How to Open a EUR Account in Bangladesh
This guide is for Bangladeshis returning from Europe, non-resident Bangladeshis (NRBs) maintaining financial ties to Bangladesh, anyone working for a European or international organisation receiving a salary in euros, and freelancers and remote workers earning in EUR from EU-based clients. By the end, you will know which account type fits your situation, what documents each requires, and which banks deliver the strongest EUR account experience.
The Four Types of EUR Accounts in Bangladesh
Bangladesh Bank authorises 3 types of foreign currency accounts that individuals can hold at local Authorised Dealer banks: Private FC Accounts, NFCD Accounts, and RFCD Accounts, plus a fourth category: digital EUR accounts from international fintech platforms such as nsave, which operate outside the local banking framework and are the primary option for freelancers receiving SEPA or SWIFT transfers from EU-based clients and platforms.
The Euro is an approved foreign currency under FE Circular No. 10/2024, placing EUR accounts on exactly the same regulatory footing as USD and GBP accounts. The account structure, eligibility rules, document requirements, and Bangladesh Bank authorisation process are identical across all approved currencies.
No Bangladesh Bank permission is required to open a Private FC, NFCD, or RFCD account. Any Authorised Dealer bank branch opens them. Both NFCD and RFCD accounts hold EUR, USD, GBP, JPY, AUD, CAD, CHF, CNH, and SGD, with CNH and AUD confirmed as additions under FE Circular No. 10/2024.
Private FC Account
A Private FC Account is a savings-type foreign currency account available to NRBs, foreign nationals, and eligible resident Bangladeshis who receive a salary in a foreign currency from abroad, with no minimum deposit required to open.
Who Can Open a Private FC Account?
A Private FC account is open to 5 groups:
- Bangladeshi nationals working or residing abroad (NRBs)
- Foreign nationals residing abroad or in Bangladesh
- Foreign missions and their expatriate employees
- Foreign firms registered abroad and operating in Bangladesh
- Bangladeshi nationals working in foreign or international organisations in Bangladesh, where salary is paid directly in foreign currency
What Are the Funding Sources of a Private FC Account?
4 major funding sources apply to a Private FC Account:
- Inward SWIFT remittances through banking channels
- Foreign currency cash
- Traveller's cheques
- Transfers from other FC accounts
What Are the Key Features of a Private FC Account?
The 4 key features of a Private FC Account are:
- No initial deposit is required for Bangladeshis going abroad for employment
- The account continues after the holder returns to Bangladesh
- Balance converts to BDT, transfers abroad through banking channels, or withdraws as cash when travelling (up to EUR 1,850 equivalent per trip)
- Interest applies when the balance holds as a term deposit of at least EUR 1,000 equivalent for one month or longer
What Documents Are Required to Open a Private FC Account?
The 5 documents required to open a Private FC Account are:
- Passport (first 6 pages and relevant visa page)
- Proof of employment or residence abroad (job certificate, valid EU visa or residence permit)
- Completed account opening form
- Nominee information and photograph
- Address verification
NFCD Account
An NFCD (Non-Resident Foreign Currency Deposit) account is a term deposit account for non-resident Bangladeshis, offering interest exempt from income tax, with a minimum deposit of EUR 1,000 equivalent and terms of 1, 3, 6, or 12 months.
The NFCD is the strongest interest-earning option within Bangladesh's local bank framework. Its tax-free status and benchmarked ceiling rates make it the right instrument for NRBs who want to grow EUR savings in Bangladesh without paying local income tax on returns. That said, it's a term deposit, so money locks for the chosen term and cannot be withdrawn early without penalty.
Who Can Open an NFCD Account?
An NFCD account is open to 4 groups:
- Bangladeshi nationals residing and working abroad
- Bangladeshis with dual citizenship residing abroad
- Bangladeshi nationals serving in Bangladesh missions abroad
- Government and autonomous organisation employees posted abroad
What Are the Key Features of an NFCD Account?
