7 Best Banks in Bangladesh For Freelancers you need to know

A successful freelancer puts a lot of effort into earning money. When you start to chase your dream, It’s unfortunate to face a struggle while transferring your hard-earned money. As a freelancer, you should know the best banks in Bangladesh for freelancers. It is difficult to make a recommendation about which bank is the best for Bangladeshi freelancers as it can depend on various factors such as the freelancer’s personal financial needs, the services offered by the bank, and the location of the bank branches. It is a good idea for freelancers to research and compare different banks in order to find the one that best meets their needs.

No matter whether you work in Upwork, Fiverr, or else a bank account is a must bring money to Bangladesh. To make your transaction easy and secure, we will review the top 7 best banks in Bangladesh for freelancers. 

Despite easy and secure transfers, these banks offer minimal withdrawal of the charge, a high foreign exchange rate, and quick transfer in Bangladesh. Unfortunately, most Bangladeshi freelancers face delays in transfer. But these banks give priority to receiving your payment on time. So, if you are bored with over fees and delays, let’s explore some excellent banks to solve your cross-border payments-related problem.

Best Banks In Bangladesh for freelancers

In the present era of the gig economy or digital economy, the boom in freelancing( specially IT-based freelancing) is apparent. Participation in freelancing provides existing along with the new source of income that needs to be brought home. While transferring your income, the most common problem freelancers face is the unawareness of the concepts of freelancing. As a result, freelancers mislead to contact go-betweens to bring their earnings. That is both risky and unethical.

Also, Payoneer does not directly support transacting in Taka. That’s why a bank account is mandatory to withdraw money in the form of bank transfers. All the banks in Bangladesh are under the supervision of the Bangladesh Bank, Central Bank of Bangladesh. Well, let’s discuss the top 7 best banks in Bangladesh that support freelancers to bring their money conveniently for international payments.

class="wp-block-heading">1.   Bank Asia

Bank Asia is the most popular and faster banking service for freelancers. If you want to receive earnings on time, then Bank Asia is the best option. It comes with a New York-based payment gateway to ensure on-time transaction processing. Let’s learn some excellent features that Bank Asia provides.

●    Easy Account Opening and Operation

You can open an account in Bank Asia within a few steps.

• 1. Fill out the Account Opening Form.
• 2. Two copies of the passport-size photo of the Account holder.
• 3. 1 copy passport-size photo of the Nominee.
• 4. Signature.

You can even apply online to open your account through the Bank Asia website. After opening the account, it is ready to do operations such as withdraw or receive money.  

You should use a Payoneer account to directly transfer earnings to a local bank to get the best exchange rate. Otherwise, Direct bank transactions will give a low rate. Also, you can use Payza, transferwise(Wise), etc.

●    Lower Fees

The best part of Bank Asia is that it charges a minimal rate for withdrawing foreign currency. If you directly transfer to a Bank Account, it will cost $0.99 per transaction. It takes one or two days to receive your money.

●    Fast hassle-free withdrawal 

I have used this bank for over 5+ years and never faced a delayed transaction. They offer freelancing support. You can enjoy hassle-free rapid transactions from Bank Asia.

●    Dual Currency Cards, Debit cards

Bank Asia offers dual currency cards to make your transaction easy. They especially bring Shadin Freelancer prepaid cards for freelancers.

Benefits of using Shadin Freelancer Prepaid card:

• 1. Customers can receive both UDS and BDT simultaneously. You need to keep 70% USD and 30% BDT money in your account.
• 2. It allows transferring USD funds globally.
• 3. You can apply for an International debit card against a Shadin prepaid card.
• 4. It offers interest on BDT savings.
• 5. This account charges low fees.
• 6. It offers a free transaction alert, easy pay and buy the facility.
• 7. Also, it offers a discount on merchant outlets, e-commerce transactions, and restatement facilities.

Also, a freelancer is allowed to avail debit cards from Bank Asia. It makes your shopping or online transaction more convenient.

●   Fund Transfer 

Bank Asia allows fund transfer to another bank account through EFTN. Also, you can transfer money to your bkash account through an e-waller.

Bank Asia also offers NPBS to transfer funds from personal account to debit or credit card and vice versa. 

