How to send money from Bangladesh to the USA?

[Zeeshan]

How to send large amount of money (100,000 + ) from Bangladesh to USA? I talked to lot of people and get conflicting answers. I hear it is extremely difficult to send money from Bangladesh because of restrictions even in wire transfer? A friend of mine said that if you can open an account in Sonali Bank of "wire charge" account or something you can send money electronically. Bank only cares for "proof of source of income". USA doesn't care as long as you invest money here.

On the other hand many of my family members say that it is impossible to send such large amount of money from Bangladesh. There is something called "houndi" but that's illegal

So what is the legal way to send large amount of money from Bangladesh to USA?

Thank you so much for the serious answers.

[Blah]

There is no non-business, legal way to send foreign currency from bd to anywhere.

[dash]

you need particular bangladesh bank permission...need justifiable cause permitted within the book... like medical issues, studies,,etc..

[Zeeshan]

Originally Posted by Blah
There is no non-business, legal way to send foreign currency from bd to anywhere.

Originally Posted by dash
you need particular bangladesh bank permission...need justifiable cause permitted within the book... like medical issues, studies,,etc..

Well that'd be for buying a house/condo etc. So as long as we show proof of source of income, there will be restriction from BD?

And thanks guys.

[Ajfar]

You can try Shonali Exchange. I sent money from US to BD through Sonali Exchange for my dad, they charged me $20ish for every $5000. I would assume you can do the same from BD to US.

The other "Legal" way to do this is if you know someone in US who always sends money to BD. Just get the people living in US to give you the money here, and have people in BD give the money to the other people. You can save a lot on taxes and fees this way.

[MohammedC]

^^^ You assume wrong Ajfar.

When I opened a bank account in Bangladesh few years back. Jut by curiosity I asked the manager the procedure of transferring money from BD to UK. He answer was simple its too complicated.

[Dilscoop]

You convert it and put the 2 pennies in an envelop and mail that ish over here.

[HereWeGo]

if you were the prime-minster or his son, u can always put the money in 100+ suitcases and send it or travel with it anywhere in the world...

otherwise the only way to send it is through hundi.....

[layperson]

If you have someone in bd who has a foreign currency account/ us dollar account, he/she can send it to you. Usually importers/exporters would have a us dollar account or if you are an expatriate you can open a us dollar account.

Other than that the process ajfar said works best. Person A in US pays you 100k and you pay his contact in bd the equivalent of it in bdt. You save on fees. However this is also a form of hundi.

[Zeeshan]

Okay thanks all.

I am actually a ditz when it comes to accounting and finance. Let me bullet the questions:

1. Is there restriction to send money from BD to USA? If yes, what is it and what is the limit of sum I can bring providing source of income?
2. Electronically wire transfer is possible or not?

I do not want to do -houndi- because and at any rate a passenger can bring no more than 10,000 dollar.

Any help would be appreciated. And if it helps the money is for buying house.

[crikss]

its complicated..you have to go through so much rules n regulation..not easy and since you are talking about big amount it will be more difficult

[ialbd]

Zeeshan bro, there are all kinds of restrictions sending money from BD to anywhere outside BD. As ppl said already unless its a business, medical or study related Bangladesh bank wont allow it. Unfortunately reasons like 'buying a house in a foreign land' will not be entertained.

@Shahriyar bhai, on the US dollar account in BD, you still have to buy $100K from the open market (will cost you sth like 88-90 lac BDT) cause no bank will sell you that much dollar without knowing where the money is going (business/medical/study). And that someone paying you 100K in US and you pay their contact Bangla taka in BD is a form of hoondi, but Hoondi's usually do it the otherway where you pay dollar to their contacts here and they pay you taka in BD. I think it'll be hard to find someone willing to do the first one.

Anyways, dont know what to say Zee, most of the people I know who got money out of BD fo house/business here, usually had an account outside BD and saved money there over time, carrying $5K/10K on every trip out (as funny as it may sound). Let me (us) know if you manage to find a legal way of doing this ...