The 6 key features of an NFCD Account are:
- Funds lock for the chosen term of 1, 3, 6, or 12 months
- All interest earned is fully tax-free in Bangladesh
- The minimum deposit required is EUR 1,000 equivalent
- Upon maturity, balance converts to BDT, transfers abroad, or renews for another term
- The account is operable from abroad, with documents submitted through a Bangladesh mission or reputable bank
- Approved currencies include EUR, USD, GBP, JPY, AUD, CAD, CHF, CNH, and SGD, as confirmed in FE Circular No. 10/2024
Interest rate structure (FE Circular No. 10/2024):
What Documents Are Required to Open an NFCD Account?
The 4 documents required to open an NFCD Account are:
- Passport with valid EU visa or residency documentation
- Employment certificate or proof of overseas posting
- Completed account opening form (submittable from abroad)
- Nominee information
For example: a Bangladeshi engineer working in Germany who wants to accumulate EUR in Bangladesh whilst earning tax-free interest uses an NFCD 12-month term deposit, because the account type is designed precisely for that situation.
RFCD Account
An RFCD (Resident Foreign Currency Deposit) account is for resident Bangladeshis who return from travel abroad. It holds the foreign currency they physically bring back, up to EUR 9,000 equivalent without a customs declaration, and allows free conversion to BDT or transfer abroad at any time.
The RFCD is the most accessible local bank FC account for resident Bangladeshis. It requires no overseas employment and no inward wire transfer. It requires only a passport with a return entry stamp and the foreign currency physically carried back from the trip. That constraint, cash only with no wire receiving, also defines its limit: the RFCD is a travel and savings account, not a receiving account for freelance income from EU clients.
Who Can Open an RFCD Account?
Any Bangladeshi resident aged 18 or above who has returned from travel abroad with foreign currency qualifies. This is a residents-only account, not applicable to NRBs.
What Are the Deposit Rules of an RFCD Account?
The 2 deposit rules of an RFCD Account are:
- Up to EUR 9,000 equivalent in cash deposited without any customs declaration
- Amounts above EUR 9,000 equivalent accepted without an upper cap, provided the traveller obtains a Foreign Money and Jewellery (FMJ) declaration form from customs on arrival (in force since February 2020)
What Are the Key Features of an RFCD Account?
The 6 key features of an RFCD Account are:
- No lock-in period, giving full flexibility over funds at all times
- Balance converts to BDT at any time
- Funds transfer abroad for legitimate purposes, including international education, medical expenses, and travel
- Account holders issue up to 2 supplementary international cards to dependents, giving family members direct access to the EUR balance for tuition and living expenses abroad (confirmed as of March 2026)
- When travelling abroad, account holders withdraw up to EUR 1,850 equivalent in cash directly from the balance per trip
- Most banks do not require a minimum balance to maintain the account
What Documents Are Required to Open an RFCD Account?
As of March 2026, the 4 mandatory documents required to open an RFCD Account are:
- Passport with entry stamp (proof of return from abroad)
- Address verification (utility bill)
- Proof of income and occupation
- Completed account opening form
Digital EUR Accounts (nsave)
Digital EUR accounts from international fintech platforms such as nsave are non-resident accounts that give Bangladeshi freelancers and remote workers a dedicated EUR IBAN and BIC for receiving SEPA payments from EU-based clients, agencies, and platforms. They operate outside Bangladesh's local bank framework and are the primary option for freelancers receiving EUR directly from European sources.
This is where local bank FCY accounts structurally fail EUR earners. Private FC, NFCD, and RFCD accounts accept SWIFT only for inward transfers, and the RFCD accepts no wire transfers at all. SEPA (Single Euro Payments Area) is the eurozone's standard transfer system, used by most EU employers, agencies, and clients to pay workers across Europe. No local Bangladeshi bank FC account receives SEPA transfers. A digital fintech account with a dedicated EUR IBAN does, and that single difference determines the practical tool for EUR-income earners.
nsave is not a bank. Funds are not FSCS-protected. nsave is a non-resident payment account for individuals, not a substitute for a full-service Bangladeshi bank account for savings, loans, or government services.
nsave EUR Account
nsave is a global multi-currency payment platform that gives Bangladeshi freelancers and remote workers a dedicated EUR account with a personal IBAN and BIC for receiving SEPA payments from EU clients, free EUR receipt once the account is open, EUR sends at $1 per transfer, instant multi-currency exchange between EUR, USD, and GBP at 0.5–1.0% FX rate (plan-dependent), a virtual Mastercard Debit Card for international spending, and BDT withdrawal including direct bKash in seconds.
