There are 5 commercial banks in Bhutan. Will you need bank accounts in all five of them?
Once I went crazy and opened accounts in all 5 of them. However, now I can say nobody would need that many accounts.
People recommend more bank accounts as more help you manage your money and financial goals well.
Personally I feel having accounts in 2 commercial banks would be more than enough in Bhutan.
However, you can always increase as your financial management needs increase.
How I Maintain these Bank Accounts
Actually, I opened accounts in all those 5 commercial banks to compare their savings rate and test if they are true in real.
I have written a post on which commercial bank in Bhutan actually gives the best savings interest.
Once the test was completed, I hardly use savings accounts of other two banks: BNBL and DPNB.
BOBL Account is my current account. It’s my salary account as well. I use it for my daily transactions.
BDBL and TBL offer the best savings interest. So, all my war-chest funds, emergency savings, sinking funds are in them.
In my passive income stream, more than 99% of interest incomes come from the accounts of these two banks.
I hardly use savings accounts maintained with DPNBL and BNBL. I might use them if I test their services once more.
What will be my Recommendations
In case of a double earner family, maybe either of BDBL or TBL accounts can be a joint account.
In my case, the moment I receive my salary I transfer the agreed amount to either of BDBL or TBL and inform my wife.
The agreed amount will be at least 10%. However, sometime we are able to save more than 10%.
The balance will be used for rent and other daily expenses. If I receive an unplanned income, it will go directly in BDBL or TBL.
I have a friend who also keeps three accounts but one is just for personal entertainment. He calls it a Gunda account.
Therefore, I feel you will need only two bank accounts in Bhutan – one for saving, and one as a current account.
How many bank accounts you keep? You think someone will need more than two bank accounts?
