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5 Best UK Banks for Overseas Bangladeshis in 2024

18 Apr 2024


Facilitating international money transfers from UK to Bangladesh should be seamless, right? In this day and age of easy travel, worldwide commerce, and rapid communication, transferring money internationally should be as simple as a few clicks. The truth, however, differs depending on which service provider is chosen. Unfortunately, using standard banking channels for foreign transactions can frequently be a slow, complicated, and expensive. 
 

Fortunately, certain institutions stand out in this aspect. This comprehensive article will look at the best UK banks for Bangladeshi expats wishing to send money overseas. Our attention will be on two critical factors: cost-effectiveness and efficiency. So, let us plunge into the intricacies.   

Best UK Banks for International Money Transfers: Competitive Fees 

When considering a transfer service provider, the primary concern is the cost involved. To illustrate, let's take the hypothetical scenario of sending £1,000 to the US, which will be converted into USD. We've compared fees across various providers, including ACE Money Transfer, which is renowned for its competitive fees and exchange rates. As depicted, ACE Money Transfer consistently emerges as one of the most economical options.  

Scrutiny of Exchange Rates

In addition to the transfer cost, reviewing the available exchange rates is critical. Unlike the mid-market rates available on sites such as Google or XE.com, banks often use their exchange rates, which frequently include a markup. As a result, clients receive a lower interest rate, while the bank benefits from the difference.
 

Correspondent fees are also an important consideration. Banks routinely use the SWIFT network for international transactions, which may include middlemen who charge additional fees along the route.  

Provider Fee Exchange Rate Correspondent Bank Fees Total Cost

Provider

Fee

Exchange Rates

Correspondent bank fees

Total cost

ACE Money Transfer

£0 for online transfers. Competitive rates.

Real-Time exchange rates

None

Varies based on the transaction amount and destination

Barclays

£0 for online transfers. £25 for transfers made through branches or phone services

Barclays sets its exchange rate, which may include a markup.

Varies depending on the destination and intermediary banks involved.

£0-£25 plus any exchange rate markup and correspondent bank fees.

First Direct

£0 for online transfers, £4 for transfers made over the phone.

Determined by First Direct, may include a markup.   

Varies depending on the destination and intermediary banks involved.  

£0-£4 plus any exchange rate markup and correspondent bank fees.

Santander UK

£25 for international transfers.

Set by Santander UK, potentially including a markup.

Varies depending on the destination and intermediary banks involved.

£25 plus any exchange rate markup and correspondent bank fees.

HSBC UK

£4 for online transfers, up to £17 for postal transfers.

Set by HSBC UK, may include a markup.

Varies depending on the destination and intermediary banks involved.

£4-£17 plus any exchange rate markup and correspondent bank fees.

More Information on the Top 5 G’s

To help lessen the financial load and speed up the procedure, we've created a list of the best five UK banks for Bangladeshis living abroad in 2024. Whether you're sending money to loved ones or managing assets, these banks provide low rates, simple services, and dependable results.  

1. ACE Money Transfer  

As an overseas Bangladeshi, you must select a bank that understands your requirements. ACE Money Transfer is a top choice due to its reasonable exchange rates, low fees, and fast transaction processing. Sending money back home with ACE is cost-effective and convenient, guaranteeing that your hard-earned money reaches your loved ones as soon as possible. 

2. Barclays

Barclays is well-known for its worldwide presence and effective international financial services. Whether you prefer online transactions or personalized help via branch or phone, Barclays provides flexibility and dependability. With same-day transfer alternatives and straightforward pricing structures, Barclays meets the different demands of Bangladeshis living abroad, making it a reliable choice for financial transactions.

3. First Direct  

First Direct is a strong contender for Bangladeshi expatriates seeking simplicity and convenience. First Direct prioritizes client pleasure by charging no fees for internet transfers and offering reasonable exchange rate options. Regardless of the distance, sending money home with First Direct is quick and simple, giving Bangladeshis peace of mind when handling their funds from afar.   

