• Thursday, Oct 28, 2021
  • Last Update : 03:05 pm

BB simplifies outward remittances through int'l card channel

  • Published at 05:08 pm May 31st, 2021
Remittence
A bank employee counts US dollar notes in this file photo from May 16, 2016 Reuters

Traditionally banks execute transactions through SWIFT messages

The Bangladesh Bank has allowed authorized dealers (AD), or banks, to remit outward payment through international card channels.

Traditionally banks execute transactions through SWIFT messages. Exchange houses facilitate wage remittances as per the prevailing arrangements.

Under the new system, banks will be able to effect outward remittance on the internet through international remittance cards issued in their names.

The central bank issued a notice on Monday, instructing banks to effect remittances on account of IT-related expenses; membership fees, fees for application, registration, admission, examination, etc.

The BB notice also said that the banks were allowed to make payment for permissible study abroad; visa processing fee; immigration visa processing fees, evaluation fees, right of landing fee; registration/participation fee for attending training, seminar, workshop abroad; publication related fees of articles in international journals; travel expenses on health ground; and payments for tour operations from their foreign currency accounts on behalf of their customers through the channel.

An official of the central bank said that Bangladesh Bank has continuously been updating regulations to facilitate business.

The new system will facilitate smooth remittance transactions through international cards as per requirements of foreign beneficiaries, he added.

52
Facebook 51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail