Whether you’re a college student living in Bangladesh or sending money to a friend/family member there, you need a remittance service provider to help you send money overseas. You may think that once you figure out the Pound to Taka exchange rate, you’re done. However, the currency exchange rate isn’t the only thing you should consider.
There are other factors that can either boost or drain the final amount that arrives in Bangladesh. In this article, we will discuss four things to consider when transferring Pound to Taka:
There are a wide range of traditional and modern online remittance services charging varying. Some take a specific amount or percentage off the entire transfer while others may charge additional fees.
Transfer Fee
If you use traditional money transfer services (especially banks), the transfer fee will be significantly higher than an average online remittance service.
Therefore, it’s wise to look for online remittance providers that charge less and even find the ones that charge fixed fees because a percentage fee has a sizable impact on large transfers.
However, don’t buy into the promise of “zero fees” by some companies because they secretly make up for it by offering inferior exchange rates.
Exchange Rate
Figuring out the Pound to Taka exchange rate, you can determine how much will ultimately arrive in Bangladesh for every Pound.
While the exchange rate is constantly changing, it’s essential to find a remittance provider that offers better than the mid-market rate.
Coverage
When it comes to international money transfers, many get wrapped up in the exchange rates and transfer fees. Therefore, they seem to forget the importance of coverage.
When you send money overseas, especially to an exotic destination such as Bangladesh, the remittance provider must have an established customer base and infrastructure in that region. Why? Because it’ll give you much-needed security and flexibility in payment options.
Delivery Period
In most cases, especially during emergencies, you’ll inevitably think about how fast the money will arrive in Bangladesh. That’s absolutely a valid concern, which is why some digital wallets (like PayPal) or online remittance providers offer instant or 30-minutes transfers.
However, they charge a considerable fee for it, turning off a lot of people on this option. On the other hand, some providers charge little but take 3-7 days to complete a single transfer which is unacceptable. The wiser choice is to select companies like Lycaremit that charge reasonable fees and deliver the money in 48 hours max.
Bottom Line
These four factors are the core foundations of any international transfer you’ll make. Some traditional and modern remittance providers perform pretty well in one aspect but sorely lack quality in the other.
The inevitable truth is that no company can give you excellent value on all four elements, so you have to make some sort of trade-off between them.
However, by choosing a suitable all-around option like Lycaremit, you can send money overseas with the best Pound to Taka rates while paying minimum fees. If you’re interested in an effortless money transfer to Bangladesh, Sign up right now & get started!
