Full Comparison of Payment Methods in Bangladesh: E-wallets, Bank Cards, Bank Transfers

Below is a detailed comparative analysis of the mainstream payment methods in Bangladesh, covering the three main categories of e-wallets, bank cards and bank transfers, to help users choose the most suitable option according to their needs:

I. E-wallets (Mobile Financial Services)

Representative platforms::

  • bKash (market share 80%+)
  • Nagad (government background, fast growing)
  • Rocket (Dutch-Bangla Bank)
  • Upay (under UCB Bank)

cutting edge::

  1. High penetration rate: Over 90% adults nationwide have used it, and it's especially good for the unbanked.
  2. Easy to operate: Function keys mobile phone can be completed top-up, transfer, payment (such as utility bills), phone bill recharge and so on.
  3. speed of arrival: Real-time arrival and support 24/7 service.
  4. low handling fee: Inter-personal transfers are usually 0.5%-1.5%, which is cheaper than banks.

inferior::

  1. Low single day transaction limits (bKash base account is about $500/day).
  2. Withdrawals need to be made through an agent point, with 1%-2% charges.

II. Bank card payments

(A) Local debit/credit cards

typology specificities
debit cards(Visa/Mastercard) - Requires a linked savings account
- The daily limit for ATM cash withdrawals is approximately200-500
- POS consumer universal support
credit cards(Issued by Citybank, Standard Chartered, etc.) - Annual income requirement ≥ Tk 300,000 (approx. $2,800)
- Easier international payments

(B) Prepaid Cards

Examples include DBBL Nexus Pay, bKash Card:

  • Available at offline POS or online
  • Suitable for those who are unable to apply for a credit card

III. Bank transfers

(A) NPSB Instant Clearing System

Features:
✅ Real-time interbank settlement (<30 seconds in most cases)
✅ Single limit of Taka 500,000 (~$4,600) with no handling fee
Scenarios: B2B payments, large personal transfers

(B) RTGS large value clearing system

Features:
⏳ Processing time 1-3 hours
💸 Single minimum of Tk 1 lakh (~$9,200), charges Tk 20-100

▶▶▶ Key Indicators Comparison Table ◀◀◀◀◀◀

E-wallets such as bKash Debit Card NPSB Bank Transfer
opening threshold Mobile phone number only Bank account required Enterprise certification required

IV. Cross-border payments and international receipts and payments

(A) International remittances (Remittance)

Bangladesh is one of the major remittance-receiving countries in the world, with over $21 billion in remittance earnings in 2023. Mainstream modes include:

irrigation ditch specificities Handling fees/exchange rate differences
Bank wire transfer (SWIFT) - 1-5 working days to arrive
- IBAN/SWIFT code is required.
- Suitable for large transfers		 Possible deductions for transit lines10-30
Western Union/MoneyGram - Cash on delivery
- Offline agents in urban and rural areas		 ~4%-8% costs
bKash International Money Transfer(in co-operation with Alipay, Ria) - Direct collection on mobile phones
- Only some countries are supported (e.g. Malaysia, Singapore)		 ~2.5%+ exchange rate loss

(B) Cross-border e-commerce payments

  • PayPal: only available for some corporate accounts, high fees for withdrawals to local banks (~7%)
  • Payoneer: favoured by freelancers, supports USD virtual accounts
  • Local Gateway (SSLCOMMERZ): local solution with UPI/bKash integration

▶▶▶▶Special Scenario Applicability Guide ◀◀◀◀◀

  1. [Small daily] → bKash/Nagad (buy milk tea/taxi) 💰→ Recommended Reason: 0.5% fee + second to account
  2. [Payment for online purchases] → DBBL NexusPay prepaid card (anti-theft swipe) 💳→ Controllable single-stroke limit
  3. [Payroll] → NPSB Bulk Transfer (Enterprise Edition) 🏦→ Handling fee waived for 50 persons or more
  4. [Foreign trade receipts] → Payoneer + PriyoShop local billing 🌐→ Avoiding foreign exchange control risk

⚠️ Notes

  1. Real-name system for e-wallets: e-KYC authentication (biometrics) will need to be completed from 2023 onwards, otherwise functionality will be limited.
  2. Risk of card skimmingIt is recommended to enable SMS verification (e.g. DBBL's "SecureTech").
  3. exchange control : Individuals are allowed to purchase up to $12,000 per year, and enterprises are required to provide trade documents.

If a more specific analysis of a certain type of scenario is required (e.g. 'how to pay tuition fees in Dhaka with bKash' or 'cross-border e-commerce settlement tips'), this can be further expanded upon! 🇧🇩