Key features of the nsave EUR Account:
- Dedicated EUR IBAN and BIC: Receives SEPA payments directly from EU employers, agencies, and clients
- Multi-currency exchange: Converts EUR to USD or GBP within the app, 24/7 with no minimum
- Receive EUR free: No fee to receive EUR into a dedicated EUR account (conversion fees apply only if receiving EUR into a USD IBAN without a EUR account)
- International spending: FGunds spend globally via the nsave virtual Mastercard
- BDT withdrawal: Withdraws to bKash or local Bangladeshi bank accounts on demand
Fees and pricing of nsave EUR Account
Fees and Pricing as of May 2026, verify on nsave support centre.
Receiving EUR without opening a EUR account:
Bangladeshis who already hold an nsave USD account can receive EUR payments into their USD IBAN. nsave automatically converts incoming EUR to USD on arrival, 24/7 with no minimum. Currency conversion spread fees and intermediary bank fees apply. To avoid conversion fees entirely, open a dedicated EUR account for the one-time $1.99 fee, after which receiving EUR is free.
Current limitations of the nsave EUR Account:
- EUR funds cannot be credited to a GBP IBAN, so always provide the EUR IBAN or USD IBAN for EUR payments
- SWIFT transfers to the EUR IBAN take 2–10 business days depending on intermediary banks; SEPA transfers are faster
- Funds are safeguarded in regulated accounts but are not protected by the Financial Services Compensation Scheme (FSCS), as nsave operates as a non-bank payment provider
Who Can Open a EUR Account in Bangladesh?
Eligibility for a foreign currency account in Bangladesh depends on which account type matches your situation. NRBs and overseas Bangladeshis use Private FC or NFCD accounts, resident Bangladeshis returning from travel use RFCD accounts, and freelancers receiving SEPA or SWIFT EUR transfers from EU clients use digital fintech accounts.
Traditional RFCD and Private FC accounts restrict deposits to physical cash and specific foreign employment, which leaves most freelancers without a formal way to receive EUR payments from European sources. Bangladesh Bank addressed this in February 2023 by mandating that individual freelancers are entitled to open Exporter's Retention Quota (ERQ) accounts, allowing them to receive inward SWIFT remittances from clients abroad. Under this facility, freelancers in the ICT and software sectors retain between 35% and 70% of their foreign earnings in EUR (subject to current central bank caps) to cover legitimate business expenses such as software licences, hosting, and international advertising.
Documents You'll Need to Open an Account
To open a foreign currency account at a Bangladeshi bank, you need your passport, proof of overseas status or residency, address verification, proof of income, and nominee information. The exact list varies by account type.
Some banks, including Trust Bank and EBL, require an introduction from an existing customer of at least 6 months' standing. Confirm this requirement with your chosen bank before visiting.
For digital accounts such as nsave, identity verification completes entirely through the app using your Bangladeshi passport or NID, with no branch visit, no paper forms, and verification completing in under 10 minutes.
Which Banks Offer Foreign Currency Accounts for Euro?
All Authorised Dealer bank branches in Bangladesh open foreign currency accounts. The 5 banks most frequently used for FCY account services are Standard Chartered, Eastern Bank (EBL), City Bank, Dutch-Bangla Bank (DBBL), and BRAC Bank.
Standard Chartered Bangladesh offers RFCD accounts with no minimum balance requirement, backed by strong international banking infrastructure and online account access. The account suits professionals and high-net-worth individuals who prioritise a globally recognised banking name.
