Bangladesh Bank eases outward remittance rules for medical treatment and overseas schooling
Bangladesh is widening access to foreign currency for residents seeking treatment and school-level education abroad as it streamlines current account transactions. The move doubles the medical remittance threshold to $30,000 and removes prior central bank approval for certain education payments, while tightening documentation rules for some foreign currency deposits.
Highlights
- Bangladesh Bank raised the outward remittance ceiling for overseas medical treatment from $15,000 to $30,000 per person without prior approval.
- Banks can now remit foreign currency for secondary and higher secondary education abroad and for all correspondence academic courses without central bank pre-approval, subject to certain verification.
- Resident Bangladeshis must now declare foreign currency brought into the country to the Customs Authority via Form FMJ to deposit into Resident Foreign Currency Deposit accounts.
Revised remittance rules for treatment and education
As reported by The Business Standard, Bangladesh Bank has issued a circular allowing authorised dealer banks to release up to $30,000, or its equivalent in foreign currency, for overseas medical treatment without prior approval from the central bank. The previous ceiling was $15,000.The circular also expands banks' authority to remit foreign currency for secondary and higher secondary-level education abroad without prior approval, provided they verify that free education is not available. In another relaxation, banks can now remit funds for regular academic studies through correspondence courses without prior approval; previously, this facility applied to correspondence and distance certification courses for professional examinations.
Compliance changes and sector implications
Bangladesh Bank says the changes are intended to ease outward remittance procedures and support legitimate current account transactions linked to private travel, medical treatment, overseas education and other permitted uses. All other existing foreign exchange regulations and instructions remain unchanged.At the same time, the central bank is tightening rules for resident Bangladeshis depositing foreign currency brought into the country. Under the revised instruction, such funds can be credited to Resident Foreign Currency Deposit accounts only if they have been declared to the Customs Authority using Form FMJ.
Our earlier article on SEON’s expansion in the Philippines explained how rising digital payments and tighter compliance expectations are driving demand for stronger fraud-prevention tools among banks and remittance providers. It also noted that remittance volumes remain a key metric for the economy and for payment-channel risk management, even as growth shows uneven momentum.
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