Bangladesh Bank (BB) has introduced a new directive allowing authorized dealers (ADs) to facilitate the opening of bank accounts abroad for individuals pursuing professional or skilled employment opportunities and immigration.
The foreign exchange regulator issued the circular on Thursday aiming to encourage outbound migration under non-investment categories.
Under this policy shift, ADs can now remit funds to overseas accounts before applicants obtain their visas. This step is intended to streamline visa processing helping applicants meet immigration requirements, such as paying landing fees or evaluation charges.
However, Bangladesh Bank has outlined several safeguards to ensure compliance. ADs must verify documents proving the necessity of maintaining bank accounts abroad and ensure that the amount transferred aligns with official requirements. Furthermore, these overseas accounts will remain inactive until the applicant departs Bangladesh.
If the visa is not granted, ADs must secure an undertaking from applicants to repatriate the funds. The central bank also clarified that this facility will not apply to immigration under investment programs.
ADs are expected to follow the relevant guidelines from the 2018 Guidelines for Foreign Exchange Transactions (GFET), along with maintaining their reporting protocols with Bangladesh Bank. The circular signals an easing of forex rules to align with the country's goal of enhancing overseas employment prospects.
The move reflects the central bank's push for a delicate balance: easing outflows to meet migration needs while safeguarding foreign currency reserves-a strategy carefully conditioned to manage potential misuse.
