Bangladesh Bank has instructed banks to ensure that expatriate income or remittances received from abroad are credited to customers’ accounts on the same day or on the next working day.
The central bank on Thursday issued the directive through a circular which is effective immediately. However, banks have been given time until 31 March for full implementation.
Under the new directive, authorised dealer (AD) banks must notify customers via secure electronic means as soon as they receive an inward remittance message (internal expatriate income).
Remittances received during banking hours must be credited on the same working day, while those received after banking hours must be credited on the next working day.
Banks have also been advised to use straight-through processing (STP) or risk-based expedited procedures.
If the necessary information is available, funds may be credited to customer accounts even if some documentation or verification processes remain, with the remaining formalities to be completed later.
In cases where post-credit review is not possible, banks must complete verification before crediting the customer account and settle the transaction within three working days.
The circular emphasises payment tracking and transparency. To this end, banks have been instructed to use a unique end-to-end transaction reference (UETR) to follow the entire process from inward remittance receipt to final credit in the customer account.
Simultaneously, digital foreign currency platforms must be strengthened to eliminate the need for Form C and Form C (ICT) requirements.
A senior official of an international bank operating in Dhaka said, “This will increase trust among correspondent banks and further strengthen Bangladesh’s reputation in the global payment network.”