Dhaka, Bangladesh (BBN)- The central bank has allowed banks to facilitate remittances for visa bonds and refundable security deposits required by foreign embassies, high commissions and other competent authorities as part of visa processing procedures.
Under a notification issued on Monday, all authorised dealer (AD) banks are now permitted to remit funds on behalf of individual visa applicants where a visa bond or refundable security deposit is mandatory for obtaining a visa.
“We’ve taken the latest measure to ease difficulties faced by Bangladeshi travellers during overseas visa applications,” a senior central banker said, explaining the main objective behind the initiative.
According to the notification, AD banks may also issue international or virtual cards in the applicant’s name, preloaded with the required amount of bond or security deposit.
Existing international cardholders under travel entitlement facilities may also reload their cards for the same purpose, provided the funds are used solely for visa-related requirements, it added.
The facility will be available against balances maintained in Exporters’ Retention Quota (ERQ) accounts, Resident Foreign Currency Deposit (RFCD) accounts, or through international cards issued against such accounts, subject to existing foreign exchange regulations.
Bankers and industry insiders said the policy would simplify visa processing for Bangladeshi applicants, particularly for countries such as the USA that require financial guarantees as part of visa procedures.
BBN/SSR/AD