4. Santander UK

Santander UK is recognized for its next-day transfer options and comprehensive banking solutions. With a focus on customer convenience and satisfaction, Santander UK offers competitive exchange rates and transparent fee structures, making it an attractive choice for overseas Bangladeshis. Whether sending remittances or managing investments, Santander UK provides reliable and efficient services to meet your financial needs.

5. HSBC UK   

HSBC UK boasts a strong international presence and extensive experience in catering to the needs of expatriates. With a range of transfer options and competitive exchange rates, HSBC UK offers flexibility and convenience for overseas Bangladeshis. Whether you're transferring funds for personal or business purposes, HSBC UK ensures efficient and secure transactions, providing peace of mind to expatriates managing their finances abroad.  

International Transfer Duration with UK Banks

In addition to cost concerns, the speed of transaction execution is also significant. Here's an overview of the average turnaround times for overseas transfers with several UK banks, using the example of transferring £1,000 to Taka. 

Provider's Time to Send Taka

Provider

Time to Send Money from UK to Bangladesh

ACE Money Transfer

Most transactions are processed in minutes if you transfer money with a debit or credit card. The transaction will be completed within 1-2 banking days if you transfer money using Online Bank Transfer.  

Barclays

Same Day

First Direct

Up to 4 Working Days

Santander UK

Next Working Day

HSBC UK

Up to 4 Working Days

Effortless and Transparent: Money Transfer from the UK to Bangladesh with ACE Money Transfer

When you send money from the UK to Bangladesh with ACE Money Transfer, you can anticipate a hassle-free and transparent process tailored to your requirements. Unlike traditional banking channels, ACE Money Transfer provides a simple approach with competitive rates and low costs.
 

With ACE, you won't have to worry about hidden fees or unfavourable conversion rates. Instead, you'll benefit from the simplicity of a single, straightforward cost that ensures your transactions are clear and predictable. Furthermore, ACE Money Transfer assures that you will receive the actual exchange rate, maximising the value of your transferred cash.
 

Furthermore, ACE Money Transfer prioritizes efficiency, ensuring that your online money transfers from UK to Bangladesh are processed quickly. Whether you send money to assist family members, manage costs, or invest in chances back home, ACE Money Transfer guarantees that your cash arrives quickly and safely.
 

Rest assured, ACE Money Transfer follows strict standards and implements cutting-edge security measures to protect your funds during transfer. With ACE, you can confidently send money from the UK to Bangladesh, knowing that your transactions will be fast, inexpensive, and safe.   

FAQs

How much does it cost to send money from the UK to Bangladesh through ACE Money Transfer?  

The cost of sending money through ACE Money Transfer varies depending on the transfer amount and the selected transfer method. However, ACE offers competitive rates and transparent fees, ensuring you get the most value for your money.

How long does it take for the transferred funds to reach Bangladesh? 

The transfer time may vary depending on the chosen method and processing times. However, ACE Money Transfer prioritizes efficiency, striving to promptly deliver your funds to Bangladesh. Generally, transfers are completed within a few working days. 

Is it safe to send money through ACE Money Transfer to Bangladesh?

Absolutely. ACE Money Transfer adheres to strict regulatory standards and employs advanced security measures to safeguard your transactions. Your money is protected throughout the transfer process, ensuring peace of mind for both the sender and the receiver.  

Can I track my money transfer from the UK to Bangladesh with ACE Money Transfer?  

Yes, ACE Money Transfer provides convenient tracking options, allowing you to monitor the progress of your transfer every step of the way. Simply use the provided tracking tools on the ACE website or mobile app to stay updated on the status of your transaction.

Are there any hidden fees when sending money from the UK to Bangladesh through ACE Money Transfer?  

No, ACE Money Transfer is committed to transparency while you send money online from UK to Bangladesh. You'll only incur a transparent fee, with no hidden charges or unexpected costs. Additionally, ACE guarantees that you'll receive the real exchange rate, maximizing the value of your transferred funds. 


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