●    Mobile Financial service

Bank Asia comes with e-Wallet mobile banking to offer Mobile Financial service. MFS is a mobile-enabled payment system with security to transfer money and saving. Unfortunately, Bank Asia does not have any individual mobile financial service like Bkash or Rocket.

●    Dollar Payments

Bank Asia allows dual currency accounts. By using Shadin or a dual currency account, you can easily make Dollar payment solutions.

●    Wire Transfer

It allows wire transfer to the bank to receive payment from the client. But wire transfer is not ideal for Bangladesh. It costs $30 per transaction that is costly.

●    Online Banking

The bank comes with a wallet to offer online banking opportunities. You can transfer funds, receive payments and make online transactions, top-up through an e-wallet. 

It comes with user-friendly and secured wallet apps to transform banking into a one-a-click solution.

2.   BRAC Bank

BRAC Bank is the first growing and renowned private bank in Bangladesh. It has some excellent features for freelancers to make it easy to bring their earnings quickly.

●    Easy Account Opening and Operating

BRAC Bank offers straightforward account Opening. Also, you can open an account online through their website. Follow the below steps:

• 1. 3 copy passport size photos.
• 2. Fill account opening form.
• 3. One passport-size photo of the Nominee.
• 4. Utility bill/work id/ National Id
• 5. Proof of address

●    2.5% incentives

The best part of Brac Bank is, it gives 2.5% incentives with your income. 

●    Fast Hassle-free withdrawal 

Freelancers mostly face the problem that they receive their payment late. To avoid late payment, I suggest Brac Bank. It offers quick, secure, and hassle-free withdrawal. It takes 2-5 working days to receive payment.

●    Dual Currency cards, Debit Cards

BRAC Bank offers a dual currency credit card to make international payments. This card allows you to store dual currency in one account. As a result, you can keep both Dollars and Taka to meet your versatile needs. Freelancers can keep their income without changing the currency on credit cards. That helps to make global payment services.

Also, you can take a debit card to make payments more conveniently. BRAC Bank allows a freelancer to take their debit card. You can activate the card through a simple phone call.

●    Fund transfer

Brac Bank is most famous for its excellent digital services. You can transfer money within seconds from Brac Bank apps or ATMs. Simply add a receiver account number to transfer funds. It is super simple and secure. You can even transfer money in mobile banking such as Bkash.

●    Mobile Financial Services

BRAC Bank comes with the most popular mobile financial service that is Bkash. You can receive global payment through Bkash. You don’t need to open any Bank account. Also, it offers some exclusive features such as online payment, pay bills, mobile recharge, money transfer, and more.

●    Dollar Payments 

By using a Brac Bank dual currency card, you can easily make dollar payments. It allows storing dollars on your credit card. As a result, it is fun to make global payment methods by dollar through Brac bank.

●    Wire Transfer

The wire transfer is a system by which you can receive your earring without having an account. It is a direct transaction in a particular branch. You need to collect money from that bank.

Yes, Brac Bank allows wire transfers. The best part of this type of transaction is its faster. Besides, you can collect money from more than 50 countries. It takes 2-3 days to credit the transfer money. The maximum limit for wire transfer in Brac bank is BDT1500K per transaction. 

●   Online Banking   

The most popular service of Brac Bank is its Online banking opportunity. You can check statements, balances, and every detail online through apps. It allows all digital services such as online payment, mobile recharge, balance transfer, fund transfer, and more. If you want a secured and smooth online banking, Brac Bank is worth considering.

3.   Dutch Bangla Bank Limited (DBBL)

Dutch Bangla is popular for its robust ATM booth services. It is a good choice for a freelancer as they provide some excellent facilities. DBBL is one of the best banks to bring money to Bangladesh from abroad.

●    Account Opening and operation

If I compare DBBL to other banks, DBBL requires some extra information to open an account. I find it a bit of a hassle to open an account in Dbbl if you don’t have any relative’s account in DBBL. 

It requires a signature and account number of their old account holder to open a new account. It is disgusting for those who don’t have a known account holder in this bank. Follow the below steps to open an Account in Dbbl.

