Send Money from India to Bangladesh with Bookmyforex
As citizens of an increasingly connected world, we might need to send money to other countries as frequently as any business. Fortunately, the process has become equally easy and simplified.
BookMyForex is an online forex platform - the first of its kind in India - that aims to simplify sending money abroad. What sets BookMyForex apart from conventional means of money transfers is the ease of use and convenience. BookMyForex offers a completely digital remittance process, which means you don’t even have to leave the comforts of your home to send money from India to Bangladesh. All documents could be uploaded from the website or mobile app itself.
Using BookMyForex is also better for your pocket as we charge significantly lower fees than most banks do. We also allow customers the option to lock the exchange rates in volatile times. Furthermore, BookMyForex is secure and safe to use, so your money will always be treated with trust.
To understand in detail the process of transferring money from India to Bangladesh, you will first need to know about remittance. Remittance is any money that is transferred between two parties. When one of the parties is located in another country, it is known as a foreign remittance.
Inward Remittance: When the money is sent to the base country from a foreign country.
Outward Remittance: Also known as overseas money transfer is when money is sent from the base country to a foreign country.
Ways to Send Money from India to Bangladesh
There are two primary ways to send money to Bangladesh:
1) Wire transfers (using SWIFT)
2) Demand Drafts (also known as money orders).
What is a Wire Transfer?
Wire transfer is one of the most prevalent methods of money transfer globally. Wire transfer involves sending money from one institution to another, electronically. The institution could be domestic or international, banks or non-banking entities. Since wire transfers are done electronically, there is rarely any movement of physical money involved. Everything is settled electronically between the institutions. For a wire transfer to occur, information about the receiver is needed. This includes name, address, address proof, banking details (account number, bank code, etc.), and an international bank identifier (like the routing number or SWIFT code).
Wire transfers are so preferred due to their speed and ease of use. Banks could charge significant fees for the transaction, and the same could be applied on the receiver’s end. BookMyForex, on the other hand, only charges a bank fee of INR 225 + GST - thus making wire transfers affordable for everyone.
How to transfer money from India to Bangladesh?
Now it has become fairly simple to transfer money from India to Bangladesh using a wire transfer. Bookmyforex is one of the best ways of remittance. This straightforward and secure method will allow you to send money to your loved ones easily and at the most competitive rates. Follow these simple steps on our website for a hassle-free remittance.
Step 1: Choose the city and country to which you need to transfer the money with the amount needed to be sent. Press the “Book this Order” button to initiate the order.
Step 2: Now authenticate your details through a PAN card or Aadhar card.
Step 3: Give the reason for the money transfer and check if you are eligible.
Step 4: Next, You will need to upload the minimum set of documents such as the remitter's photo cum address proof. This can be a valid passport, Aadhar card, or voter card, plus some other valid documents based on the purpose of remittance.
Step 5: Give beneficiary details such as name, address, routing number, and bank name, along with bank address, account number, and Swift code. This will complete the process of money transfer, allowing you to send funds from your account to the beneficiary’s account.
Step 6: Once these steps are completed, you will get a declaration form that will need your consent. An OTP will be sent to your registered phone number and email id for consent.
Step 7: Before you proceed further, make sure to review your order details and then you can make a payment either via NEFT/RTGS or Net banking.
Step 8: In the penultimate step, you will be given an Order Confirmation summary. Now you need to check the Remittance Application form sent on your registered email ID and send it to Bookmyforex digitally.
After the partner bank processes the remittance, you will get a SWIFT acknowledgement. You can track the status of the order in real-time.
Alternatively, you can also use our mobile app for easy transfer of money with these simple steps:
Step 1: To begin, install the app and register/login. Click on the “International Money Transfer” option. Select your city and the country where the remittance needs to be made. Now enter the amount to be sent and click on the “Book this Order” button.
Step 2: Give you details for authentication.
Step 3: Now give the specifics about why you need to transfer money and verify the eligibility.