Eastern Bank (EBL) has a strong focus on non-resident Bangladeshis through its EBL Global account, which comes with a linked Global Visa debit card for international use and 24/7 internet banking. Its dedicated Freelancer Suite account makes it one of the most consistently recommended options for freelancers receiving international income.
City Bank is well regarded for its digital banking experience and foreign currency account management. It also launched Google Pay in Bangladesh in June 2025, reflecting its active push into fintech integration.
Dutch-Bangla Bank (DBBL) operates Bangladesh's largest ATM and electronic banking network, making it a practical choice for users who want wide cash access alongside foreign currency account functionality.
BRAC Bank focuses strongly on SME clients and non-resident Bangladeshis, making it well-suited to business owners and professionals with international income from European sources.
All Authorised Dealer banks are permitted to open these accounts. The final choice comes down to your existing banking relationship, digital banking quality, and branch convenience for initial document submission.
Limitations of Local Bank EUR Accounts for Freelancers
Local bank foreign currency accounts in Bangladesh carry 4 structural limitations that prevent them from functioning as receiving accounts for freelancers and remote workers paid by EU-based clients.
1. Cannot receive SEPA transfers from EU clients. SEPA (Single Euro Payments Area) is the eurozone's standard transfer system, used by most EU employers, agencies, and freelance platforms to pay workers within and across European countries. Local Bangladeshi bank accounts, including all FCY account types, cannot receive SEPA transfers. They accept SWIFT only. EU clients initiating standard bank transfers pay via SEPA by default, not SWIFT.
2. RFCD is funded by physical cash only. The RFCD account, the most accessible option for resident Bangladeshis, cannot receive wire transfers of any kind. It holds only foreign currency physically carried back into Bangladesh from travel. It is a savings account, not an income-receiving account.
3. Branch visit required to open. Opening an FCY account at a Bangladeshi bank requires visiting a branch with original documents. App-based opening is not available for any local FCY account type.
4. SWIFT receiving carries sender-side costs. Private FC accounts accept SWIFT inward wire transfers, but SWIFT transfers typically cost USD 15–50 at the sending bank. EU clients initiating SWIFT transfers instead of SEPA absorb that cost or pass it on, and most EU freelance platforms default to SEPA rather than SWIFT for EUR payouts.
These 4 limitations converge on one conclusion: for freelancers receiving EUR from EU clients, local bank FCY accounts are the wrong tool. The right tool is a digital fintech account with a dedicated EUR IBAN, which is exactly what nsave provides.
How to Receive EUR Earnings and Convert to BDT with nsave
To receive EUR from EU clients or platforms and convert to BDT at a time of your choosing, open your nsave account, open a dedicated EUR account within the app, share your IBAN and BIC as your payment destination, and initiate a BDT withdrawal when you're ready.
Step 1: Open Your nsave EUR Account
To open your nsave EUR account, follow these 4 steps:
- Download the nsave app and verify your identity using your Bangladeshi passport or NID. Verification completes in under 10 minutes with no branch visit required.
- Go to Accounts in the app and tap Add account.
- Select EUR and confirm the one-time $1.99 fee.
- Your EUR IBAN and BIC appear immediately and are ready to receive funds.
Once your EUR account is open, your IBAN and BIC are real eurozone account details, assigned to you individually and accepted by any EU client, agency, or platform paying via SEPA or SWIFT.
Step 2: Share Your nsave EUR Details as Your Payment Destination
To receive EUR via nsave, share your IBAN and BIC with your client or platform:
- EU employers and agencies: share your nsave IBAN and BIC as your standard bank payment details for SEPA transfers.
- Toptal, Freelancer.com, direct EU clients: follow each platform's bank payout setup and enter the same IBAN and BIC.
- Platforms paying in USD (Upwork, Fiverr, Deel): share your nsave USD account ACH routing number or IBAN for USD receipt, then convert to EUR within the app.
