How Much is the Bank Transfer Fee in Bangladesh? A Complete Guide

Bank transfer fees in Bangladesh can vary depending on several factors, including the bank, the transaction type (domestic or international), and the method of transfer. In this blog, we’ll cover everything you need to know about these fees, the best banks for transfers, ways to reduce costs, and the impact of factors like currency, service provider, and bank policies. We’ll also look into online platforms like Biniyog, which provides insights into Bangladesh's financial market, DSE stock trading, and much more.

Types of Bank Transfers in Bangladesh

In Bangladesh, there are generally two main types of bank transfers:

1. Domestic Bank Transfers: These involve transfers within Bangladesh, such as sending money to family members, making payments, or depositing funds into investment accounts like those at the Dhaka Stock Exchange (DSE).
2. International Bank Transfers: These involve sending or receiving funds across borders. The Bangladesh Bank and individual banks regulate the charges, which can vary based on the method (e.g., SWIFT transfers) and the destination country.

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Bank Transfer Fees by Bank Type

Government Banks: Government-owned banks typically have lower fees for domestic transfers, but they may take longer to process.

Private Banks: Private banks tend to offer faster services but at a higher fee, especially for international transfers.

Online & Mobile Banking Platforms: With the growth of digital banking in Bangladesh, mobile banking apps such as Bkash, Rocket, and Nagad have become popular options for small transfers, usually at lower fees.

Domestic Transfer Fees: What to Expect?

In Bangladesh, domestic bank transfers come with nominal fees but can vary by the bank. The standard fee ranges from ৳10 to ৳100 depending on the transaction amount and the bank. Digital wallets and mobile platforms often offer even lower rates, making them popular for smaller transactions.

International Transfer Fees and How They Work

International transfers can be considerably more expensive than domestic transfers, with fees varying widely based on factors such as the bank, transfer speed, and destination country.

SWIFT Transfers: SWIFT is the most common system for international transfers, with fees typically ranging from ৳500 to ৳2,000, excluding any correspondent bank charges. Most Bangladeshi banks, including Dutch-Bangla Bank, BRAC Bank, and City Bank, offer SWIFT services.

How to Minimize Bank Transfer Fees

Here are some strategies to consider:

1. Choose Domestic Transfers Carefully: For domestic transfers, try using online and mobile banking services which often have reduced fees.
2. Look for International Fee Discounts: Some banks may offer fee waivers for new customers or during promotions.
3. Leverage Digital Wallets: If you're making domestic transfers, platforms like Bkash or Rocket provide affordable options.
4. Use Biniyog’s Trading Platform: It offers seamless login/register options for users interested in stock trading and financial insights.

Comparing Bank Fees in Bangladesh

A comparative look can help you select the best option for both domestic and international bank transfers:

• Standard Chartered Bank: Known for relatively fast international transfers, charges start at around ৳800 for international transactions.
• BRAC Bank: Charges approximately ৳300 - ৳1,500 depending on the transaction type.
• Dhaka Bank: Fees range from ৳200 to ৳1,200 for local transactions and up to ৳2,000 for international transfers.

The Impact of Exchange Rates and Additional Charges

Banks often add a margin to the exchange rate to cover costs, which can increase the effective fees of an international transfer. Additionally, some banks apply charges for currency conversion or additional SWIFT fees that may be passed on to the customer.

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Key Takeaways

In summary, understanding bank transfer fees in Bangladesh requires attention to:

• Bank Choice: Government, private, or mobile banking options.
• Transaction Type: Domestic vs. international, with the latter incurring higher fees.
• Transfer Method: Digital platforms like Bkash and Nagad provide cost-effective alternatives for domestic transfers.
• Special Services: Platforms like Biniyog offer tools and information for those seeking to invest in the Bangladesh stock market.

By staying informed, you can choose the most cost-effective transfer option. For more on investment opportunities and updates in the Bangladesh financial market, check out our market overview page and stay updated with the latest financial news from our share market news page.