Currency Exchange in Bangladesh Tips That Save You Time and Money ...
If you need to exchange currency because you are going to travel to a country where the official is different from the one in which you have your savings, in this article I will tell you everything you need to know so that you do not end up losing money when making the change.
When you change some of the money you have in your possession to another currency, either through a exchange house, or Currency Exchange in Bangladesh service provider what you're actually doing is buying that currency.
The price of such a purchase is always specified by dividing two different currencies.
• The first currency (in the example: USD), is what is known as the base currency.
• While the second currency is what is known as the quoted currency.
The final number represents how many quoted currencies you need to purchase a base currency.
Or put it upside down, which is what we're interested in, the number represents how many quoted currencies you'd get for each base currency.
Exchange rate
As you can see, it's pretty simple.
Changing currency is like approaching the bakery next door and buying a bread bar, but watch out because the exchange rate is not fixed, but variable, it is constantly updated.
It is the forex market that decides the value of this number, and this is called the real exchange rate.
This variation should not affect you too much as it is difficult to predict the exchange rate that will be; in addition, there are no large ups and downs that affect small movements of money.
Therefore, depending on the amount of money you are going to change it is advisable to know a little about the current situation of the country, and in any case, you have to know what is the actual exchange rate for the currency you want to buy.
This is because the different places to buy the currency (such as exchange houses) can choose their own exchange rates, and for that reason you should not exchange money cheerfully anywhere, but you should know what kind of offer they are offering you.
Before changing currency, compare the exchange rate between the different alternatives, and also compare it to the actual exchange rate.
Commission for Change
Many people only take into account the above concept (exchange rate) when making currency changes, and that's when the hand and disappointments of (usually) exchange houses arrive.
Almost all of them (not to say all), will charge you a fee for making the Currency Exchange in Bangladesh.
This commission can be a percentage of the initial money, a fixed commission, both, etc.
Many exchange houses will try to trick you using this commission. They will offer you a real exchange rate, which is very attractive, but they will avoid telling you that there is a commission that will cause you, for example, to keep 5% of the transaction.
But much eye because there is also the opposite deception, they will announce to hype and saucer that there is no commission,but in return they will offer you a rather mediocre exchange rate regarding the real exchange rate.