Freelancing is booming in Bangladesh. Along with doing good work, getting paid smoothly from clients abroad is equally important. Banks process foreign payments in different ways, and picking the right one can save freelancers real money on fees and delays. Below is a simple rundown of some of today’s top picks.
Mutual Trust Bank ERQ A/C
Mutual Trust Bank (MTB) has introduced the Exporters Retention Quota account for freelancers and service exporters. With this account, eligible users can keep a portion of their earnings in foreign currency, and the remainder will be credited to a linked BDT account, instead of instantly converting every payment into taka. It’s good for freelancers who want some safety against changes in the exchange rate. MTB is also known for relatively speedy international transfers, often crediting your funds within one to two business days.
BRAC Bank for Upwork & Fiverr Users
BRAC Bank is a preferred bank for freelancers working on platforms like Upwork and Fiverr. Plus, it doesn’t charge a monthly maintenance fee, which makes it a practical option for freelancers paid in multiple currencies. It supports multi-currency SWIFT transfers. Many freelancers also link their BRAC Bank account with Payoneer for easier transfer of funds.
Eastern Bank Limited – Payoneer Users
Freelancers who mostly receive payments via Payoneer are often advised to go for Eastern Bank Limited (EBL). The bank’s spread on the exchange rate is lower than many competitors and usually credits Payoneer transfers the same day. This can mean tangibly less money lost to conversion fees for freelancers who rely heavily on Payoneer for client payments.
Islami Bank and Dutch-Bangla Bank
Dutch-Bangla Bank is well known for its large ATM network and issues MasterCard International for foreign transactions. Freelancers can also open foreign currency accounts here to ease fund management. Islami Bank Bangladesh Limited (IBBL) has a similar arrangement with an incentive on freelance income and a dual-currency Visa card that works both in BDT and USD. “IBBL normally takes two to three business days to transfer the funds.”
Using a Bank Account with Payoneer and Wise
The majority of freelancers maintain more than one bank account. A lot of people get paid by international clients through services like Payoneer and Wise, and then transfer the money to a local bank account. Payoneer allows you to receive payments in multiple currencies, but there are conversion fees and withdrawal fees, depending on the method of withdrawal. Note that as of today, direct withdrawals to Bangladeshi bank accounts are not supported by PayPal, which means that freelancers who get paid via PayPal often have to go through Payoneer first before transferring funds to their Bangladeshi bank accounts.
New rules make it easier
Recently, Bangladesh Bank has relaxed its foreign exchange rules for freelancers to make it easier to get paid internationally. Now freelancers can get paid up to 10,000 dollars per transaction through approved online payment gateway providers. Freelancers in the ICT sector can keep up to 50 per cent of their earnings in foreign currency accounts, and other service exporters up to 30 per cent. The update also allows banks to issue dual-currency freelancer cards that will give freelancers more flexibility to manage their international income.
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What to Consider When Choosing a Bank
Freelancers should compare transfer speed, foreign currency retention limits, and hidden fees such as conversion markups and lifting charges before settling on a bank. It’s also good to make sure that the bank integrates well with your existing payment platforms like Payoneer, Wise or direct SWIFT transfers. A little time shopping around a few banks can make a huge difference to the amount of your hard-earned income that actually makes it into your account.
Summary
Bangladeshi freelancers have more banking options than ever before to receive payments from their clients abroad. This guide looks at the best accounts, how they work with foreign currency and what to watch out for before you choose one.
