What are my chances of data recovery from external hard drive which is password protected. I consulted one data recovery services and their asking price is $350. Do I have some other less costlier option for data recovery?

HDD Manufacturer - WD Elements WDBUZG0010BBK-EESN 1TB Portable External Hard Drive"

try get software to get your data back. be sure to only get it from a trusted website.

I checked online and there are a few places where u can get this done. there are free ones but I wouldn't trust em

The price is fairly OK as for encrypted drive. it took more time to break the password.

I know that data loss is a big problem for many computer users, especially for Mac users 'cause most of the Mac user think Mac OS is complicated than Windows OS (in my opinion it is.).
To solve your data loss problem and perform Mac file recovery, these tips you may need to follow.
If you meet the data loss problem, stop operating your device/computer right now because it may cause the worse result such as data overwritten, and this situation will make the probability of recovering deleted files decrease from 95% .
If you