Workforce Payments Guide Bangladesh

Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.

Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.

Banking Requirements

IBAN (International Bank Account Number) identifies the specific account for international transfers, mainly in Europe and other IBAN-adopting countries.

Banking Regulations

• Regulated by Bangladesh Bank (central bank).
• Laws include AML/CFT acts, Foreign Exchange Regulation Act, Money Laundering Prevention Act.
• Banking operations follow prudential rules, risk/capital regulation under Bangladesh Bank.

Payroll Frequency

• Can be daily, weekly, bi-weekly, or monthly, per contract or employer.
• Must pay salary by end of the 7th day after the period ends.

KYC

• Must verify identity: National ID (NID) / passport.
• Proof of address required.
• Companies: registration docs, beneficial ownership.
• Bangladesh has e-KYC guidelines to allow account opening without physical presence.

International Banks

Major Local Banks

Payment Tools

• Cash widely used, especially locally.
• Bank transfers for domestic and international payments.
• Cards (Debit, Credit) offered by many banks.
• Mobile financial services (MFS) / digital wallets growing.

Cryptocurrency

Illegal / prohibited: Bangladesh Bank has prohibited virtual currencies, trades or transactions involving crypto are not allowed under Foreign Exchange Regulation Act & other laws.