If you make money in dollars on Fiverr, Upwork, YouTube, or from any international client, your bank account is not just a place to store money. It affects your speed to get paid, it affects what you lose through conversion, whether you qualify for the government’s 4% remittance incentive, and how easily you can spend that money overseas. Choosing the wrong bank may cost you thousands of taka every month in hidden charges.
The Tax-Free Income Rule You Must Know
First First, know your tax situation before choosing a bank. 100% income tax exemption on income from IT and technology based services received between 1 July 2024 and 30 June 2027, is provided under Finance Act 2024, provided the full amount is received by bank transfer. This exemption includes services such as software development, digital marketing, graphic designing, content writing, data processing and other such technology based work. Freelancers are also given a 4% cash incentive when remitting money through official banking channels.
City Bank
City Bank Freelancer Account Freelancer Deposit Product is a bundled account solution for Bangladeshi freelancers to receive, retain and utilize foreign inward remittances in line with the Bangladesh Bank regulation. It is accompanied by a free international debit card, free dual currency debit card against your savings account and a free half-yearly remittance certificate for incentive claims. City Bank also has one of the tightest spreads for exchange rate in the market, thus keeping conversion losses minimal for the freelancers. You can open an account online through their website and app with the standard NID and income proof documents.
Eastern Bank Limited (EBL)
Currently, EBL has the tightest spread at 0.15% below the interbank mid-rate and same-day BDT crediting for Payoneer transfers. It is therefore the best choice for freelancers who frequently withdraw from Payoneer or Wise. EBL’s online banking is good, and you can begin the account opening process digitally. For content creators who receive small payments regularly, EBL’s fast crediting speed will be most advantageous.
BRAC Bank
Freelancer Account BRAC Bank is the best option for Upwork and Fiverr contractors who want multi-currency SWIFT support and no monthly maintenance fees. BRAC Bank has a dual currency credit card that allows users to maintain both US dollars and Bangladeshi taka in one account. The bank provides a remittance certificate to freelancer account holders every six months. You can open an account online through the BRAC Bank website with an NID, a recent photo and proof of freelance work like a client contract or a screenshot of the platform.
Fast Comparison
City Bank: Best overall package with dual card and ERQ account
EBL: Fastest conversion rates, best for Payoneer users
BRAC Bank: BRAC Bank Ltd. Best for Upwork/Fiverr with SWIFT multi-currency & zero maintenance fee
If you get the money via the official banking channel, all three banks will assist you in enjoying the government remittance incentive and the tax-free IT income exemption.
Summary
Freelancers and content creators in Bangladesh can now bank smarter with dedicated accounts at City Bank, EBL, and BRAC Bank, offering dual currency cards, 4% remittance incentives, and tax-exempt IT income under the Finance Act 2024.
