The cost of involved when you send money to Bangladesh depends on how you choose to move your taka.
You have three main options and it is certainly worth researching each of them in order to keep down any unnecessary costs.
If you need to send money to a bank account in Bangladesh it would make sense to enquire with your local bank to see how much they will charge you to transfer the money.
While the foreign exchange rate on the Bangladesh taka is generally reasonable with a high street bank, you won't find it particularly competitive.
When you factor in the per-transfer fees usually charged by banks, the costs involved in sending money to Bangladesh this way can soon add up.
Your second option is to use a Money Sending Bureau to send money to Bangladesh.
These small establishments are found on high streets and in shopping malls around the world and they have the advantage that they will allow you to send money to a recipient in Bangladesh even if they do not have access to a bank account.
But the costs involved in this method can be unreasonable. In fact, the per-transfer fees imposed on top of the currency exchange rate sometimes reach as much as 15 per cent of the amount you are sending.
If you want to avoid these high fees then you might want to consider the third options: a foreign exchange broker.
Brokers move huge amounts of currency on a daily basis so they are able to offer very competitive rates of exchange on the taka.
In addition to this, RationalFX will be able to provide you with a low fee service when you send money to Bangladesh with us.
Why not open an online account with us for free today? There is no commitment to move the currency today but you can check out our foreign exchange rates and compare them to your other options.