Gone are the days when there used to be handful options for transferring money internationally. But due to constant innovation and advent in technology, numerous ways have been developed for international money transfer. You can either send money to Bangladesh via cash or online transfer. Numerous money transfer companies provide these services across various countries in the world.
You can create an international account with these companies to transfer money. You can also utilize your bank account for the operations. However, it should be valid for international transactions. Based on the fact that you own an international account, follow the mentioned steps for transferring money to the Bangladesh.
Factors Influencing Money Transfer from International Accounts
- Current Exchange Rate
- Transaction costs
- Amount of money that needs to be transferred
- Transaction Time
- One-time transfer or recurring transactions
- Countries which are involved in the transactions
Online Money Transfer Companies
You must be aware of the online money transfer companies such as Instarem. These online operators provide hassle-free services across various countries in the world. They charge a fixed or variable transaction charge based on their policies. Besides this, currency exchange rate is also applicable.
- Credit your online account with money from your bank account. You can link your bank account with the online account or you can perform one-time transactions
- After this, you can transfer the amount to the person in another country
- The total cost of the transaction will include – service charges that may vary from 0.5% to 5%, currency exchange rates, and bank service charge
Money Transfer Companies
With money transfer companies, you have the flexibility of transferring the amount via different modes – cash mode or online mode. Some of the companies, like the Western Union and MoneyGram, provide money transfer services. For a money transfer transaction from an international account, follow these steps:
- Credit your company account with money from your international bank account. You can also credit the amount using credit card or cash, but here, we are focusing on transacting with the bank account
- Complete the formalities to facilitate the transaction. If you want faster services, you need to pay theextra amount for that.
- Money transfer companies do not charge currency exchange amount. They have a fixed transaction charge. If the beneficiary wants to receive money in cash mode, the transaction charge will be high. If the beneficiary wants the amount in the bank account, the transaction charge will be low.
Bank Wire Transfers
For a secure and faster transaction, bank wire transfers are generally preferred. For facilitating bank wire transfer, you just need the beneficiary details like name, account number, branch number, etc. However, banks may charge hefty transaction charges and high currency exchange rates.
International Bank to Bank Transfer
If you have a bank account in an international that operates in various countries, you can transfer money without any transaction charge. For example, if you have a bank account in HSBC and the beneficiary also have the account in HSBC, you can initiate money transfer without any transaction charge. You can also save money if both the accounts have the money in same currency. Otherwise, you have to pay currency exchange rate as the currency will be converted to Philippine Peso.
These are some of the ways of transferring money to the Bangladesh via international bank account. Before finalizing your mode of transaction, determine the transaction costs to save money.