- SWIFT-paying clients outside the eurozone: confirm your nsave IBAN and SWIFT/BIC details from the app and allow 2–10 business days for SWIFT processing.
Step 3: Exchange EUR Within the App
nsave converts EUR to USD or GBP directly within the app, 24/7 with no minimum, at a 1.0% FX fee on the Free plan or 0.5% on the Pro plan ($9.99/month). Hold EUR until the exchange rate is favourable, then convert to USD to access nsave's 3.2% annual rewards on idle USD balances (paid daily on the Standard plan, or 4.2% on Pro), or convert to GBP for UK expenses. nsave also provides access to US stocks, ETFs, gold indices, and bonds from as little as $1 with no order fees, with Sharia-compliant options available.
Investments involve risks, including the potential loss of capital. Past performance is not indicative of future results. Data provided is for illustrative purposes only. Consult a licensed financial adviser before making any investment decisions. Investment accounts are provided by a third-party broker dealer.
Step 4: Convert to BDT and Withdraw
To withdraw from nsave, tap Withdraw in the app and send funds to either bKash or any local Bangladeshi bank account, with the exact BDT amount shown before you confirm.
Frequently Asked Questions
1. Can I keep my EUR in Bangladesh without converting to BDT?
Yes. Bangladeshi freelancers retain EUR without converting to BDT through 2 channels: an ERQ (Exporter's Retention Quota) account at a Bangladesh Bank-authorised institution such as City Bank or Standard Chartered, or a EUR-holding fintech account such as nsave that holds balances in EUR until the account holder initiates a BDT withdrawal.
2. Does Bangladesh Bank allow freelancers to hold EUR?
Yes. Bangladesh Bank permits IT and service exporters to retain up to 60–70% of repatriated earnings in an ERQ account under 2026 guidelines. The remaining portion converts to BDT at the point of entry into the Bangladeshi banking system.
3. What happens to my EUR if I don't withdraw within 30 days?
No automatic conversion applies to balances already held in an ERQ or fintech account. Incoming export proceeds arriving at a local bank trigger a 30-day decision window, within which the account holder allocates the ERQ-eligible portion to retain as EUR and the remainder the bank converts to BDT. This 30-day rule does not apply to funds held in international fintech accounts such as nsave, because those funds have not yet entered the Bangladeshi banking system.
4. Can I use a EUR account in Bangladesh to pay for subscriptions like Adobe or Notion?
Partially. Local ERQ accounts do not natively support recurring international subscription payments unless the bank issues a Dual Currency Card or International Debit Card linked to the ERQ account. Freelancers pay for international subscriptions using virtual cards from nsave, which carry fewer restrictions than local bank-issued cards on international billing systems.
5. Do EUR accounts in Bangladesh qualify for the 2.5% government remittance incentive?
Yes, with conditions. The 2.5% incentive applies to the portion of foreign currency converted to BDT through official channels. EUR retained in an ERQ account does not trigger the incentive until liquidated into local currency. Transfers exceeding $5,000 equivalent require supporting documentation such as a Freelancer ID or proof of work to qualify.
6. Can I receive a salary in EUR from a European employer in Bangladesh?
Yes. Bangladeshi residents receive EUR salaries from European employers through 2 methods: a direct SWIFT transfer into an ERQ or foreign currency account at a Bangladesh Bank-authorised institution, or a SEPA or SWIFT transfer into a fintech account such as nsave, which then routes funds into Bangladesh.
7. Will my EUR account in Bangladesh affect my tax return?
Yes. Under the Income Tax Act 2023, all foreign income must be declared in the annual tax return regardless of whether the balance remains in EUR or converts to BDT. Foreign currency income is treated as accrued income at the point of earning. Freelancers retain bank certificates and Encashment Certificates as documentation confirming the source and entry of funds.
