GlobLeo Travels

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Currency Guide – Bangladesh

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Bangladesh, a land of vibrant culture, lush landscapes, and rich history, beckons travelers with its unique blend of tradition and modernity. As you prepare for your Bangladeshi adventure, understanding the local currency is crucial for a seamless experience. From the bustling streets of Dhaka to the serene beauty of the Sundarbans, mastering the nuances of the Bangladeshi taka will enhance your journey through this captivating South Asian nation.

The Bangladeshi taka tells a story of independence and economic growth. As you handle the colorful banknotes adorned with national symbols and historical figures, you’ll feel a connection to Bangladesh’s struggle for freedom and its ongoing development. Whether you’re savoring street food in Old Dhaka or exploring ancient archaeological sites, familiarity with Bangladesh’s currency will help you navigate the country’s economy with confidence and ease.

Currency Guide: The Bangladeshi Taka

The official currency of Bangladesh is the Bangladeshi taka (BDT). It was introduced in 1972, shortly after Bangladesh gained independence from Pakistan.

Denominations

Banknotes:

  • 2 taka
  • 5 taka
  • 10 taka
  • 20 taka
  • 50 taka
  • 100 taka
  • 200 taka
  • 500 taka
  • 1000 taka

Coins:

  • 1 poisha
  • 5 poisha
  • 10 poisha
  • 25 poisha
  • 50 poisha
  • 1 taka
  • 2 taka
  • 5 taka

Note: While poisha coins exist, they are rarely used in daily transactions due to their low value.

Currency Symbol

The taka uses the symbol “৳” which is placed before the number without a space. For example, ৳150 represents 150 Bangladeshi taka[1].

Exchange Rates

As of November 2024, the approximate exchange rates are:

  • 1 USD ≈ 109.74 BDT
  • 1 EUR ≈ 114.15 BDT

However, these rates are subject to change, so it’s advisable to check current rates before your trip.

Tips for Travelers

  1. Cash is King: Bangladesh is predominantly a cash-based society. Credit cards are not widely accepted outside major cities and high-end establishments[4].
  2. ATMs: ATMs are available in major cities, but they may not always accept international cards. It’s advisable to carry sufficient cash, especially when traveling to rural areas.
  3. Currency Exchange: You can exchange currency at banks, currency exchange offices, and some hotels. Major hotels that cater to international tourists often offer foreign exchange services[1][2].
  4. Accepted Currencies: The Euro, US dollars, and British pounds are widely accepted for exchange. If your home currency is different, consider exchanging it for USD before traveling to Bangladesh[1].
  5. Exchange Documentation: Keep your currency exchange receipts, as you may need them when leaving the country.
  6. Restricted Currency Movement: The import of foreign currency is unlimited but must be declared if exceeding US$5000. The export of foreign currency is limited to the amount declared on arrival. The import and export of local currency is limited to Tk100[4].
  7. Tipping: Tipping is not customary in Bangladesh, but it’s appreciated in high-end restaurants and hotels.
  8. Counterfeit Notes: Be cautious of counterfeit notes. Familiarize yourself with the security features of Bangladeshi banknotes, which include watermarks[5].
  9. Money Transfer Services: If you need to receive money while in Bangladesh, services like Remitly can be useful for international transfers[5].
  10. Bargaining: In markets and small shops, bargaining is common. Having small denominations of taka can be helpful in these situations.

By keeping these tips in mind and familiarizing yourself with the Bangladeshi taka, you’ll be well-prepared to explore the wonders of Bangladesh. From the bustling capital of Dhaka to the serene tea gardens of Sylhet, your journey through this diverse country will be all the more enjoyable with a solid understanding of its currency and financial practices.

Major Banks In Bangladesh

  1. Islami Bank Bangladesh PLC
    Established in 1983, Islami Bank Bangladesh PLC is the largest Islamic bank in the country, offering a wide range of banking services compliant with Islamic Sharia principles. With over 550 branches, it has a significant presence across Bangladesh and is recognized for its innovative banking solutions, including personal and corporate banking services.
  2. Dutch-Bangla Bank Limited
    Founded in 1996, Dutch-Bangla Bank Limited is known for its pioneering role in introducing modern banking practices in Bangladesh. It offers a variety of services, including retail banking, corporate banking, and mobile banking solutions. The bank is also notable for its strong focus on social responsibility and community development initiatives.
  3. Sonali Bank PLC
    Established in 1972, Sonali Bank PLC is one of the largest state-owned commercial banks in Bangladesh. It provides a comprehensive range of financial services, including savings accounts, loans, and foreign exchange services. With a vast network of branches and ATMs, it plays a crucial role in the country’s banking sector.
  4. BRAC Bank Limited
    Founded in 2001, BRAC Bank Limited focuses on small and medium enterprises (SMEs) and retail banking. It has gained recognition for its customer-centric approach and innovative financial products. The bank operates a robust digital banking platform, enhancing accessibility for its customers.
  5. Eastern Bank Limited
    Established in 1992, Eastern Bank Limited is known for its strong corporate governance and commitment to customer service. It offers a wide array of banking products and services, including personal loans, credit cards, and trade finance solutions. The bank has a growing presence in the digital banking space.
  6. Standard Chartered Bank
    Operating since 1969, Standard Chartered Bank is one of the oldest foreign banks in Bangladesh. It provides comprehensive financial services to individuals and businesses alike. The bank is well-regarded for its global expertise and innovative solutions tailored to meet local market needs.
  7. HSBC Bank Bangladesh
    Founded in 1996, HSBC Bank Bangladesh is part of the global HSBC Group. It offers a wide range of banking services including personal banking, corporate banking, and investment services. The bank is known for its international reach and expertise in facilitating cross-border transactions.
  8. City Bank Limited
    Established in 1983, City Bank Limited is recognized for its focus on retail banking and SME financing. The bank has made significant advancements in digital banking solutions and customer service initiatives, making it a popular choice among urban customers.
  9. Pubali Bank Limited
    Founded in 1986, Pubali Bank Limited is one of the largest private commercial banks in Bangladesh with a strong branch network across the country. It offers diverse financial products including loans, deposit accounts, and remittance services aimed at both individual and corporate clients.
  10. Janata Bank Limited
    Established in 1972, Janata Bank Limited is another major state-owned commercial bank that provides a wide range of financial services including savings accounts and loans. The bank focuses on enhancing financial inclusion through its extensive branch network catering to underserved areas across Bangladesh.

Explore Bangladesh Further

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Cosmic Voyager

The Cosmic Voyager is a passionate traveler with an insatiable curiosity for the wonders of the universe, always seeking new horizons and experiences that expand the mind and soul.

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