1. Fill up the account opening form.

• 2. National Id card copy.
• 3. 2 copy passport size photos.
• 4. National card of Nominee.
• 5. Utility bill or address proof.
• 6. Employee card or occupation proof

●    Fast Hassle-free withdrawal 

DBBL is comparatively faster to receive global payment. You will get your payment within 1-2 days through dbbl. Also, it is easy to check whether you get the payments or not through their Nexus App. You will find thousands of the nearest ATMs to collect your money.

●    Dual currency cards, debit cards

Dutch Bangla brings MasterCard International debit cards against foreign currency accounts. Freelancers are allowed to open foreign currency accounts. The card is only for global payments or transactions. Unfortunately, you are unable to make any local payment through this card.

It is the market leader for offering convenient debit cards. Most importantly, it is allowed by every big eCommerce in Bangladesh. 

It offers unlimited and free access to dbbl ATMs. You can issue a debit card with only BDT805. Besides, it is an EMV chip-based card that is more secure than other bank debit cards. It protects customer data to offer secure transactions.

●    Fund Transfer

Dbbl brings a Nexus app to transfer money to any local bank. You can transfer funds to other banks through apps or ATMs within a few seconds. It is faster, easier, and secure. Also, you can transfer funds to your Rocket account through the Nexus app.

●    Mobile Financial Services

Dbbl brings one of the popular mobile financial services, Rocket. It makes your mobile banking a one-click and straightforward solution. You can even receive your payment directly to your rocket account. But it takes time and an extra charge to receive global payment. It is helpful to pay bills, online payment, mobile recharge, and more.

●    Dollar Payments

Dbbl brings dual-currency credit cards to make dollar payments. To buy a global product, you can easily buy a dual currency credit card. You are no more losing your potential clients

●    Wire transfer

Dutch Bangla allows wire transfer from abroad. You should give clients your bank account number, account name, and branch name. The clients will pay transaction fees for wire transfers. You can collect money from the particular branch within 2 business days.

●    Online Banking

DBBL brings Nexus apps to make your online banking easy and hassle-free. You can check statements, current balance, withdrawal, everything online. It even allows making payments, bill pay, mobile recharge, fund transfer, etc., online. 

The apps are secured and make your banking fun.

4.   Mutual Trust Bank(MTB)

Mutual Trust Bank is an excellent choice for a freelancer as they offer faster global transactions. You can receive a global payment within 1-2 business days from MTB. Let’s know some excellent features that MTB offers.

●    Easy Account Open

The best part of MTB is it offers online account opening services. You need the below documents to open an Account.

• 1. National id card of the account holder.
• 2. Two copies passport size photos of the account holder.
• 3. One copy passport-size photo of the Nominee.
• 4. Utility bill.
• 5. Working id or proof.

●    Fast Hassle-free withdrawal 

MTB is popular for its fastest withdrawal services. You can withdraw global payment within 1-3 business days. It is secure, hassle-free and convenient. You can make a withdrawal through the nearest booth. Even check the status through the MTB app.

●    Dual currency Card, Debit Card

MTB offers different types of cards that support dual currency. For example, PayPlus, Prepaid card, MTB visa International card, and more.

Using this card, you can make global payments. I suggest using an MTB visa international card for freelancers to make global payments. This card allows you to store your earnings both in BDT and USD. This card is usable in ATMs, POS machines, and global eCommerce sites. They offer wide acceptance, secure payment, and exciting discounts.

Any savings or current account holder is acceptable to apply for an MTB debit card. They offer three types of debit cards. The best part is this card is secure enough and accepted widely. Even some cards are accepted globally.

●    Fund transfer 

It is simple and one-click work to transfer funds from MTB bank. You can use the MTB apps to transfer funds or an ATM to do it within a few seconds. It is secured and hassle-free to transfer funds from your account.

●    Mobile Financial services

Unfortunately, MTB has no dedicated mobile financial service. But they come with a Banking app to make your banking convenient. 

●    Dollar Payments

A freelancer often needs to make dollar payments to buy different tools. But all the banks do not support dollar payments. MTB dual currency card allows you to make dollar payments.

