Having access to funds is critical for any international student to ensure that they have a smooth sailing experience while abroad. Not having access to money can be daunting for students, especially in an emergency. While there are many international money transfer services to choose from, there are important things to consider before using them. There should be Reliability of transaction, Processing times, Foreign exchange rate, Transfer rates, Sum of money being transferred. There are quite a few ways to send money to UK for Bangladeshi students:
Using bank to transfer money from Bangladesh to UK
There are two distinct ways that banks make money on international funds transfers. First, by charging steep transaction fees, and second, by providing a low BDT to GBP exchange rate. Sometimes, the actual transaction fee may not be that high, but the rate may be much lower, which essentially means a hidden fee as the cost of the transfer for you still goes up. Most of the remittance companies today offer bank to bank transfers for sending money to UK from Bangladesh. They do this by letting you fund your transaction through your local bank account in Bangladesh, and by allowing you to choose the payout to be your recipient’s bank account in UK. But, you are likely to get much better rates and lower fees compared to your bank.
Fastest way to transfer money from Bangladesh to UK
You should ensure that you are picking the right payment method to convert BDT to GBP. Most remittance companies will allow you to pay by cash, with credit or debit cards, via a direct bank transfer, through a wire transfer, and so on. Digital payment methods like wire transfers and bank transfers will certainly delay your transaction as compared to cash payments. Foreign exchange transaction speed also depends on some additional factors like transfer amount, compliance and regulatory processes and vary from provider to provider. You can use Western Union, MoneyGram etc. services to send money to UK.
Step by step guide to transfer money to UK from Bangladesh
Once you have picked the right company for your Bangladesh to UK remittance transaction, you can follow the below step by step procedure.
- Create an account at your chosen operator.
- You may be asked for photo IDs and address proofs; please provide these as they help the operator ensure legal and regulatory compliance.
- Add bank accounts for both the sender in Bangladesh and the receiver in UK. Using bank deposits can be the cheapest option to send money.
- Decide when you want to send money and the transfer amount. When ready, choose the amount and start your transaction.
- At this point, you are pretty much done, and the operator will take it on from here.
- Watch out for updates from the operator on the progress of your transaction.