Bangladesh Bank simplifies sending security deposits for visas abroad
Banks may also issue international or virtual cards in the applicant’s name, preloaded with the required amount of bond or security deposit
The Bangladesh 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.
The central bank issued a circular in this regard today (11 May), stating that banks will be permitted to remit funds on behalf of individual visa applicants where a visa bond or refundable security deposit is mandatory for obtaining a visa.
The central bank said the move is aimed at easing difficulties faced by Bangladeshi travellers when applying for visas overseas.
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A senior Bangladesh Bank official said, "Simply put, from now on, if a foreign embassy or high commission requires a certain amount of money to be deposited as security before issuing a visa, that money can be legally sent through Bangladeshi banks."
"Many countries, especially the United States and some other developed nations, seek financial guarantees from visa applicants. The objective is to ensure that applicants return to their home country after the permitted period. Previously, sending such bonds or deposits involved many complications. The new instruction from Bangladesh Bank will simplify the entire process," the official added.
According to the circular, 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 have their cards reloaded for the same purpose, provided the funds are used solely for visa-related requirements.
The facility will be applicable 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 believe the new policy will simplify visa processing for Bangladeshi applicants, particularly for countries such as the United States that require financial guarantees as part of visa procedures.
