Send Money from Singapore to Bangladesh — Best SGD/BDT Rates

Your recipient in Bangladesh can receive BDT in several ways. The fastest method depends on whether they have a bank account, a mobile wallet, or need cash:

• Bank Account Deposit — Direct credit to any of the 60+ Bangladeshi banks including Dutch-Bangla, BRAC, Islami Bank, and Sonali. Typically same-day for major banks.
• bKash / Nagad / Rocket — Mobile financial services. bKash alone has 70+ million users. Most providers support direct delivery to a bKash wallet, often within minutes.
• Cash Pickup — Available through agent networks at thousands of locations including Western Union, MoneyGram, and a wide post office network.

Confirm the delivery method with your recipient before you send. Most providers let you choose the method during checkout, but the fee and speed can vary — bank transfers are typically cheapest, cash pickup is typically fastest.

There is no single 'best' provider — the right choice depends on whether you prioritise the recipient amount, the fee, the speed, or the institution type.

• If you want the most for your money: Wise delivered the highest recipient amount in our most recent live snapshot.
• If you only care about the lowest fee: Remitly has the cheapest upfront fee at SGD 4.99, though check the recipient amount before assuming it's the best deal.

Recommendations refresh with the live data above. The provider that wins today may not win tomorrow — always check the live table immediately before sending.

Sending money out of Singapore is generally not taxed for the sender, but there are reporting and compliance rules worth knowing — especially for larger amounts. The most relevant rules:

• MAS Licensing — All money transfer operators in Singapore must hold a Major Payment Institution (MPI) or Standard Payment Institution licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019.
• Suspicious Transaction Reports — Providers are required to file Suspicious Transaction Reports (STRs) with the Suspicious Transaction Reporting Office (STRO) for any transaction that raises concerns about money laundering, regardless of size.
• PayNow integration — Singapore's PayNow system supports instant cross-border transfers to India (UPI), Thailand (PromptPay) and Malaysia (DuitNow) — many providers route SGD remittances through these rails for near-instant delivery.

For a complete view of the rules that apply to senders in Singapore, see our Singapore guide. For your specific situation, consult a tax professional.

Bangladesh's rules around inbound foreign currency are usually permissive for personal remittance, but it's worth knowing the framework:

• Bangladesh Bank oversight — All inbound foreign remittances are regulated by Bangladesh Bank (the central bank). Authorised dealers must convert foreign currency to BDT at the official rate.
• 2.5% government incentive — The Government of Bangladesh offers a 2.5% cash incentive on remittances received through formal banking channels (bank or mobile financial services) — applied automatically by the receiving bank.
• Tax-free for personal use — Remittances received by Bangladeshi residents for personal/family use are not taxable. Investment-related remittances may have separate reporting requirements.

The single biggest mistake in international transfers is comparing fees instead of comparing the recipient amount. Many providers advertise "no fee" but build a 2–4% margin into the exchange rate they offer you. On a S$1,000 transfer, a 3% rate margin costs you S$30 of value — invisible unless you check the rate against the mid-market.

The mid-market rate right now is approximately 1 SGD = 95.6369 BDT. That's the rate banks use among themselves — providers add a margin on top, which is why the table above ranks by recipient amount rather than by headline fee.

When comparing options, always look at the "Recipient gets" column in the table above. That number already includes both the upfront fee and any rate margin — it's the only honest measure of cost.