Every year, thousands of Bangladeshi students go abroad for higher studies. Researches show that the number of students going abroad has tripled over the last 15 years. With such a huge volume of students going abroad, there is a natural question: How are the living costs or the tuition fees transferred from Bangladesh? This is where the student file comes in. 

What is a Student File? 

According to the regulation of Bangladesh Bank, there is no direct channel to send money to a foreign account from an existing local savings/current account. There is also a limit on how much foreign currency can be carried in each foreign trip (US$ 12,000) as well as a limit on credit card payments. 

In such a scenario, a student opting to study abroad faces an imminent challenge regarding tuition fee payment or remitting the cost of living. Some European universities require students to maintain a “Block Account” which essentially withholds the entire cost of study and disburses locally to the students as per their need. 

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A student file essentially bypasses this regulation legally where the bank remits the payment on behalf of the student. A student file is the only authorized way through which a student can send their tuition fee or remit the living cost abroad. 

How to Open a Student File? 

The process of opening a student file is pretty straightforward. At first, the student or their legal guardian needs to open a savings account with a relevant bank that offers the student file service. After that, the bank can entertain the request for opening a student account. 

Typically, a student account can be opened on the same day as that of the application. The cost of opening a student file and the documents required vary from bank to bank.

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But first, here’s what’s needed to open a savings account. 

- Passport-size picture of the account holder (to be attested by the introducer)
- NID/ Passport copy 
- Passport-size picture of the nominee 
- NID/Passport copy of the nominee 
- Utility bill copy (for address verification).

Typically, the following documents are required for opening a student file in any bank. 

- All academic certificates (original and copy)
- All academic transcripts (original and copy)
- IELTS certificate 
- Copy of passport 
- Visa document 
- Acceptance letter from the university 
- Tuition and living cost certificate 
- Detailed information about the financer.

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Which Banks Provide Student File Service? 

Several leading banks in Bangladesh provide student file service including some government banks. However, it is important to note that due to the recent dollar crunch and new regulations from Bangladesh Bank, some banks are not opening new student files but are continuing to operate the existing ones. Also, having a savings account in the relevant bank is a key prerequisite for opening a student file. 

Eastern Bank PLC. 

Eastern Bank PLC is one of the leading private banks in Bangladesh. The bank is known for its high level of customer support and extensive digital banking solutions. 

EBL offers student file services through its several branches in Dhaka, Khulna, Bogura, Rajshahi, and Chattogram. There is a dedicated student center in Banani, Dhanmondi, Principle, Agrabad, and Upashahar Branch. 

The student file opening cost at EBL is BDT 5,500 excluding VAT. The annual renewal fee is around BDT 4,500 excluding VAT. In addition to that, a student will need to provide transaction charges, foreign bank charges, and swift code charges at the time of transaction. 

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Standard Chartered Bank 

Standard Chartered Bank also offers student file services. In addition to sending tuition and living expenses, a student can opt for student loans, overdrafts as well as dual currency credit card facilities for studying abroad. 

Standard Chartered also has a one-stop file facility to streamline the opening process. The cost and renewal fee for a student file is BDT 5000 excluding VAT. For priority customers, the cost is BDT 3000 excluding VAT. The standard schedule of charges applies to transaction processes. However, priority customers are entitled to additional waivers and discounts. 

Premier Bank 

Premier Bank offers student file services through its AD branches. While the list of AD branches is designated by Bangladesh Bank, the information as well as student file opening is available in any of the nearest Premier Bank branches. Premier Bank charges BDT 6000 excluding VAT for opening as well as renewal of student files. 

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City Bank 

City Bank is one of the sector leaders when it comes to traditional as well as digital banking services. The bank is also known for its attractive student account facilities . The bank has dedicated student file opening services in their Principal, Banani, Karwan Bazar, New Market, Agrabad, O.R. Nizam, Bandar Bazar, and Ambarkhana branches. 

The opening charge for the student file is BDT 6,325 inclusive of VAT and the annual renewal charge is BDT 5,750 inclusive of VAT. 

Sonali Bank 

Sonali Bank is one of the two government banks that offer student file services. The student file can be opened at the wage earners board branch of Sonali Bank. In addition to the documents listed above, an additional letter of undertaking needs to be submitted to the branch DGM for opening a student file. 

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The cost of opening and renewal of student files in Sonali Bank is BDT 3,450 inclusive of VAT. If you want to save some money while opening a student file, then Sonali Bank can be a great option. 

Final Words 

In addition to the banks mentioned above, other banks in Bangladesh like Agrani Bank, Mutual Trust Bank, Prime Bank, IFIC Bank, Social Islami Bank, Uttara Bank, BRAC Bank, and Dhaka Bank offer student file services. However, the fees are subject to change.

While most of the student file services in Bangladesh are operational right now, the dollar crisis has led to certain banks imposing stringent policies of not opening new files in certain branches and even limiting the amount that can be sent. Be sure to check with the banks to get the most updated information on student file openings. 

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