Compare Hidden Exchange Fees When Sending Money to Bangladesh

Currency Exchange

2018-12-06

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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 $1000 USD Hidden currency conversion cost Total cost Time for the transfer to arrive
Epay global remittance 1% 0 1% fee=10$ within 2 hours
Klinnk $4 $0 $4 3-5 days
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
Transfast (fast) $18 $0 $18 Minutes
Payoneer $3 $28 $31 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
WorldRemit* $14 $28 $42 3-5 days
Wire transfer $25-55 $10-30 $35-85 3-5 days
MoneyGram (fast) $81 $6 $87 Minutes

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 Method From the US From the UK From Canada From Western Europe From Australia
Epay global remittance(fast) 1% 1% 1% 1% 1%
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
XE Trade 1.3% 1.6% 1.5% 1% 2.2%
Xpress Money 1.8% 1.6% 1.2% 3% 2.8%
Exchange4free Not available 2.3% 2.4% 2.4% 2.3%
Western Union 1.3% 2.6% 1.5% 7.6% 3.2%
Payoneer 3.1% Not available Not available Not available Not available
MoneyGram 3.1% 3.8% 1% 4.8% 2.3%
WorldRemit 4.2% 3.3% 3.7%* 5.1% 3.7%
Wire transfer 2.5-5.5% 2-4.5% 2.5-5.5% 2-4.5% 3-6.5%

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This guy is too indolent to make a signature...