The Bangladesh Bank has allowed authorized dealers (AD) or scheduled banks to remit outward payment on the internet through international card channels issued in their names.
The new system will facilitate smooth remittance transactions through international cards as per requirements of foreign beneficiaries
Generally, banks operate transactions through SWIFT messages. Exchange houses facilitate wage remittances as per the prevailing arrangements.
According to the central bank circular issued on 31st May (Monday), it has instructed the banks to effect remittances on account of IT-related expenses; membership fees, fees for application, registration, admission, examination, etc.
The BB notice also mentioned that the banks were allowed to make payment for permissible study abroad; visa processing fee; immigration visa processing fees, evaluation fees, right of landing fee; registration/participation fee for attending training, seminar, workshop abroad; publication related fees of articles in international journals; travel expenses on health ground; and payments for tour operations from their foreign currency accounts on behalf of their customers through the channel.
Meanwhile, the country’s remittance flow witnessed a growth of 40.1 per cent in the last eleven months compared to the same period of the previous fiscal year.
During this period, the reserves reached $22.84 billion in July-May which was $16.37 billion in the same period of 2019-2020 fiscal year.