Student File Opening

PROSPECTIVE BANGLADESHI STUDENTS IN CANADIAN UNIVERSITIES·FRIDAY, NOVEMBER 17, 2017

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.

 Though they are bit over charging than DBBL but I find their service really
good (i heard the front-liners work on commission, so could be for that too!). I
also saw a looot of students there and I guess it's much popular for their student
file service.

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.

 There are only 3-4 people (middle management) who deal student file and
I feel like they don't care for this student file thingy, not so professional at all.
Also not many students use their student file service (I could be wrong), I am
their 513th student of this year.

3. Standard Chartered Bank (SCB): Charge against each transaction: 5K+ Yearly
renewal fee: 2K something

Location: Kakrail

BUT they have this thingy of different charge for different kind of accounts (at least that's
what they told me) like in savings account it is higher where as for priority account it is
lower or something like that - they would try their level best to persuade you to open
priority account (starts with some 15-20 lakh)

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

 Sharing an experience, the said bank messed up sending money (some 600
Euro) of the client before me – probably didn’t send it or sent it in the wrong
account.

5. Hong Kong and Shanghai Banking Corporation (HSBC):

Location: Gulshan

 One can open student file there but no point of it as they have restrictions
on sending Canadian Dollars, that’s what the employee told me.

 Two types of accounts are available: Salary Account and Select Account
(starts with 100, 000 taka) and accounts only be open with either pay order or
check, no cash are allowed at the initial transaction.

6. Mercantile Bank: Location: Motijheel

 The worst in the list, let me not get into details but what I understood (I
could be wrong) they want us, the students, to pay remittance!

7. Bank Asia:

Location: Gulshan

File opening charges: 5000 +

Yearly renewal fee: 2000+

Transaction charge: Nil

 Pretty bad service. I was hardly entertained by an employee, some 2-4

mins, who was in a rush so I could be wrong about the charges.

8. Meghna Bank + Standard Bank:

 Location: Gulshan

 Standard Bank suggested me to go to Standard Chartered Bank

 I was sent to the 6th floor of that building to meet one of the employees to
talk about student file and I waited for some 25-30 minutes but no employee
entertained me.

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)

4. Except EBL and SCB, I got to witness that majority of the bank employees don’t care
much about student file so it’s that your duty to know each and every detail by asking
them as many questions as possible, even if they get irritated by it. It is your right to do
so.