“Foreign banks aren’t just safer. They’re fluent in how global business works.”
When the Local Maze Feels a Bit Too Local
If you’re a foreigner trying to do business in Bangladesh, you already know this: there’s a lot you can’t Google. From registering your company to figuring out if your nominee director can open a bank account—some things, you learn the hard way.
But banking doesn’t have to be one of them.
If you’ve already sorted your BIDA approvals, learned company types & restrictions for foreigners, opened a private limited company, and are now managing the financial side, a foreign bank can save you time, translation, and more importantly—trust.
These banks know international documentation. They get compliance. And they won’t blink when you mention your business partner is dialing in from Dubai, while your tax consultant is based in Toronto.
So, let’s talk about the top foreign banks in Bangladesh—what makes them different, and how they help you avoid the kind of setbacks that don’t show up on “how-to” lists.
Standard Chartered Bank (SCB)
Origin: United Kingdom
Website: www.sc.com/bd
In Bangladesh Since: 1948
- Bangladesh’s most established foreign bank.
- Known for business banking, international trade finance, and strong compliance infrastructure.
- Especially suitable for companies that have already sorted their BIDA approvals and need something global-ready.
Why it works: If you’re running payroll across borders or holding funds for export operations, SCB is often the go-to. Their back-end may be slow, but their structure is sound.
HSBC Bangladesh
Origin: United Kingdom
Website: www.hsbc.com.bd
In Bangladesh Since: 1996
- Strong digital infrastructure, globally recognized KYC practices, and support for multi-currency accounts.
- Perfect for foreign SMEs looking to scale.
Why it works: If you’ve just opened a business bank account (see: How to Open a Business Bank Account in BD as a Foreigner), HSBC makes it easier to move money internationally without triggering compliance headaches.
Citibank N.A.
Origin: United States
Website: www.citigroup.com
In Bangladesh Since: 1987
- Not for everyday entrepreneurs. Citibank focuses on large corporations, embassies, and development organizations.
- High security, high structure, and no retail presence.
Why it works: If you’re running a multi-million-dollar operation with a U.S. footprint, Citibank is your structured sandbox.
Commercial Bank of Ceylon (CBC)
Origin: Sri Lanka
Website: www.combank.net.bd
In Bangladesh Since: 2003
- Not as shiny as HSBC or SCB—but don’t overlook it.
- Friendly to SMEs, smoother onboarding, and helpful support teams.
- Winner of several “Best Foreign Bank in Bangladesh” awards.
Why it works: CBC is ideal for new foreign-owned companies still setting up their base (see: How to Register a Private Limited Company in BD as a Foreigner). If you’re working with local partners or suppliers, CBC tends to be less bureaucratic.
Woori Bank
Origin: South Korea
Website: go.wooribank.com/bd
In Bangladesh Since: 1996
- Initially focused on Korean expats and industrial zones, but now expanding to wider markets.
- Trade finance and SME support are solid, though digital services are more limited.
Why it works: A good fit if you’re manufacturing, exporting, or operating from EPZs. Woori understands project-based structures—which is useful if you’re navigating BIDA investment approvals.
State Bank of India (SBI)
Origin: India
Website: onlinesbi.sbi
In Bangladesh Since: 1975
- Offers smoother INR transactions and works well for Indian nationals setting up joint ventures or trade companies.
- Their paperwork process can be long, but they’re culturally aligned and familiar with Indian-Bangladeshi business flows.
Why it works: If your expansion is regional—and you’re building across India and Bangladesh—SBI helps simplify cross-border complexity.
Bank Alfalah Limited
Origin: Pakistan (Owned by Abu Dhabi Group)
Website: www.bankalfalah.com
In Bangladesh Since: 2005
- You won’t see big ads or glossy billboards, but Bank Alfalah has quietly earned its place in Bangladesh’s banking scene—especially among businesses that prefer structure with subtlety.
- With roots in Pakistan and backing from the UAE’s Abu Dhabi Group, this bank blends South Asian familiarity with Gulf-standard credibility.
- It offers everything from SME-friendly loans to trade services and Islamic banking options—with a tone that’s less corporate, more “we get where you’re coming from.”
Why it works: If your business model leans toward halal trade, modest fashion, ethical financing, or you simply want a bank that offers Shariah-compliant solutions without making you feel like you’re asking for a favor—Alfalah gets it. It’s also practical if you are bridging operations across Pakistan, the Middle East, and Bangladesh. No need to explain your model twice—they already speak the language.
Quick Note: Why Foreign Banks Feel More… Familiar
- They accept foreign documentation more easily.
- They’re less likely to ask “Why is your co-founder abroad?”
- Their onboarding teams speak global business.
- And yes—they’re usually easier to deal with when you’re juggling taxation essentials in Bangladesh.
But don’t walk in expecting a red carpet. These banks still require:
- A registered company
- Clear investment documentation
- Trade license
- TIN
- A local signatory or representative
Don’t Just Open an Account—Open a Relationship
There’s a reason many foreigners choose foreign banks in Bangladesh. It’s not always about prestige. It’s about predictability.
When your address is in Gulshan, your co-founder is in Dubai, and your compliance partner is helping you file your Compliance in BD, you need a bank that doesn’t make you feel like an exception.
So don’t just open a business bank account. Open a relationship with a bank that already understands what you’re building.
FAQ
Can foreigners open accounts at foreign banks in Bangladesh?
Yes, but you must do it under your registered company. Personal accounts may require resident permits. Business accounts need trade licenses and proper documentation.
Which foreign bank is best for new businesses?
CBC and SCB are popular among newly registered foreign companies. HSBC is great if you’re already operational and scaling internationally.
Do I need BIDA approval to open a bank account?
If your company is foreign-owned, yes—BIDA approval is usually required before opening any corporate account.
Are foreign banks better than local ones?
Not always. But they’re more aligned with global documentation standards and international business needs.
Can I apply online?
Some banks (like HSBC) allow you to begin the process online, but you’ll always need in-person KYC to finalize it.
