FEPD Letter No 101: Outward remittances from balances held in foreign currency accounts maintained by non-resident Bangladeshis/persons residing abroad

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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.

Letter No - FEPD(FNDFBP)/101/2022-2425 Date: 16 May, 2022

Managing Director/Chief Executive Officer All Approved Dealer Banks engaged in Foreign Exchange Transactions Head Office/Principal Office.

Dear Sir,

Regarding the free transfer of balances held in foreign currency accounts operated in the name of expatriates/non-resident persons to abroad.

Reference is drawn to the Bangladesh Bank Press Release issued through letter No. DCP(PR) 05/2022-129 dated May 10, 2022, on the subject cited above.

2. This Press Release has been issued to inform the general public regarding the authorization for expatriates/non-resident persons residing abroad to collect foreign currency in the form of cash notes from the balances of their Private Foreign Currency Accounts or Non-Resident Foreign Currency Deposit Accounts operated at branches of approved dealer banks in this country and to freely remit them abroad via banking channels. The said Press Release is being sent herewith for your information and necessary action.

Yours faithfully,

Enclosure: As per description.

(Kazi Rafiqul Hasan) Manager Phone: 9530123

Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, www.bb.org.bd

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Bangladesh Bank Regarding the free transfer of balances held in foreign currency accounts operated in the name of expatriates/non-resident persons to abroad

Under the existing foreign exchange transaction system, expatriates/non-resident persons residing abroad can operate Private Foreign Currency Accounts or Non-Resident Foreign Currency Deposit Accounts at branches of approved dealer banks in this country. Foreign currency sent from abroad or foreign currency brought into Bangladesh upon arrival from abroad can be deposited in these accounts. Travelers arriving from abroad can bring any amount of foreign currency into Bangladesh. If the amount of foreign currency brought along is up to ten thousand US Dollars or equivalent in other currencies, there is no need to declare it to the Customs authorities.

Balances in these locally operated foreign currency accounts can be freely cashed out in Taka. Expatriates/non-resident persons arriving from abroad may take up to five thousand US Dollars in notes and, as needed and subject to the balance in the account, other foreign currencies from their account balances when leaving Bangladesh.

Balances in these foreign currency accounts operated in the name of expatriates/non-resident persons can be freely remitted abroad via banking channels along with profit/interest. In this regard, no approval from Bangladesh Bank is required.

If you face harassment in receiving banking and financial services or have any complaints, please call 16236.