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 Method||Stated fees to send $1000 USD||Hidden currency conversion cost||Total cost||Time for the transfer to arrive|
|Lucky Money (slow)||$0||$6||$6||3-5 days|
|Transfast (slow)||$6||$0||$6||3-5 days|
|Ria Money Transfer (slow)||$10||$0||$10||3-5 days|
|XE Trade||$0||$13||$13||3-5 days|
|Western Union (slow)||$5||$8||$13||3-5 days|
|Xpress Money||$10||$8||$18||3-5 days|
|MoneyGram (slow)||$25||$6||$31||3-5 days|
|Ria Money Transfer (fast)||$34||$0||$34||Minutes|
|Western Union (fast)||$30||$8||$38||Minutes|
|Lucky Money (fast)||$33||$6||$39||Minutes|
|Wire transfer||$25-55||$10-30||$35-85||3-5 days|
- 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 Method||From the US||From the UK||From Canada||From Western Europe||From Australia|
|Azimo||Not available||0.5%||Not available||0.4%||Not available|
|Klinnk||0.4%||0.6%||Not available||Not available||1%|
|Lucky Money||0.6%||Not available||Not available||Not available||Not available|
|Transfast||0.6%||Not available||0.6%||Not available||Not available|
|Ria Money Transfer||1%||Not available||Not available||Not available||Not available|
|Small World FS||Not available||0.2%||Not available||2.1%||Not available|
|Payoneer||3.1%||Not available||Not available||Not available||Not available|
- *Worldremit can transfer maximum 995 CAD from Canada to Bangladesh.
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Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.