Banks given go-ahead to release remittances for visa bonds

Bangladesh Bank (BB) 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.

In a circular issued today, BB said 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 aims to ease difficulties faced by Bangladeshi travellers during overseas visa applications.

According to the circular, banks may also issue international or virtual cards in the applicant's name, preloaded with the required amount for the 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 accounts, Resident Foreign Currency Deposit 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.