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If you’re moving to Bangladesh for work or study, one of the first things you’ll need to do is to open a local bank account. This will help you hit the ground running, and access all the services you need to manage your day to day finances. This guide to opening a bank account in Bangladesh is a great place to start.
We’ll look at how banking in Bangladesh usually works, and how to open a bank account in Bangladesh. We’ll also show you how you could start to save, with low cost international transfers from Wise, if you need to send money from the UK to Bangladesh.
The process for opening a bank account in Bangladesh will vary, depending on the bank and your status.
You’ll need details and documents proving your identity and address, such as:
You’ll also need proof of your income or personal circumstances, such as:
Student accounts have a different opening process. For example, to open a student account with Standard Chartered Bank in Bangladesh, you’ll need:
You’ll usually have to visit a bank branch to open a bank account in Bangladesh. This means that a member of staff can guide you through the account opening process, including checking and verifying all your paperwork, and taking any required minimum deposit. Here are some different account types which may interest you.
Bangladeshi banks offer various non-resident account options. Some are targeted specifically at non-resident Bangladeshis (NRB), while others can be foreign currency deposit accounts which can be used to add and hold funds in a range of foreign currencies, and then convert to BDT when needed.
Standard Chartered, for example, offers a foreign currency deposit account which is available to NRB and dual-national customers, with a minimum deposit requirement of 1,000 USD or 500 GBP¹.
Student accounts are available from several major banks in Bangladesh, although these may be limited to Bangladeshi citizens only. If you can find a student account you’re eligible for, you’ll usually be rewarded with low or no fees and some tailor made perks for younger customers.
Bangladeshi residents, who have a full set of paperwork showing their local address, will usually be able to choose from a broad range of account types with major Bangladeshi banks. Accounts usually operate in BDT, but there are also foreign currency account options both for day to day use, and for longer term savings.
Savings accounts are available, including easy access savings accounts and fixed term deposits, in both BDT and a range of major global currencies.
Your ability to open a bank account in Bangladesh is heavily restricted if you're not within the country. However, some banks allow you to open international or foreign currency accounts. Standard Chartered offers a foreign currency account for deposits in USD, GBP and Yen. There’s no required account balance, but deposits must be made in foreign cash only. This account can be opened from abroad.
Policies will vary based on your bank. Some banks will allow you to nominate a resident Bangladeshi to cosign the opening of your account. In addition, if you bank with HSBC or Citi, you may be able to set up a Bangladeshi account as a component of your international banking profile. Before you travel, make inquiries with your local bank and the bank you're thinking of choosing in Bangladesh.
You’ll probably find it pretty tricky to open an account with a traditional bank in Bangladesh if you’re not in the country yet. One great alternative, though, is to open a multi-currency Wise account, which can be used to hold and convert around 50 currencies, including Bangladeshi taka.
Open your Wise account from the UK, using your local UK proof of ID and address, top up in pounds, and switch over to BDT for when you travel. You’ll be able to order a linked Wise card, too, for simple spending and withdrawals in Bangladesh and around the world. We’ll look a bit more at Wise and the Wise account, a little later, to help you decide if this option might suit you.
There’s no single best bank for foreigners in Bangladesh - it’ll usually come down to a mix of your personal preference, and the specific products you need to access. Here are some of the larger banks operating in Bangladesh, including local, regional and global names you may well recognise.
Depending on where you’re living in Bangladesh you may find one particular bank works best for you, simply based on branch and ATM location. If you have several different banks nearby, and you’re not sure which to pick, these options can often suit foreign customers, based on the accounts available, and options for services in a foreign language.
When you move overseas, navigating a new banking system can be a bit daunting. Give yourself some time to get used to banking in Bangladesh, and bear in mind that things may not work quite the same as they do at home.
Most major Bangladeshi banks will need you to call in to open your account in the first place - but after that, you can usually access online, and sometimes mobile banking, to avoid standing in a queue at a branch too often. However, you’ll likely need to register for online banking services, and there may be a joining fee, or ongoing fees to access the services available.
Bank schedules are generally open for business between Sunday and Thursday, from 10 AM until 4 PM. It's common for banks to pause during the Muslim call to prayer and close for afternoon prayers. Select banks may also offer services on Saturdays or into the evening.
Some of the banks we introduced earlier have specific branches or phone services which offer foreign language support, which can be a good place to start. If you’re unsure, have a local friend call the branch you’re visiting ahead to set up some English speaking support.
One strong alternative, which allows you instant access to a BDT balance, with full online and mobile service in English - or any of the other 15 supported languages - is the multi-currency Wise account. Open a Wise account online or in the Wise app before you head to Bangladesh, and keep on top of your money on the move with the intuitive mobile app. There’s no minimum balance or maintenance fee, and mobile and online banking comes as standard.
Banking fees in Bangladesh will vary based on the account you select, and the type of transaction you make. However, it’s important to read through your account terms and conditions carefully, as the fee structures may be somewhat different to what you’re familiar with.
In particular, look out for:
If low, transparent fees are important to you, you may like the Wise account, which can hold and exchange GBP and BDT, as well as nearly 50 other currencies.
If you’re moving to Bangladesh you may need to make a payment from the UK to Bangladesh to cover a rental deposit, or simply to make sure you have some money when you arrive. Check out low cost international transfers from Wise, to send money to BDT with the mid-market exchange rate and low fees which can beat the banks¹⁰.
Wise payments are fast - 50% arrive instantly, and 90% are there within 24 hours¹¹ - so you can hit the ground running when you arrive in Bangladesh.
No matter how you choose to set up your finances in Bangladesh once you get there, you’ll find what you need between the local, regional and global banks we’ve profiled here, and the easy to use Wise account you can open before you even head off. Use this guide to start to explore your options as you plan your move - and good luck!
Sources:
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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