Top 10 Banks in Bangladesh

Whether you are starting a business in Bangladesh, getting your first job, or have savings to secure, opening a bank account can be useful.

The banking sector in Bangladesh is massive, with many local and international banks with a firm footing in the industry. Different banks lead the market in different categories.

However, choosing the right bank can be cumbersome. Since this is not a "one solution fits all" situation, we have compiled a list of the top 10 banks in Bangladesh to make things easier for you.

Overview of Banking in Bangladesh

Bangladesh's banking sector is full of national and international financial institutions and it plays a crucial role in the nation's economic development. With a mix of private and state-owned institutions, it provides services ranging from personal accounts and loans to corporate financing.

Along with local and international banks, Islamic banks are another common differentiator for banks in Bangladesh. These banks usually don't offer credit cards, savings accounts, and other interest-associated dealings.

Document Requirements

To open a bank account in Bangladesh, you usually need the following documents:

• Proof of Identity (National ID card or passport)

• Proof of Address (recent utility bill or rental agreement)

• Proof of Income (salary slip, employment letter, or tax certificate)

• Passport (for foreigners)

• Recent photograph

• Initial deposit (depending on account type)

Top Banks in Bangladesh

1. Brac Bank

Brac Bank was founded in 2001 and is headquartered in Dhaka, Bangladesh. As a Private bank, it operates primarily within National. Brac Bank offers a broad range of services, including Personal, Corporate, SME, Digital Banking, while focusing heavily on digital banking solutions.

Though fees apply for certain services like ATM withdrawals and international transfers, Brac Bank is praised for its Strong presence in SME banking.

2. The City Bank

The City Bank was founded in 1983 and is headquartered in Dhaka, Bangladesh. As a Private bank with a National presence, The City Bank offers a broad range of banking services. These include Personal, Corporate, Digital Banking, catering to both individual and corporate clients.

Known for its premium services, The City Bank typically charges account maintenance fees for various services. Its Digital banking and strong SME focus is a hallmark of its appeal, making it stand out in the market.

3. United Commercial Bank Ltd.

Founded in 1959 and headquartered in Dhaka, Bangladesh, it is privately owned. It plays a crucial role in managing national's financial operations and focuses on personal banking and corporate banking.

4. Islami Bank Bangladesh Limited (IBBL)

Founded in 1983, Islami Bank Bangladesh Limited is headquartered in Dhaka, Bangladesh. It is a Private institution. IBBL is operational in multiple countries and is categorized as a National bank.

It offers you a wide range of banking services and is widely recognized and trusted across Bangladesh. IBBL is considered a pioneer in the banking sector, offering all primary banking services, including Islamic, Personal, Corporate, Digital Banking.

While IBBL charges you no maintenance fees with minimum balance, you are not required to maintain a minimum balance. IBBL stands out because it has the largest Islamic bank in Bangladesh, with more than 550+ branches.

Opening a USD account with IBBL is free, but you must maintain a minimum balance to keep your account active and pay an initial deposit. While IBBL does not charge a fee for receiving international remittances, it is known for offering poor conversion rates like all other local banks.

5. Dutch Bangla Bank Ltd.

Headquartered in Dhaka, Bangladesh, Dutch Bangla Bank Ltd. was founded in 1999 as Bangladesh's first dedicated Islamic bank. Although relatively new, Dutch Bangla Bank Ltd. has made quite a name in Bangladesh's banking sector.

A National bank that mainly operates and adheres to providing its services to the domestic market. Dutch Bangla Bank Ltd.'s services include Personal, Corporate, Mobile Banking.

Regarding fees and charges, Dutch Bangla Bank Ltd. does not charge a maintenance fee for your accounts as long as you maintain the minimum required balance. Dutch Bangla Bank Ltd. is also known for its wide network of branches, which has expanded to 200+ branches.

Opening a USD account with Dutch Bangla Bank Ltd. costs nothing. However, you must maintain the minimum balance to keep your account active, and no initial deposit is required. Receiving international transfers can be costly with Dutch Bangla Bank Ltd. because of the unreasonable conversion rates offered.

6. Sonali Bank

Sonali Bank was founded in 1972 and is headquartered in Dhaka, Bangladesh. It is a State-owned bank, operating National. Sonali Bank offers services like Personal, Corporate, SME Banking and is recognized for being the largest state-owned bank in Bangladesh.

7. Agrani Bank

Agrani Bank was founded in 2006 and is headquartered in Dhaka, Bangladesh. It is privately owned and categorized as a nationalbank, focusing primarily on the domestic market.

8. Bank Asia Ltd.

Bank Asia Ltd. was founded in 1999 and is headquartered in Dhaka. As a Private bank categorized as National, Bank Asia Ltd. is well known for its customer service and emphasis on small and medium-sized businesses.

9. Standard Chartered

Standard Chartered was founded in 1863 and is headquartered in London. As a Private bank with a International presence, Standard Chartered offers a wide range of banking services, including Personal banking, wealth management, corporate banking.

10. Dhaka Bank Ltd.

Dhaka Bank Ltd. was founded in 1995 and is headquartered in Dhaka. As a Private bank with a National presence, Dhaka Bank Ltd. offers a wide range of banking services, including Personal and corporate banking.

Why Open Your USD Account With Elevate Pay?

Freelancers and remote workers earning USD always face the inconvenience of managing their international income. There are always some hurdles, whether saving their money in USD, sending money home, or spending it. Elevate Pay is your one-stop solution for all such challenges.

With Elevate Pay, you can get your free USD account with a three-step sign-up process. Your account, provided by Bangor Savings Bank, allows you to receive and store USD funds for as long as you'd like.

Elevate Pay is designed to focus on emerging markets like Bangladesh. Unlike other solutions focused on Western markets, Elevate Pay can provide you with customer service specific to your location's requirements. You can start using Elevate Pay right away by downloading the app to your iOS or Android device.

Conclusion

This guide should be your go-to review when looking for options to open your bank account in Bangladesh. Find everything you need to know and more about all the top banks in your country, and you shall not be disappointed with your decision.

Bangladesh banking sector is home to some big names; therefore, the final decision will come down to your personal or business needs. By evaluating these 10 banks, you should be able to identify the unique services of each bank and make the right decision that works best in your interests.