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The situation

Recently we sold some property in Bangladesh. It gained a nice sum of money, but now we are a bit stuck on how to get it out. We can be flexible but prefer to transfer it to a west european country.

What did we think about

Some things we considered and looked into

  1. Fly it over: Heard this is only accepted in practice upto a few thousand Euro.
  2. Bank Transfer: Heard this is only allowed upto about 5k per year before you run into trouble

Some things we have only thought about but just don't know enough about

  1. Western union transfer: No experience with this
  2. Bitcoin transfer: How liquid can the local market be?

The question

What are our options if we want to transfer about 50k euro out of Bangladesh this year

Some things to consider:

  • Cost efficiency
  • Financial/transaction risk
  • Legal risk
  • Banks handle international transfer of amounts larger than yours on a regular basis. What kind of trouble are you anticipating? – keshlam Sep 3 '14 at 14:08
  • @keshlam We definitely transferred bigger sums before, but that was always into the country. Now it seems like there is some legislation/policy to protect the local economy that prevents you from taking significant amounts of money out of the country. I wish I had more details but this is what I have to go on. -- It seems like other people also have this problem. – Dennis Sep 3 '14 at 16:10
  • OK, that isn't an international transfer issue as such, it's a government issue specific to that country. – keshlam Sep 3 '14 at 16:18
  • @keshlam Exactly, unfortunately the money is in exactly that country. – Dennis Sep 3 '14 at 16:51
  • That being the case, I suspect you're going to have to find experts to talk to rather than a global team of volunteers. Commercial banks should know if it's possible and how. Good luck. – keshlam Sep 4 '14 at 1:54
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The Transfer of funds outside of Bangladesh is restricted. Any transfers required the permission of Bangladesh Bank [Central Bank].

So the only legal option is to apply for the permission and see if its granted.

Western Union is a Money Transfer and typically is good for getting funds into Bangladesh, most expats in Bangladesh would use the service. It can unfortunately not be used other way round.

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  • Thanks, I called western union today, and it turns out you can only receive in Bangladesh. Do you have any idea where I could find the procedure for getting permission? So far my search did not yield anything. – Dennis Sep 5 '14 at 13:05
  • No I don't have any. Your Bank in Bangladesh where you have account should be able to help you. This is one of the reasons why investments in other countries does not make sense even though the value grows. – Dheer Sep 5 '14 at 14:57
  • @dheer: I'd say "may not" rather than "do not". You (or whoever is managing the investment for you, such as an international mutual fund) need to understand any restrictions which may exist on moving money into and out of those countries. It may make sense, it may not, or it may only make sense if the company is located somewhere else and can move value around the world in forms other than currency such as exporting product. – keshlam Sep 14 '15 at 12:59
  • @keshlam Agreed. Sorry can't edit very old comments. – Dheer Sep 14 '15 at 15:02
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Actually What you Can do here, Deposit the money to someones account who has an Account in abroad and Linked to Master Card. Or Another option is You can take help from two banks Standard Chartard or HSBC, they provide RFCD Account, which is a Dollar Account and International Cards which you can use in abroad.

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