●    Wire Transfer

Your client can directly wire transfer payment to MTB bank. You can collect money through a particular branch within 2-3 working days. It takes an extra charge that your client needs to pay.

●    Online Banking

MTB comes with an excellent mobile app to make online banking easy. You can check statements, transfer money or pay to bill everything through the MTB app.

5.   Islami Bank Bangladesh Limited( IBBL)

IBBL is a popular choice among top freelancers in our country. It’s known as the best bank to bring freelancing income. Also, it offers excellent traditional banking services, especially for freelancers.

●    Bank Opening

It is easy to open an account in IBBL. Follow the below steps.

• 1. Fill up the account opening form.
• 2. 2 passport size photos of the account holder.
• 3. National id card.
• 4. 1 passport-size photo of the Nominee.
• 5. Introducer signature.

●    Fast hassle-free withdrawal

IBBL is popular for its rapid withdrawal system. Freelancers receive their global payment within 1 business day in IBBL. It takes a maximum of 2-3 business days to receive global payment. 

If you want faster and convenient withdrawal, then I suggest IBBl. It is secured, hassle-free, and arrives on time. It is guaranteed to enjoy immediate withdrawal every time.

●    Dual currency Card, debit cards

Islamic bank brings Visa International dual currency platinum debit card to allow dual-currency transactions. You can make payment both in USD and BDT using this card. You don’t need to carry cash when visiting abroad. It will enable withdrawing money from any Visa brand’s ATM.

Also, Islami bank offers a Khidmah card to make your everyday buying and selling safe and hassle-free. It allows global usage. 

●    Fund transfer

Islamic banks bring iTransfers to transfer funds to another bank. You can transfer your money to any local bank through the iTransfer system.

You need to subscribe to iTransfer services from the menu “Our services” through the Islami Bank website. Then choose “transfer to transfer” the fund to another bank.

Put sender and receiver account details carefully before executing the transaction. iBanking charges 0.25 BDT per thousand transactions. The minimal limit to transfer is 100 BDT, and the maximum is 5,00,000 BDT. It is secured and easy to transfer funds.

●    Mobile Financial Services

Unfortunately, Islami banks do not have any mobile financial services.

●    Dollar Payments

You can make a dollar payment using their dual currency card. 

●    Wire Transfer

Islami bank allows rapid wire transfer from anywhere on the globe. You can collect money within 1-2 business days. It is a great way to collect payment from overseas clients. 

●    Online Banking

Islami Bank brings an iSmart app to offer Online banking opportunities. You can also use iBanking through their website.

iBanking offers to check account details, wallet refill, recharge, pay bills, transfer money, card services, visa money transfer, and more. In short, IBBL offers every online banking opportunity.

6. The City Bank Limited

The City Bank Limited is a bank in Bangladesh that offers a range of banking and financial services, including personal and business banking, loans, credit cards, and investment products. If you are considering using The City Bank Limited as your bank, it is a good idea to compare it to other banks in order to determine whether it is the best fit for you. Some factors to consider when comparing banks include the fees and charges associated with different accounts and services, the convenience and accessibility of the bank’s branches and ATMs, and the quality of customer service.

City Bank has also officially launched its new Freelancer Account service in a launching ceremony on 22 December 2022 with a joint MoU signing between City Bank and Bangladesh Freelancer Development Society (BFDS). Tanjiba Rahman, President of BFDS, and Arup Haider, Head of Retail Banking at The City Bank Ltd. Mashrur Arefin, Managing Director & CEO, and Mohammad Mahbubur Rahman, AMD, were present from City Bank. 

The Freelancer Account holders are expected to avail loan benefits for credit cards, including receiving a remittance certificate every six months. It will benefit the freelancer community in Bangladesh. 

7. Eastern Bank Limited

As with any financial decision, it is important for Bangladeshi freelancers to carefully consider their options before choosing a bank.

Eastern Bank Limited may be one option to consider, but it is not necessarily the right choice for every freelancer. Some factors that freelancers may want to consider when evaluating a bank include the fees, convenience, customer service, and the types of accounts and services they offer. EBL comes with all modern amenities available in a bank. With digital services, it serves the purposes of freelancers efficiently. It may be helpful for freelancers to compare the features and benefits of different banks and choose one that meets their specific financial needs and goals. It is also a good idea to read reviews and ask for recommendations from friends, family, or other trusted sources to get a sense of the experience other people have had with the bank.

