That said, Bangladesh is considered to have a healthy economy these days, with a robust GDP that has recently surpassed that of India. In turn, this growth is likely to make the taka stronger against currencies like the U. You can read more at our guide to international exchange rates here.
Gearing up to convert dollars, euros, pounds, or another currency to Bangladeshi takas? There are two main options: to do it through your bank, or a specialist money transfer company.
In either case, talk to your bank of choice about your options. Some banks will require you to visit the branch in person to send money outside of Bangladesh and there may be a minimum or maximum amount. Thanks to our partnerships with major financial institutions, our Bangladeshi customers can use Remitly to send money directly to a range of known and trusted banks back home. To begin using Remitly, simply create an account through our website or app.
Some basic personal details are needed — like your name, phone number and chosen payment method. After that, enter the details relating to your recipient, and you can go ahead with the remittance. We may ask for additional documentation depending on the amount sent or if we are unable to verify your identity. To find out the latest Remitly exchange rates, look here. You could:. The instinctive choice for many people is to head for currency exchange desks. Banks, too, offer a convenient service.
It should be noted, however, that these options are unlikely to be the most cost-effective. Similarly, while it can be tempting to simply slot your Bangladeshi bank card into local ATMs when you need money, processing fees can rack up rapidly this way.
This will help you settle in, and will remove the higher costs of moving money from Bangladesh. For more information on this, take a look at our guides to opening a bank account in the US , the UK , in France , and in Spain. When sending money to Bangladesh, the calculations regarding the transfer will be carried out by the bank or remittance company. Others are just offering a few cards without foreign fees.
In addition to cards without fees, think about getting a card with the latest technology. Maria Brusilovsky, spokeswoman for Travelex Currency Services, says chip and PIN technology is now the preferred way of making credit card and debit card transactions in Europe, and some vendors only accept chip and PIN cards.
The "chip" refers to a microchip embedded into the card to secure account information. The "PIN" refers to a personal identification number that the cardholder enters to authorize payment.
Heads up: With or without chip and PIN, alert your card company that you'll be traveling. Otherwise, it may freeze your card, thinking it's been stolen. Using your debit card at ATMs is one recommended way to get cash when traveling abroad. Fees vary by institution. Some charge a flat rate, others charge a percentage, and still others charge both, Meyers says.
To save money, keep ATM trips to a minimum. And do your homework. Stallings says if you take money out of a bank that has a relationship with your bank, you may be able to avoid some fees. Heads up: Meyers advises to call your bank before you go to ask about fee structures for ATM withdrawals. Each bank has its own fees for ATM debit card withdrawals. Prepaid cards for foreign use are becoming more widespread.
For example, one major card company has started to offer prepaid cards free of the typical recurring fees. It also snubs foreign transaction fees, and it charges the same rate as its regular credit card when converting currency.
Another company offers a prepaid chip and PIN card, which allows travelers to load up on euros or pounds and use it like a debit card. They can be a good option for Americans traveling without a card using chip and PIN technology.
Stallings says one upside to chip and PIN prepaid debit cards is they can be used in an automated payment machine to buy train tickets and to pay at unstaffed gas pumps and highway toll booths in Europe. You lock in the exchange rate at the time you load or reload it. Prepaid cards are also convenient and safe since they reduce the need to carry as much currency and because a PIN is usually required to take out funds, Stallings says.
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