How to open a bank account in Bangladesh

How to open a bank account in Bangladesh

Bangladesh is a country located in the east of India on the Bay of Bengal. It attracts expats to source agriculture products and garments to export to other countries . Bangladesh also attracts people who like to pursue medicine for their under graduation. The official currency of Bangladesh is Bangladeshi Taka (BDT) and official language of Bangladesh is Bengali . If you are a person looking to settle or stay in Bangladesh for long term it is best to open a bank account in Bangladesh to do your day today financial transaction.

What are the banks available in Bangladesh ?

You will find both nationalized banks and foreign banks in Bangladesh, curate your requirements and opt for the best bank accordingly. Always check with the banks coverage for ATM’s and other charges associated with the banks transactions .

Some of the best banks you can find in Bangladesh are ;

1. Islami Bank Bangladesh Ltd.
2. Dutch-Bangla Bank Ltd.
3. Sonali Bank Ltd.
4. Prime Bank Ltd.
5. HSBC Bank Ltd.
6. Standard Chartered Bank Bangladesh Pvt. Ltd.
7. BRAC Bank Ltd.
8. Habib Bank Ltd.
9. Bank Asia Ltd.
10. Janata Bank Ltd.

Best banks for university students in Bangladesh are ;

1. City Bank
2. Mutual Trust Bank
3. BRAC Bank
4. Eastern Bank

Types of account you can open are ;

1. Current account – for your day to day usage , these accounts don’t earn any interest for the money in the account and have a account maintenance cost.
2. Savings account – These are the accounts comes with withdrawal restriction and you will get interest on the money saved.
3. Corporate Account – These accounts used by business entity and commercial establishments.
4. Salary Account – Expats who come here for work get to open this account to receive salary and this account comes with lot of leniency on transactional charges.
5. Students Account -Since there are many international students who pursue courses in Bangladesh universities , many banks provide students accounts which has no to vert less charges for banking transactions.

The minimum amount to open a bank account vary according to the bank , some banks require Tk 1000 for savings account and Tk 10 for students and farmers . Kindly check with your bank before opening the bank account.

If you have come to Bangladesh for work , your employer might assist you to open a bank account swiftly with the bank which they have existing relationship. So kindly enquire the same with your employer .

If you are a tourist or a freelancer it is best to open a borderless multicurrency account in Wise and use their master card for your travel which comes with hassle free process.

What are the documents required to open a bank account in Bangladesh ?

Once you choose your bank , collect the application form according to the type of account required, fill the application and submit the form with required proof of documents.

1. Valid Passport
2. Resident Permit
3. Valid Visa – You cannot open an account with your tourist visa, you need a valid work visa or an investor visa or a students visa
4. Valid National ID – For Bangladesh residents
5. Address proof – Utility bills , Rental agreement
6. Reference letter – From your employee or your existing home bank
7. Income proof – Salary slip or source of fund
8. No objection certificate – an NOC is required from your employer to open a bank account.
9. TIN number – In case of Business account and corporate account.
10. Local phone number
11. Passport size photo.

If you are opening a corporate account you need to provide each documents separately for all the share holder and directors of the company.

How long it will take to open a bank account in Bangladesh ?

After submitting all the documents , it will take 2- 5 working days to open your account and 7 more days to get your net banking and debit cards.

How to transfer funds to your Bangladesh account ?

Once you open a bank account in Bangladesh, you have to transfer your funds from your home country, this you can do either by a SWIFT wire transfer or through a money exchange . Both attracts heavy exchange rates and time consuming process.

You can use Wise which has affordable charges , or you can compare the best exchange rates on Monito, if you have large amount to transfer ( Anything more than 30000 $.)

What are the banking hours in Bangladesh ?

Banks are open from Sunday to Thursday on 9 Am to 5 Pm , Fridays and Saturdays are holidays , some bank work on Saturdays. All the banks follow national holiday in that region. During Ramzan and Eid all the banks works for half the day. Kindly contact your banks before visiting.

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