BB relaxes rules for visa fee remittances

The Bangladesh Bank has relaxed regulations governing the remittance of visa and consular fees, allowing foreign embassies and their authorised visa-processing agents in Bangladesh to transfer collected fees abroad through banks without seeking prior approval from the central bank for each transaction.

The central bank issued a circular on Monday outlining a formal framework for the overseas remittance of visa-related fees collected in local currency.

Under the new guidelines, authorised visa-processing agents appointed by foreign embassies will be permitted to collect visa fees in Bangladeshi taka and remit the proceeds through Authorized Dealer (AD) banks to bank accounts designated by the respective embassies, their headquarters, overseas offices, or other competent authorities.

Previously, such remittances required case-by-case approval from the Bangladesh Bank, often resulting in procedural delays and administrative complexities for banks and visa-processing agencies.

The latest move is expected to simplify the process, reduce uncertainty, and facilitate smoother transactions through formal banking channels.

According to the circular, banks facilitating remittances must ensure strict compliance with several conditions. Visa fees must be collected according to the rates prescribed by the concerned embassies. Banks are also required to obtain invoices issued by the embassies or their authorised entities, supported by applicant-wise statements detailing the fees collected.

In addition, all applicable taxes must be deducted and paid before any funds are transferred abroad.

Officials and industry stakeholders believe the decision will improve transparency, accountability, and efficiency in visa fee collection and remittance operations. By establishing a clear policy framework, the central bank aims to ensure that such transactions are conducted through legitimate banking channels while maintaining regulatory oversight.

The new arrangement is also expected to ease operational challenges faced by banks and visa-processing agents, potentially improving the overall delivery of visa-related services.

Although the decision does not reduce visa fees or provide direct financial benefits to applicants, it is likely to make the visa application process more streamlined and hassle-free by removing procedural bottlenecks in fee remittance.

The policy reflects the Bangladesh Bank’s broader efforts to facilitate legitimate foreign exchange transactions while strengthening transparency and compliance within the financial system.