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.

While the banks in Bangladesh have some things in common with their U.S. counterparts, there are some major adjustments to undertake if you want to do business in the region. Besides the cultural differences, there are currency, procedure and structural contrasts with the banks of Bangladesh that'll factor into any banking decision. You'll need to know what the currency conversion rates are and how to use those rates to make the proper conversion decision. If you're going to have employees stationed in Bangladesh, the basic conveniences such as ATMs will be a factor, as well.

To lessen the impact of currency rate versus convenience, there's the option of choosing international commercial banks in Bangladesh. These banks have offices in the U.S. and allow your company to transfer funds easily between accounts. Before you begin the process of selecting any Bangladesh banks for your business, there are few basic issues to consider, such as:

1. Understand the basic local system of banking in Bangladesh.

2. Obtain the latest currency conversion rates for the commercial banks of Bangladesh.

3. Contact the global banks in Bangladesh for the basics of opening an account.

Action Steps
The best contacts and resources to help you get it done

Evaluate the basic structure of the international and local banks of Bangladesh

Before you decide to invest a single penny in any of the Bangladesh banks, it's imperative that you know what basic services and issues that any bank offers. For instance, these banks are becoming more modern with each passing day, but there are still adjustments that you'll need to make in the transition from a U.S. banking system.

I recommend: Visit the AsiaTradeHub.com for an introduction to the banking sector in Bangladesh. Examine the question and answer session about banks in Bangladesh from Business Week. Use the World Travel Guide and Lonely Planet to get an idea of the economic and banking situation in Bangladesh.

Monitor banks in Bangladesh currency rates

With developing regions like Bangladesh, their currency fluctuations can be quite dramatic. Therefore, if you were to convert your U.S. Dollars to the Bangladesh Taka when the Dollar was strong, you'd end up losing money in the transaction. However, were you to convert the money with a weak dollar you'd get more Bangladesh Taka for the buck or dollar as it were. Part of understanding the banks in Bangladesh basics is knowing how to do these conversions.

I recommend: Utilize the currency conversion application at Bangla2000 to determine the correct currency conversion rate. Evaluate the currency information at NationMaster.com to understand the monetary situation in Bangladesh.

Speak to a representative of the International banks in Bangladesh

The easiest way to make a business transition to banking in Bangladesh is to open an account with a global bank in Bangladesh. These banks have offices in the U.S. and most likely in your neighborhood. This way, you won't have to do your banking transactions over the phone, Internet or by traveling to the Bangladeshi bank in person.

I recommend: Call the Standard Chartered Bank for international banking solutions in Bangladesh. Contact the Hong Kong and Shanghai Banking Corporation (HSBC), which is one of the largest international banks in Bangladesh.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Always read the fine print of a contract before you deposit any funds into a local or international bank in Bangladesh. These banks will often have much different account minimums or fees than banks in the United States.

The international banking systems interconnectivity increases with each passing day and the banks of Bangladesh are playing an integral role in this process. If you or your company can attain proper banks in Bangladesh education and training, it'll give your company a competitive advantage. Simply knowing how these banks operate will make a company's expansion into the region a much easier undertaking. However, to establish a permanent presence in Bangladesh, you'll need a more formal banking education.

Commercial banks in Bangladesh have their own rules and regulations, which makes a region-specific banking education that much more important. The avenues to obtain this education can range from the central banks in Bangladesh to institutes and associations within the region. No matter the route you choose, there are a few items to consider prior to starting any training program:

1. Review the research training programs for banking in Bangladesh.

2. Examine the banking regulations that are specific to Bangladesh banks.

3. Contact the banks in Bangladesh association and journals about training opportunities.

Action Steps
The best contacts and resources to help you get it done

Register for banks in Bangladesh research programs

Research training programs and workshops can be an invaluable tool to gain a full understanding of the banking system in Bangladesh. The level of expertise required for these courses ranges from a banking veteran to entry-level positions.

I recommend: Contact the Islami Bank Bangladesh Limited about the enrollments requirements for their training and research programs. Email a representative from the Bangladesh Association of Banks for education and training opportunities.

Evaluate the rules and regulations that are specific to the commercial banks of Bangladesh

Bangladeshi banks operate under their own specific set of banking standards set forth by the banking regulators. If your company chooses to bank in the region, it's imperative that you and your employees become familiar with these regulations. While their presence is limited, you may want to contact foreign banks in Bangladesh for advice on banking training and education assistance.

I recommend: Study the global banks in Bangladesh regulatory guides available at the Central Bank Bangladesh and the World Bank Institute. For assistance from US banks in Bangladesh, you can start by contacting Citibank and American Express, both of which have a banking presence in Bangladesh.

Utilize the bank in Bangladesh educational resources of local institutes and journals

Whether your company is working with International or the local banks of Bangladesh, institutional training and banking journal can offer excellent training and educational resources. In addition to offering training information, they can provide your company with the latest industry news and networking opportunities within the Bangladeshi banking system.

I recommend: Examine the courses that the Bangladesh Institute of Bank Management has available. Subscribe to the Journal of Islamic Economics, Banking and Finance for the latest industry news.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Prior to enrolling in any banks in Bangladesh education and training course, you'll need to verify the legitimacy of the program. To do this, ask for their industry certification and contact the Bangladesh banking association to verify their training credentials.

The banks of Bangladesh consist of a central bank, four state run banks, five government specialty banks, 30 private banks, and nine foreign owned banks, as well as many as 300 microcredit institutes. While not the scope of the United States, the variety of banks in Bangladesh can present some data collection when trying to gather news and spot trends in the industry. However, if you can spot a trend before it spreads, this can give your company a competitive advantage when banking in Bangladesh.

The best way to attain news and spot trends is to use a variety of commercial banks in Bangladesh resources. Using a variety will give your company many different perspectives from which to draw information. For example, local banks of Bangladesh provide a microeconomic view, whereas the international outlets provide a macroeconomic or global snap shot. However, before you begin the process there are few items to consider:

1. Use the online bank in Bangladesh resources to gather the latest news.

2. Employ local online banking in Bangladesh entities to obtain news and spot industry trends.

3. Review reports on the Bangladeshi banks for a comprehensive industry profile.

Action Steps
The best contacts and resources to help you get it done

Utilize the online global banks in Bangladesh news resources

The online news feeds provide a one-stop shop for banks in Bangladesh news and trends. They effectively scour the Internet for news and information about the Bangladeshi banking industry. This saves you the time and effort of reviewing all the relevant banking data sources.

I recommend: Examine the Indians in Thailand news website for pertinent banking industry news. Evaluate the EIN News feed for data on Bangladesh banks.

Make use of the local banks of Bangladesh news resources to help spot industry trends

The local banks of Bangladesh and related entities offer an opportunity to obtain information essentially from the source. These organizations are on the front lines of the local banking system. Whether it's the Central Bank of Bangladesh, a governmental bureau or an industry association, each provides relevant news and trends within the industry.

I recommend: Contact the Bangladesh Association of Banks for industry information. Use the data provided by the Bangladesh Bureau of Statistics to formulate a trend analysis. Visit the Central Bank of Bangladesh to view the latest banking information.

Study the banking in Bangladesh research reports for a global view of the industry

Rather than having your employees compile Bangladeshi banking information, it's often more efficient to purchase industry reports. However, these reports often take time to compile and can cause your company to spot a trend too late to take advantage of it.

I recommend: Purchase a business forecast report from the Bharat Book Bureau. Evaluate the banking reports available at the Asian Development Bank.