Bangladesh Bank (BB) has given a permission to the transfer of funds abroad for visa bonds and refundable security deposits required during visa processing by foreign embassies, high commissions and other authorities.
The central bank issued the directive in a circular on Sunday.
According to the circular, authorised dealer (AD) banks will now be able to remit such funds on behalf of applicants if a visa bond or refundable security deposit is mandatory for obtaining a visa to a particular country.
Under the new guidelines, banks may issue international or virtual cards in the name of applicants. Required bond or security deposit amounts may be loaded onto those cards in advance.
In addition, customers who already possess international cards will be allowed to reload the required amount under their travel quota specifically for visa-related purposes. The funds, however, must be used solely for visa processing requirements.
Bangladesh Bank also instructed that any refunded bond or security deposit returned by the relevant embassy or authority must be repatriated to Bangladesh promptly. Banks have been directed to maintain separate records and monitor the status of refunds.
The directive further states that before remitting such funds, banks must verify applicants’ valid passports, demand letters from embassies or relevant authorities, invoices and other necessary documents. They must also collect visa application references or acknowledgement documents.
The facility may be availed through Exporters’ Retention Quota (ERQ) accounts, Resident Foreign Currency Deposit (RFCD) accounts, or international cards issued against those accounts.
The decision is expected to ease the visa application process for Bangladeshi applicants travelling to countries that require financial guarantees or refundable security deposits as part of visa procedures.