Habitat degradation and fragmentation have heightened the importance of understanding human tolerance towards wildlife, as the fate of wildlife in multi-use landscapes depends on people's capacity for coexistence. We applied the wildlife tolerance model to examine drivers of tolerance towards Asian elephants Elephas maximus in rural Bangladesh, interviewing local people in 17 villages. We used structural equation modelling to identify causal pathways in which elephant-related exposure, positive and negative interactions, costs and benefits (tangible and intangible) contributed to tolerance. Contrary to expectations, monetary costs were non-significant in shaping tolerance despite major impacts on livelihoods. Instead, intangible costs and intangible benefits were significant factors determining tolerance. Furthermore, reducing people's exposure to elephants would not necessarily affect tolerance, nor would increasing positive interactions. We discuss how the socio-economic and bio-cultural dynamics of local communities can explain these results, and demonstrate how our model can be used to incorporate such complexities into conservation decision-making. For instance, compensation schemes aim to recompense monetary losses and direct damages, to improve tolerance, whereas our results suggest a more effective approach would be to enhance resilience to non-monetary costs and improve perceived benefits. We conclude that future studies should pay increased attention to intangible costs and consider the less direct drivers of tolerance. Through repeated testing of universal models such as that presented here, broad trends may emerge that will facilitate the application of policies across contexts and landscapes.