Sending Money from India to Bangladesh? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Sending money from India to Bangladesh? Wire transfers are a quick and secure way to send money across borders. The process is simple and ensures your money reaches the recipient’s bank account safely through trusted networks like SWIFT. To make a transfer, you’ll need a few details handy: the recipient’s name, their account number, and the bank’s SWIFT code. Sounds simple, right?
Now, here’s the thing: Indian banks do offer this service, but they often charge hefty fees (₹1500–₹2000) and add in a 2-3% markup on the exchange rate. A smarter and more cost-effective option is to use platforms like BookMyForex. We offer zero transfer fees and guarantee the lowest exchange rates. Plus, your money is still processed through trusted partner banks, so it’s just as reliable as your regular bank but the transfer cost is cheaper.
Why Indians Transfer Money to Bangladesh
Under the Liberalized Remittance Scheme (LRS), Indians can send up to $2,50,000 in a financial year, and Bangladesh is a common destination for remittances. Here’s why:
1. Family Support: Many Indians have close family ties in Bangladesh, and sending money to support loved ones is one of the most common reasons. This could include helping with daily expenses, education, or emergencies.
2. Education: While not as common as other destinations, some Indian students pursue education in Bangladesh. Families send money to cover tuition fees, living expenses, and other costs.
3. Medical Treatment: Bangladesh has affordable medical care facilities, and some Indians travel there for treatments or surgeries. Sending money helps cover hospital bills, doctor fees, and recovery costs.
4. Trade & Investments: India and Bangladesh share strong trade relations, and many Indian businesses send money to Bangladesh to pay for goods, services, or investments in local businesses.
5. Emigration and Employment: Some Indians move to Bangladesh for work opportunities. Sending money helps cover initial relocation costs, such as housing, transportation, and settling into a new environment.
Documents Required for International Money Transfers to Bangladesh
The documents required for international money transfers through BookMyForex depend on the purpose of your transfer. For instance, if you are sending money to Bangladesh for family maintenance or family support, you’ll need to provide proof of your relationship with the beneficiary.
However, there are two mandatory documents for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to Bangladesh
1. Exchange Rates: Exchange rates are super important when sending money to Bangladesh. They determine how much INR converts into Bangladeshi Taka (BDT). Even a slight difference in rates can make a big impact, hence make sure to always compare rates to get the best deal. For instance, if one provider offers ₹0.75 per BDT and another offers ₹0.85, you’re saving ₹2000 for 20,000 taka sent with the better rate. BookMyForex ensures you get the lowest rates, unlike banks that often charge up to 2.5% extra.
2. Transfer Fees: Let’s talk about fees – now nobody likes paying high fees! Indian banks usually charge fees of ₹1500 to ₹2000, and some platforms charge a percentage of the transfer amount, which can go as high as ₹8000. But here’s the good news! BookMyForex offers zero transfer fees for sending money to Bangladesh. Just use the promo code "ZEROBANKFEE" when placing your order via the web or app and save on unnecessary charges!
3. Intermediary and Recipient Bank Charges: When transferring money to Bangladesh, your funds might pass through intermediary banks, which can deduct fees called intermediary bank fees. Additionally, the recipient’s bank may charge a fee for processing the incoming funds. To avoid unexpected deductions, choose a platform like BookMyForex that shows you the exact amount your recipient will receive. Transparency is key!
4. Transfer Speed: How quickly do you need the money to reach Bangladesh? If time is of the essence, this is something to consider. Bank wire transfers usually take 3-5 business days, but BookMyForex processes transfers much faster, within 12 to 48 business hours. For education-related transfers, they even offer same-day processing. It’s quick and convenient!
5. Security and Compliance: When sending money overseas, security is a must. Always choose a platform that uses advanced encryption and secure payment gateways to protect your data. BookMyForex ensures your information is safe with secure payment systems and document watermarking. Plus, we comply with all RBI regulations and FEMA guidelines, so you can transfer money with peace of mind.
6. Tax Collected at Source (TCS): Here’s a quick brief on TCS! For education and medical expenses, a 5% TCS applies, while for other remittances exceeding ₹7 lakh in a financial year, a 20% TCS is charged. Transfers below ₹7 lakh are exempt from TCS. There’s no need to worry about TCS as you can easily claim the TCS amount when filing your income tax return.
