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Money changers in Bangladesh, and currency regulations

October 12, 2014

Exchanging Foreign currency with local currency in Bangladesh and how much foreign currency could be brought in and taken out

Money changers are sometimes referred as money exchange in Bangladesh. These may also be referred as Foreign exchange currency broker or forex broker These could be found all major busy shopping and business places in Dhaka including Uttara,Gulshan 1, Gulshan 2, Banani, Motijheel, Dilkusha, Fakirapool,Purana Paltan, etc. After passing the exit of immigration in Dhaka airport, you will see booths of money changers, around six banks booths that exchange foreign currency.

Exchange rates and money changers List from Bangladesh Government Website
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Money Exchange Point

Documents requirement for exchanging money by tourists

The tourists may be asked to produce their passports and fill out a form. This is true especially in bank. But in most of the money changer shops may not ask for any document for the tourists.

List of Money Changers

A list of money changers in Dhaka and other districts could be found in yellow pages or business directory of Bangladesh.

http://www.bangladeshyellowpages.com/search/categories:1704

http://www.addressbazar.com/Article_Title_Body.php?Sub_Category_ID=533

http://www.yellowpgbd.com/index.php?sub_id=471

http://mob.trip2bd.com/search.php?searchTxt=&districtId=0&thanaId=0&locationId=0&tripGroupId=3&tripTypeId=54&companyId=185

Most bank branches in Bangladesh will also change money in Bangladesh. The branch location could be found from their websites. The list of banks operating in Bangladesh with their website links could be found here:

http://www.bangladesh-bank.org/links/links.php

Example of a Money changer in Dhaka:::

Keya Money Changer

1 Name of Company Keya Money Changer
2 Address  Momtaz Plaza(Ground floor), House No-7, Road No-4
Dhanmondi R/A, Dhaka- I 205
Phone – 88-02-9671382
Mobile- 01714100885-6
E-mail- keyamoneychanger@yahoo.com
3 Nature of Job Currency exchange & passport endorsement.

http://www.bikalpapropertiesltd.com/keya-money-changer/

Opening Hours of Money Changers and Banks

Generally Money changers are open almost everyday in a week from 10am to 9 pm. In some cases, their opening hours may follow the opening hours of the respective market or shopping area.

Banks are open to public from 10am to 4 pm from Sunday to Thursday. Usually Banks are closed on Friday and Saturday.

http://www.britishcouncil.org.bd/sites/britishcouncil.bd/files/service_1_all_branches-3.pdf

During the holy month of Ramadan, opening hours may curtailed to 930am to 230pm from Sunday to Thursday.

http://www.pkb.gov.bd/images/notice/Circular1.pdf

ATMs are open 24 hours usually and usually guarded by a security person appointed by the bank.

Automated Teller Machines (ATM )

There are many Automated Teller Machines (ATM terminals) both on-site and off-site ATM of different banks at all major locations in cities. Usually most of them accept major credit cards and debit cards like Visa and Mastercard. Some ATMs like AB bank atms accept plus signed debit cards from abroad. So you may be able to withdraw Bangladeshi taka using your home country’s debit or credit card. You need the PIN no, usually four digits, to withdraw money from the ATM. However, you just need to sign in the receipt when you buy from the shops using your credit card as PIN method in use yet in Bangladesh in the retail shops.The locations of ATM of all major banks could be found in their websites and you may check out google map to locate nearby atm.

http://www.bangladesh-bank.org/links/links.php

Dutch Bangla Bank has the largest network of ATM and usually it is the most reliable one with foreign cards(Debit or Credit card). Here goes its ATM location link:

http://www.dutchbanglabank.com/DBBLWeb/atmlocation.jsp

AB Bank’s ATM location link:

http://abbl.com/atm-locations.html

However, a word of caution, the most reliable ATMs for tourists are those belonging to Standard Chartered Bank, Dutch-Bangla Bank and HSBC, and with any of these three you shouldn’t have any problems with a Visa card, but Cirrus or MasterCard might present problems. Unfortunately, these machines are only found in the biggest towns and cities as mentioned in the following links:

Travelers Cheques are also accepted and can be exchanged at the branches of the banks that have facility to deal with foreign currency(usually city centre branches will do so). However a word of caution, Only the biggest international banks are likely to accept them and even then it will be with great reluctance.

You can also send money into Bangladesh through numerous international money transfer companies like Western Union, Money Gram,Xpress Money etc.

Denomination of Bangladesh currency

The currency of Bangladesh is called ‘Taka‘ which consists of 100 ‘Paisa‘. Taka is available in 5, 10, 20, 50, 100, 500 and 1000 denomination notes (bills). Coins are available for 5, 2 and 1 Taka denominations. Taka is a free floating currency, where the exchange rate is set by market forces (supply and demand). The exchange rate, as of October 2014, is US $1 = 77 Taka.

Exchange rate

http://www.bangladesh-bank.org/econdata/exchangerate.php

http://coinmill.com/BDT_USD.html

http://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=BDT

Currency rules

There is no restriction on the amount of foreign currency that can be brought in but strict restriction in place on the amount of foreign currency that could be taken out of Bangladesh.

For updated information, please check:

http://www.iatatravelcentre.com/BD-Bangladesh-customs-currency-airport-tax-regulations-details.htm

Currency Import regulations:

  1. Residents:
    a. Local currency (Bangladesh Taka-BDT): up to BDT 100.-.
    b. Foreign currencies: no limit.
    2. Non Residents:
    a. Local currency: up to BDT 100.-.
    b. Foreign currencies: no limit. However amounts over USD 5,000.- (or equivalent) must be declared on arrival.
  2. Residents:
    a. Local currency (Bangladesh Taka-BDT): up to BDT 100.-.
    b. Foreign currencies: up to USD 25.- or equivalent. Higher amounts must be endorsed on the passport by Bangladesh Bank/Authorized Dealers in foreign exchange.
    2. Non Residents:
    a. Local currency: up to BDT 100.-.
    b. Foreign currencies: up to USD 150.- or equivalent. Higher amounts provided declared on arrival. Reconversion of local currency into foreign currencies is possible up to BDT 500.- or 25% of the amount, whichever is lower.
    3. Additional information: any tax-free item purchased in town must be covered by a declaration form that payment has been effected in foreign currency.

Currency Export regulations:

  1. Residents:
    a. Local currency (Bangladesh Taka-BDT): up to BDT 100.-.
    b. Foreign currencies: up to USD 25.- or equivalent. Higher amounts must be endorsed on the passport by Bangladesh Bank/Authorized Dealers in foreign exchange.
    2. Non Residents:
    a. Local currency: up to BDT 100.-.
    b. Foreign currencies: up to USD 150.- or equivalent. Higher amounts provided declared on arrival. Reconversion of local currency into foreign currencies is possible up to BDT 500.- or 25% of the amount, whichever is lower.
    3. Additional information: any tax-free item purchased in town must be covered by a declaration form that payment has been effected in foreign currency.

 Currency Regulations FROM  Bangladesh Government website as of May 2016

Baggage Rules

A tourist may bring in any amount of foreign exchange in the form of Traveler’s Cheque, foreign currency notes or other foreign currency instruments provided he/she fills up a Declaration in Form FMJ obtainable from the customs at the port of entry. However, no declaration is required for bringing in of foreign exchange up to US$ 5,000.00 by foreign tourists. While leaving Bangladesh a tourist can take out unspent balance of the foreign currency brought in.

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