BB relaxes rules for visa fee remittances

The central bank has allowed foreign embassies and their authorised visa-processing agents in Bangladesh to collect visa fees in taka and remit the money abroad through banks without needing prior regulatory approval for each transaction.

Bangladesh Bank issued a circular in this regard today, stating that the proceeds can be remitted abroad to bank accounts designated by the respective embassies, their head offices, or other competent authorities.

Previously, approval from the central bank was mandatory for such remittances.

However, BB has set out specific compliance requirements for banks facilitating these remittances. These include ensuring that visa fees are collected strictly according to the rates determined by the concerned embassies.

Banks are also required to obtain invoices from the embassies or their authorised entities, supported by applicant-wise statements of fee collection.

In addition, banks must ensure that all applicable taxes are duly deducted before remitting the funds abroad.

The move is expected to streamline visa fee processing and facilitate smoother access to visa services.