Bangladesh Bank allows remittance of visa fees collected by local agents

Bangladesh Bank has permitted the remittance of visa and consular fees collected in local currency by foreign embassies or resident agents, easing foreign exchange procedures and facilitating smoother processing of visa-related transactions.

In a circular issued today (22 June), the central bank has allowed resident visa processing agents to collect visa fees locally and remit the proceeds abroad to bank accounts designated by the respective embassies, their home offices, or other competent authorities.

However, Bangladesh Bank has set out specific compliance requirements for banks in facilitating such remittances. These include ensuring that visa fees are collected strictly as per 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 need to ensure that all applicable taxes are duly deducted before remittance of the funds abroad.

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