Instances of people sending money from the United States to Bhutan and the other way around are not uncommon. Both countries maintain trade relations as well. In 2016, bilateral trade of goods between the United States and Bhutan accounted for more than U.S. $36 million.
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- Transfer Type
- Regular Payments
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- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
The U.S. dollar has served as the official currency of the United States since 1792. Its use as legal tender is also found in Zimbabwe, El Salvador, Ecuador, the Caribbean, the British Virgin Islands, Turks and Caicos Islands, the Federated States of Micronesia, and two British Overseas Territories. It is used unofficially in several places, some of which include Costa Rica, Belize, Haiti, Liberia, Cambodia, Nepal, Myanmar, and Bhutan.
The U.S. dollar is the world’s most heavily traded currency. It accounted for more than 87% of the global forex market turnover in April 2016. It is also the most preferred reserve currency in the world. According to estimates, over U.S. $5 trillion is traded through the forex market each day.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
Use of coins from the Cooch Behar mint was common in Bhutan until 1789. The country then began issuing its own coins referred to as chetrum. These were primarily half rupee silver coins. Given the region’s rather late introduction to industrialization, it relied solely on hammered copper and silver coins until 1929.
Bhutan adopted the decimalized system in 1957, at which point it introduced naya paisa-denominated coins. The country’s government worked on developing its economy during the early 1960s. The monetization that took place in 1968 resulted in the formation of the Bank of Bhutan, the country’s central bank.
The 1974 monetary reforms led to the introduction of ngultrum, with one ngultrum equaling to 100 chetrum. The government of Bhutan introduced the first ngultrum-denominated bank notes in June 1974.
The word ngultrum is a combination of two words. Ngul means silver in traditional Bhutanese Dzongkha language. Trum, in Hindi, refers to money.
The Indian rupee serves a legal tender in Bhutan. However, this limits to banknotes of INR 100 and below. Several large hotels and souvenir shops accept payments in U.S. dollars.
|Bank notes||Nu.1, Nu.5, Nu.10, Nu.20, Nu.50,|
Nu.100, Nu.500, Nu.1,000
|Coins||Ch.5, Ch.10, Ch.20, Ch.25, Ch.50, Nu.1|
U.S. Dollar / Bhutanese Ngultrum Historical Rates
The value of the Bhutanese ngultrum is pegged to the Indian rupee at par. Until the late 1990s, the Bhutanese ngultrum traded at below Nu.40 against the U.S. dollar. The first time it breached the Nu.40 mark against the U.S. dollar was in mid 1998. Its value then continued to decline against the U.S. dollar almost steadily until early 2002. In February 2002, the ngultrum traded at around Nu.48.70 against the U.S. dollar.
The next few years worked in favor of the ngultrum. By mid 2005, it was trading at around Nu.43.50 against the U.S. dollar. Form then, until mid 2007, the USD/BTN currency pair experienced volatility in both directions, with the ngultrum trading largely in between Nu.43 and Nu.47 against the U.S. dollar.
The 2007-2008 Global Financial Crisis had a positive effect on the value of the Bhutanese ngultrum. Form late 2007 to early 2008, the ngultrum traded at below NU.40 against the U.S. dollar. Then, despite having moments of respite, the value of the ngultrum against the U.S. dollar has mainly continued to fall.
It crossed the Nu.50 mark against the U.S. dollar in late 2011. It breached the Nu.60 mark in mid 2013. After some positive movement from late 2016 to early 2018, the value of the ngultrum against the U.S. dollar has started falling again. It traded at over Nu.70 against the U.S. dollar for the first time in mid 2018.
USD/BTN in the last five years
|U.S. $1 =|
|1 July, 2013||Nu.58.412|
|1 July, 2014||Nu.59.041|
|1 July, 2015||Nu.62.592|
|1 July, 2016||Nu.67.501|
|1 July, 2017||Nu.64.650|
USD/BTN in the last five months
|U.S. $1 =|
|1 June, 2018||Nu.67.434|
|1 July, 2018||Nu.68.443|
|1 September, 2018||Nu.70.908|
|1 October, 2018||Nu.72.556|
What Affects USD/BTN Rates?
Given the peg between the Bhutanese ngultrum and the Indian rupee, a strengthening Indian economy might have a positive effect on the value of the ngultrum. To look at what affects the USD/BTN currency pair’s performance, it is important to consider the relationship between the U.S. dollar and the Indian rupee. Given Bhutan’s dependence on India for tourism and trade, it is unlikely that the country will abandon its currency’s peg to the Indian rupee anytime soon.
If you wish to send money from Bhutan to the U.S. or in the opposite direction, take some time to compare USD/BTN exchange rates provided by different overseas money transfer companies. Remember that the cost of your transfer will also depend on the fees you have to pay.