Banking in Bangladesh is possible for the foreign investor who has a good knowledge about the country’s banking and financial system. Bangladesh has many banks including commercial banks, international banks and rural banks. Banks in Bangladesh cover all banking needs, but anyone wishing to use Bangladeshi banks should have a good understanding of how the system works.
Banks of Bangladesh can be used by foreigners, but there are some special issues that you need to keep in mind. Remember that foreigners involved in banking in Bangladesh must follow government regulations on foreign investment. Commercial banks in Bangladesh are available to foreigners involved in international banking.
If you want to bank in Bangladesh, you need to keep these points in mind:
1. Focus on commercial banks in Bangladesh that are right for your business needs.
2. Follow all rules for international investors before using banks of Bangladesh.
3. Compare Bangladesh banks to help find the right bank for you.
4. Look at websites dealing with online banking in Bangladesh.
Action Steps
The best contacts and resources to help you get it done
Find information about banks in Bangladesh
Before using international or commercial banks of Bangladesh, you should find out general information about banking and the general financial state of Bangladesh. This information can be found from both government and private sources.
I recommend: The
Central Bank of Bangladesh gives detailed information about the country’s banking system, currency, monetary policy and regulations.
Grameen Bank, which was awarded the Nobel Peace Prize in 2006, gives detailed information about rural banks and banking. Large international banks, like
Citibank, have offices in Bangladesh and can provide information about banking there.
Compare different banks in Bangladesh
It's a good idea to check out many different Bangladeshi banks before you choose one. By going through lists of Bangladesh banks, you should be able to make a good choice.
I recommend: The
Dhaka Stock Exchange lists all companies listed on the exchange, including all Bangladeshi banks. The
Bangladeshi Securities and Exchange Commission lists the active merchant banks in Bangladesh. A complete listing of Bangladesh banks is available through the
Central Bank of Bangladesh.
Check on restrictions on foreign banking in Bangladesh
Banks in Bangladesh offer accounts to foreigners, although there are some specific regulations that need to be followed with regard to identification required and minimum deposits. Most types of foreign accounts require the equivalent of $1,000 US dollars to open.
I recommend: The
Central Bank of Bangladesh gives details of foreign banking regulations. The
Bangladesh Board of Investment offers an overview of regulations for foreign investment.
Tips & Tactics
Helpful advice for making the most of this Guide
- There are a large number of Bangladesh banks, many of which focus on the rural sector of the economy. Make sure your bank deals primarily with business or foreign investment in order to get the best deals.
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