Student File Opening

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Year of Publication: 2019

This document is a collection of shared experiences from the students. The charges and certain parts may change anytime as like any other service with the bank. You must gather these and confirm this information before opening a student file. Some of the comments are person and do not represent official statement. You MUST inquire by yourself.

What Documents do you need?

Have to have account relationship with the bank, as in either you or your sponsor(s) have account in that bank in order to open a student file there. Photocopies of the following documents are needed to open a student file:

1. Academic certificates – all certificates from middle school

2. Offer Letter

3. Refund Policy

4. Passport

5. Tuition Fee Breakdown

6. Might ask for detailed information regarding tuition fees and living cost.

In some of the banks one might have to present the original documents while opening the student file. At least fill up two forms.

Time

It will hardly take 10 to 30 minutes to open a student file. One should be able to send money the very next day of opening the student file and should take 1-1.5 day to transfer the money, unless one’s preferred bank has different rules.

Charges

Charge to open a student file: 5, 750 taka (except Bank of Ceylon).

Banks:

1. Eastern Bank Limited (EBL):

Charge against each transaction: taka 6,500.

Yearly renewal fee: They told me they don't have any charge for that but a fellow member here once told me they do (some 2k/yearly), so I am not sure of it

Location: Motijheel, Banani (and probably one other branch)

• If the send amount is more than 2 Lakh taka then 0.15% (some 500 to 600 taka) will apply on the amount.

2. Dutch Bangla Bank Limited (DBBL):

Charge against each transaction: 1, 7 25

Yearly renewal fee: 2, 000 taka and they would charge all together when you will open your student file (so all in all: 7, 750 taka)

Location: Motijheel

• If in case, the receiving bank charge any fee/penalty (like you know outside the amount you sent) then DBBL would pay it from them and later deduct it from your/your sponsor's account rather than deducting it from the send amount

• They are only affiliated with Bank of Montreal, so if you have to send money to some other bank in Canada then the money would go to Bank of Montreal first and then to your desired bank.

3. Standard Chartered Bank (SCB):

Charge against each transaction: 5K+

Yearly renewal fee: 2K something

Location: Kakrail

4. Bank of Ceylon:

Student file opening charge: 5175 taka (4500 taka + 15% vat)

Charge against each transaction: 1725 taka + some 3000 taka extra service charge

Yearly renewal fee: 2000 taka

Location: Gulshan and Motijheel

• Along with the previous academic certificates, photocopy of the transcripts also

• To extend the student file every year, you have to prove that you’re a still a student in Canada and that could be done through academic documents (a letter or result sheet) from the prospective university

• Just like DBBL the money will be send to Bank of Montreal and then it will go to other banks

• It is advised to always keep 30-40 CAD in the account, in case it is needed

5. Bank Asia:

Location: Gulshan

File opening charges: 5000 +

Yearly renewal fee: 2000+

Transaction charge: Nil

Advice:

1. It’s better to inquire personally. Student file could only be open from the main/selective branches (varies from bank to bank) and majority of the banks offer this service from their main branches in Motijheel or in Gulshan. So half-a-day to one day would suffice to get an idea about student file of different banks.

2. Always ask the following questions:

a. the validity of the student file

b. yearly charge

c. per transfer/transaction charge

d. fee/charge if the send money goes beyond 1 to 2 lakh taka

e. any other hidden charges

3. Always check the exchange rate of your destination bank, don’t rely on Google’s exchange rate (I lost some 120 CAD in the process).