8. Can I send EUR from my Bangladesh account to someone in Europe?
Limited. Outward transfers from ERQ accounts are permitted for legitimate business purposes such as software licences, hosting, and digital marketing, up to $10,000 equivalent per year. Personal transfers to individuals in Europe from a local ERQ account require specific Bangladesh Bank approval. Fintech accounts such as nsave offer greater outward transfer flexibility, with EUR sends available at $1 per transfer under international jurisdictions outside Bangladesh Bank's direct outward remittance rules.
9. Is there a limit on how much EUR I can hold in Bangladesh?
Yes. The holding limit ties directly to the ERQ retention quota. A freelancer earning EUR 900 equivalent with a 70% quota retains EUR 630 equivalent as EUR, and the remaining EUR 270 equivalent converts to BDT. No maximum balance cap applies provided every retained euro falls within the account holder's legal retention percentage.
10. Can I open a EUR account in Bangladesh as a student?
Yes, with proof of income. Student status does not disqualify an applicant from an ERQ account, but income documentation does. Students without freelance earnings, a scholarship record, or equivalent foreign income proof cannot open an ERQ account at a Bangladesh Bank-authorised institution. Students without qualifying documentation use fintech apps or Student Files for education expenses to manage foreign currency.
11. Can I receive EUR into my nsave USD account without opening a EUR account?
Yes. Bangladeshis who hold an nsave USD account can provide their USD IBAN to receive EUR payments. nsave automatically converts incoming EUR to USD on arrival, 24/7 with no minimum. Currency conversion spread fees and intermediary bank fees apply. To receive EUR without conversion fees, open a dedicated EUR account within the app for a one-time $1.99 fee, after which receiving EUR is free.
12. Can I use Wise to hold and convert EUR in Bangladesh?
As of March 2026, Wise has restricted functionality for residents of Bangladesh. Wise permits sending Bangladeshi Taka (BDT) to bank accounts, bKash, or Nagad, but residents cannot open a Wise multi-currency account, order a Wise card, or get EUR account details to receive payments directly.
Key Takeaways
Bangladesh Bank authorises 3 types of individual foreign currency accounts at local banks: Private FC Accounts (for NRBs and eligible residents receiving a foreign salary), NFCD Accounts (term deposits for NRBs, with benchmarked tax-free interest), and RFCD Accounts (for resident Bangladeshis returning from travel, funded only with physically carried cash). A fourth category, digital fintech accounts from platforms such as nsave, operates outside the local bank framework and is the primary EUR receiving option for freelancers and remote workers paid by EU-based clients.
No Bangladesh Bank permission is required to open a Private FC, NFCD, or RFCD account. Any Authorised Dealer bank opens them. Approved currencies for NFCD and RFCD accounts include EUR, USD, GBP, JPY, AUD, CAD, CHF, CNH, and SGD (FE Circular No. 10/2024). Standard Chartered, EBL, City Bank, DBBL, and BRAC Bank are the most commonly used.
For freelancers and remote workers receiving EUR from EU clients, local bank FCY accounts do not accept SEPA transfers because they accept SWIFT only. Digital fintech accounts from nsave provide a dedicated EUR IBAN and BIC, accepted by EU clients and agencies paying via SEPA. The account opens for a one-time $1.99 fee, receives EUR free, and converts to USD, GBP, or BDT on demand, withdrawing directly to bKash in seconds with no branch visit required. That makes nsave the practical EUR receiving solution that complements, rather than replaces, a locally held Bangladeshi bank account.
The information in this article is provided for general informational and educational purposes only and does not constitute financial, legal, or tax advice from nsave or any of its affiliates. It is not a substitute for advice from a qualified financial advisor. We make no representations or warranties, whether expressed or implied, that the content is accurate, complete, or up to date.
Fees, exchange rates, incentives, and product availability may change and can vary by user and jurisdiction. Examples are illustrative only. Before making any financial decisions, seek advice from a qualified financial advisor who can assess your individual circumstances and objectives.
nsave helps freelancers and professionals from Bangladesh, Nigeria, Pakistan, Egypt, and beyond receive and manage foreign currency abroad. As a non-bank payment provider, your money is not protected by the Financial Services Compensation Scheme (FSCS).
