated to them in any way, but the link below is my referral link.

    https://transferwise.com/u/fc49f4

    Use it if you wish and enjoy first fee free transaction ( also exchange rate equal to current market rate – best option all over ). Using my referral will be a feedback to this post.
    Regards…

  2. My clients send money via SWIFT transfer via bank. Also I receive private load in payoneer. Both of the way works great since last 3 years.
    Thanks

  3. I have been freelancing for a while and Transfast worked great for me. I then decided to start my own business and now that I needed to pay freelancers, I started looking at other payment choices. I found out that Transfast has a b2b division called Transpay and it works perfectly for me now. Very fast and no hidden fees, so I would definitely include it in this comparison.

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