The cost to send money to Bangladesh varies from state to state and company to company. Different types of fee incurred while transferring payments are explained in this article. It is essential to have an understanding of all costs so that you can classify them while sending payments.
For remittent who have to send money online on a monthly or weekly basis, it is more important to know about your fee. Only after comprehending, you will be able to deduce the costs to their minimum.
What Factors Involved in Online Money Transfer to Bangladesh?
1. Transfer fee
Most of the banks and providers have a flat fee. For instance, 10$ for transferring 1000$. However, some of them have a percentage which varies according to the transferrable amount. For remittents, who have to transfer small amounts, it is better to go for percentile and large transactions flat rate is more beneficial.
2. Exchange rate
Each currency stands against a different value in the mid-market. When you send payment from one state to another, the currency is also changed by the provider, so that you don’t have to go through two platforms first, the provider and second the currency exchange. While exchanging currencies, companies implement their own fee along with the inter-bank rate. It is known as an exchange fee.
Its amount varies from 1% to 78%; therefore, its good to calculate them before trusting anyone. ACE Money Transfer has the minimum costs with a rate as low as 1%. When you choose this for online money transfer to Bangladesh, it helps you to get the maximum returns against your currencies.
In some cases, the providers may ask for commissions, especially if you are doing a business transaction or using any extra services. Transfer agents also come with additional cost for facilitating your process.
4. Credit/debit card fee
It’s handy to link your cards to the accounts and simply pay every fee at the end or start of the month. If in any time you don’t have enough cash in pocket cards are an excellent way to handle that problem. However, these facilities also attract an additional fee. You can also be charged taxes according to your total payments.
5. Receiving fee
When you receive payments through a wire on instant cash pickup, you may have to pay some receiving fee. Ace Money transfer do not require you to pay any withdrawal cost for money transfer to Bangladesh. However, if your payment is exceeding the transfer limits, the rules may change.
6. Other charges
Other than these, in exceptional cases, some other costs may be added. It is not possible to have an estimate about all of these, however its necessary to know that these aren’t the only types of fee that you may have to pay.
Why is It Right to Send Money To Bangladesh Through ACE Money Transfer?
The company has proposed a cheaper yet faster channel for money transfer to Bangladesh. Their transfer fee starting from the lower rate. Moreover, exchange rates are optimized with minimum mark-ups. Around 275,000 payout locations are working under their network for the facilitation of our customers.