[dash]

Originally Posted by Zeeshan
Well that'd be for buying a house/condo etc. So as long as we show proof of source of income, there will be restriction from BD?

And thanks guys.

Taka is not a freely convertible currency...in your case this is a foreign investment ... You will deffo need a Bangladesh bank permission to send it through legal channels

[Zeeshan]

Thanks ialbd, I think I have a better picture now. And yes, dash not taka, rather dollar.

So the consensus seems to right that it's difficult to send the money. Guess the gent who adamantly said the opposite was thinking of dalal and illegal ways.

Thnank you again everyone.

[layperson]

i know of people who have transferred over 1.5 milllion dollars each by paying someone in bd with equivalent bdt and the contact here in canada transferring the 1.5 million dollars to their canadian bank account. They dont do this in one transaction but do them in multiple transactions. Maybe a few hundred thousand at a time.

[iDumb]

Zeeshan is moving on up. Never thought in my life, he would ever utter a number with more than two zeroes when it comes to money.

btw where you buying your house? Key is to pay the least down payment, borrow to the most with this low interest rate, that way your main risk is credit rating not your savings.

it's an excellent time to buy a house..... but with the least downpayment possible.

[iDumb]

i just wrote the abive post in half sleepp....s/p 35 hours work...most of u barely do in a week. i m gonna watch nasirs cebtury abd fall slleep so i have wxcuse

[Crisis]

Originally Posted by Zeeshan
How to send large amount of money (100,000 + ) from Bangladesh to USA? I talked to lot of people and get conflicting answers. I hear it is extremely difficult to send money from Bangladesh because of restrictions even in wire transfer? A friend of mine said that if you can open an account in Sonali Bank of "wire charge" account or something you can send money electronically. Bank only cares for "proof of source of income". USA doesn't care as long as you invest money here.

On the other hand many of my family members say that it is impossible to send such large amount of money from Bangladesh. There is something called "houndi" but that's illegal

So what is the legal way to send large amount of money from Bangladesh to USA?

Thank you so much for the serious answers.

1. Go to BD bank
2. Withdraw all your cash
3. Pack your cash nicely in a box
4. DHL it to US ?

[iDumb]

Originally Posted by Crisis
1. Go to BD bank
2. Withdraw all your cash
3. Pack your cash nicely in a box
4. DHL it to US ?

crisis works for dhl looking for nice boxes. or should i call virginn boxes..

his only way out of 3/hr job

[Hawk-Eye]

There is no legal way to send money from bd to anywhere unless you got permission from Bangladesh bank.

[BANFAN]

Off course you can send money to your dependants, relatives for personal use, school fees or payments for purchases etc through banks but you need documents to prove the purpose of payment.

But the best and hassle free way is through "Hundi" .. Informal channels.

[iDumb]

Originally Posted by layperson
If you have someone in bd who has a foreign currency account/ us dollar account, he/she can send it to you. Usually importers/exporters would have a us dollar account or if you are an expatriate you can open a us dollar account.

i think this should work. open fc account. put money there. transfer here. simple. if there is a will there is a way.

and agree with ialbd too. gonna cost you to get all that money converted.

taka is a worthless pos.

[shuziburo]

Anyone with a relative at Bangladesh Bank? They would be the best source for a "good" answer.

[shuziburo]

Originally Posted by Crisis
1. Go to BD bank
2. Withdraw all your cash
3. Pack your cash nicely in a box
4. DHL it to US ?

5. Receive the box minus the money in the US.

[shuziburo]

Originally Posted by BANFAN
Off course you can send money to your dependants, relatives for personal use, school fees or payments for purchases etc through banks but you need documents to prove the purpose of payment.

But the best and hassle free way is through "Hundi" .. Informal channels.

হুন্ডী is illegal. Informal channel likely is not.