Regulatory Alerts2021-05-31
Added
Use of International Remittance Cards as alternative payment channel for permissible remittances
Authorized Dealers in Foreign Exchange in Bangladesh may use international card channels as an alternative to traditional banking channels to effect outward remittances for permissible payments, including IT expenses, membership fees, study abroad funds, visa fees, and travel-related costs. Authorized Dealers must issue international remittance cards in their own names for use by designated officials, ensure proper safeguard arrangements against misuse, and verify that transaction requests from individual customers have proper documentation. When executing these remittances, Authorized Dealers must apply the spot selling rate (T.T. Clean) applicable for service payments and continue to comply with all regulatory instructions contained in the Guidelines for Foreign Exchange Transactions-2018 and relevant circulars.