Factors to Select the right bank for freelancers

The number of private banks in Bangladesh is increasing rapidly. As a result, freelancers get confused about how to choose the best bank for them. Now, I will discuss some significant factors to solve your issues that help to discover the best bank for freelancers.

●    Online Banking

The most important feature for freelancers is online banking opportunities. Freelancers do not have time to visit the bank every time to check withdrawal status or check statements.

Online banking makes it easy to check statements and transaction details from home. Moreover, you can do any type of banking work from home through online banking. That saves time and energy.

●    Charges and Fees

Charges are also significant when choosing the right bank. Before selecting an account, know the charge and transaction fees. Some banks do not charge extra fees to receive money through wise or Payoneer. 

●    Security

Well, the key feature you must consider is banking security. You are bringing your hard-earned money through the bank. It is not wise to take a risk with your valuable data. To avoid hacking choose a bank with a proper secure transaction system.

●    On-time withdrawal

Some banks require 8-10 days to withdraw global payments. That’s frustrating for freelancers as you need a rapid withdrawal solution. I discovered the top 5 best banks in Bangladesh. The best part of these banks is it allows faster and secure withdrawal for global payments.

●    Easy To Open

Freelancers have a busy schedule. It is not possible to invest a lot of time into opening an account. That’s why easy account opening is also crucial for top-level freelancers. Some banks offer online account openings, such as Bank Asia, MTB, etc. If you have a busy schedule, try one of these banks.

●    Dual currency card

Freelancers requires buying different tools for their work purpose. Some tools are essential to growing their skill. As a result, global payment is one of the vital needs of freelancers.

You need a dual currency card to make a global payment. Before finalizing your bank, make sure whether they offer dual-currency cards or not. Dual currency is essential for foreign trips or global payments.

5 banks have been discussed in detail, more on the following two banks will be added soon. Another important issue is that the chronology presented above is not in terms of facilities at all.

Frequently Asked Questions

Do I need a bank account for freelancing?

Theoretically, you need a bank account for freelancing. However, practically you may freelance with another person’s account, but it is not safe, comfortable, or user-friendly. You will find it difficult to release funds from quality marketplaces. Bangladeshi Freelance Marketplace is not so organized requiring working online marketplaces with foreign clients. So you must think of global payment solutions with safety. Here, a bank account matters a lot in a freelancing career. Whether using a direct bank transfer or transfer through Payoneer-like solutions, a bank account is very helpful.

Do I need a current account for freelancing?

No, freelancers need no current accounts. Savings accounts are easy and comfortable for freelancers in Bangladesh along with personal banking.

Do freelancers need a business bank account?

It is not mandatory for freelancers to have a business bank account in Bangladesh. They can receive and make payments with their personal bank account. However, if freelancers use business accounts, they may enjoy some added facilities and features. Business accounts help a lot when freelancers transform into entrepreneurs. Besides, you have a professional look with a business account. Business accounts have some extra formalities and conditions to open the account, so, be careful before making such a decision.

 How the digital economy is shaping a new Bangladesh?

The digital economy is offering lots of opportunities and flexibility in the areas of employment, marketing, trading, banking, education, and what’s not.

Did you know these statistics?

• There are 6,50,000 freelancers in Bangladesh of which 5,00,00 are very regular.
• Bangladeshi freelancers earn more than $2 billion a year.
• Bangladesh provides around 16% of freelancers in the global freelancing industry.

Final Thought

I share the top 7 best banks in Bangladesh for freelancers based on my personal experience. I try to cover all the significant functionality with pros and cons. As a result, you will be able to choose the right bank according to your needs.

I have picked those banks based on features, security, and cost. I give priority to global withdrawal time and opportunities for freelancers. The mentioned banks show their dedication to freelancers. You can choose any of them to bring money to your hands and enjoy the benefits of digital Bangladesh. Different sectors of freelancing services and freelancing business entities are expected to benefit from these banks in a better way.