Step 4: In the app, too, you will have to upload some documents for authentication, such as your photo cum address proof. You could use a voter card, valid passport, or Aaddhar card for the same. You will also need to submit some documents showcasing the reason for the remittance.
Step 5: Once your details are given, put in the beneficiary details like name, address, bank name, etc.
Step 6: Select your location to process your order
Step 7: Review the order and make the payment using NEFT/RTGS or Net Banking.
Step 8: Lastly, you will get an Order Confirmation summary on your registered email. From your end, you will need to send us the remittance application form emailed to you. After the partner bank processes the remittance, you will get a SWIFT acknowledgement.
Benefits of choosing a fully online remittance process on BookMyForex?
Since its inception, BookMyForex has strived to be a better alternative to traditional instruments of overseas money transfer. Here are some reasons why you should go for BMF:
Safe and Secure:
BookMyForex is one of the most secure ways of sending money overseas. Both our app and our website are encrypted to avoid data leaks. The credit card/debit card/netbanking transactions are handled by secured third-party payment gateways; we don’t save any customer financial info on our servers. We choose the most trusted banks in India to handle the transactions.
Completely Digital Access:
The world is going digital, and so are we. BookMyForex offers completely digital remittance services to its customers. Right from making an account to completing the transaction, everything could be done online - either via the website or the app. Instead of having to visit physical sites to submit and sign documents, you can do it from the comfort of your home.
Affordable And Efficient:
BookMyForex is one of the most affordable platforms to transfer money to Bangladesh. We charge only INR 225 + GST on transitions, significantly lower than traditional money transfer methods. We have the fastest money transfers, which only take 12-48 working hours. BMF also allows sending money to 150+ countries.
Book Now Pay Later Option:
With the “Book Now, Pay Later” option, BMF users can lock particular currency rates for up to 3 days by paying a refundable deposit of 2%. This option is particularly useful in volatile times when currency rates are prone to fluctuations. The safety and benefit of our customers are always a priority for us.
Benefits to International Students:
Under the “BookMyForex Student Offer”, students studying in international universities can enjoy attractive discounts on all remittances. This will be very useful for students who receive remittances from their homes for their tuition fees.
BookMyForex is 24x7:
BMF allow 24*7 booking of orders to its users. Users can conveniently send money at any time of the day or week. Our customer support is also present to solve your queries as soon as possible and allow for a seamless user experience.
Factors to consider when sending money from India to Bangladesh
Like all matters involving money, a few factors should be considered before you make the transfer:
1) Exchange rates are one of the most crucial factors when it comes to remittance. Exchange rates keep changing every second; you might decide to make a transfer at one rate, but the actual transfer happens at a much higher rate. Ensure that the rates are not higher than the average when you send money to another country. Even better, look for platforms like BookMyForex that allow you to lock rates.
2) Another important factor to consider is the transfer speed. Different methods of money transfer have different speeds; even among the same methods, some platforms might be faster than others. It depends on the urgency of your needs. If you want to immediately send money from India to Bangladesh, go with faster methods that BookMyForex offers like a wire transfer, which can take 12-48 working hours.
3) You want to choose a service provider that has great customer support to guide you throughout the money transfer process. At BookMyForex, we are there to guide you throughout the money transfer process or help you if something goes wrong.
INR to BDT Remittance: Some Important Facts
Since the 1990s, inward remittance in India steadily increased. While inward remittances were far more common in India, the country has also seen steady growth in outward remittances to other countries in the past few years.
On the other hand, Bangladesh holds a steady place as the 7th largest receiver of global remittances, despite its small size. It is also the 3rd largest recipient of remittance in South Asia. The influx of money remained more or less constant for Bangladesh in the last decade; but since 2020, it saw a sharp jump.
Bangladesh remains the biggest receiver of outward remittances from India. Due to close cultural ties that even extend to familial levels, there is a significant movement of money from INR to BDT. The most common reasons involve sending money back home for maintenance or gifting money to relatives. In 2017, Bangladesh received USD 4.03 billion from India. This was not only the largest outward remittance from India to any nation, but also more than twice the next 10 recipients of remittance from India, combined!
