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What is Foreign Remittance?

Foreign remittance can be defined as the purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country. It refers to the transfer of fund from one country to another through channel. There are two types of remittances: 1. Foreign Outward Remittance: The sending country, where the wage earner is located. The sender uses a bank or foreign exchange company to send money to foreign country. Example:The remittance can be performed through issuance of Foreign Demand Draft (FDD) and through wire transfer, also known as Foreign Telegraphic Transfer (FTT).

Mode of outward remittance:


Foreign Telegraphic Transfer (FTT) Foreign Mail Transfer (FMT) Foreign Demand Draft (FDD) Travelers Cheque (TC) Foreign currency Notes

Purpose of outward remittances:


Tuition fees of student Living cost of student Application fees (i.e. MRCS exam, seminar) Others 2. Foreign Inward Remittance: The receiving country, where the beneficiary resides. The bank receives the money that has been sent from the sending person in the country in which the money has been earned. Example: Inward TT, MT, DD, Cheques, Bills and Drafts, TCs etc. favoring a beneficiary in Bangladesh. Note: For individuals for the purpose of Family maintenance and Personal Remittance Form C is not required upto US$5000.00 and for firms, Form C is mandatory for any amount.

Purpose of inward remittances:


Family maintenance Indenting commission Donation Gift Foreign investment Export proceeds Consultancy fee Technical assistance Others

Mode of inward remittance


Telegraphic Transfer (TT) Mail Transfer (MT) Foreign Demand Draft (FDD) Payment Order (PO) Travelers Cheque (TC) Foreign currency Notes. Issuing T/C & Endorsement of Dollar & Credit Card IFIC bank Dhanmondi Branch is an authorized dealer of American Express Traveler Cheque(TC). We can endorse and trade both Cash Dollar and TC . For tourists we can endorse US$5000.00 for SAARC and US$1500.00 for Non-SAARC countries within a year. It can be done through endorsement against credit card based on the limit of the concerned party and through selling of cash dollar and TC.

Types of Foreign Currency Accounts:

1. Foreign Currency Account (FCAD)


Description

Bangladesh nationals residing abroad, foreign nationals residing abroad or in Bangladesh, foreign firms registered abroad and operating in Bangladesh or abroad, and foreign missions and their expatriate employees in Bangladesh can open Foreign Currency (FC) accounts.

Benefit

- Banks may pay interest on such accounts at rates determined from time to time. - No initial deposit is required to open this account. - Account holder may operate the account himself or nominate other persons in Bangladesh for this purpose.
Eligibility

- Two Copies of Photographs of applicant attested by the High Commission/Embassy. - Two Copies of Photographs of nominee of the a/c attested by the applicant. - Copy of passport attested by High Commission / Embassy. - Residence certificate / Employer 2. Resident Foreign Currency Account (RFCD)
Description

Persons ordinarily resident in Bangladesh may open and maintain Resident Foreign Currency Deposit (RFCD) accounts with foreign exchange brought in at the time of their return from travel abroad. Applicant can deposit up to US$5000. anytime after returning home and for US$5000.00 or more, with FMJ declaration form the fund must be submitted within 1(one) month. 3. Non Resident Foreign Currency Deposit Account(NFCD)
Description All non-resident Bangladesh national and person of Bangladesh origin including those have dual nationality and ordinarily residing abroad may maintain interest bearing time deposit accounts named NFCD a/c. Student File

Checklist for preparing student file


1. 2. 3. 4. 5. Pre-Visa copy (Original with Two Photocopy) only for Australia Offer Letter 2 set Institution or Universitys Refund Policy 2 set Living Cost Estimate 2 set All Academic Documents (I.E. SSC, HSC, Bachelors, Masters Certificate & Mark Sheets or Transcript) original with 1 set photocopy 6. IELTS Certificate (Original with 1 set photocopy) 7. Passport Size Photograph 2 set 8. Photocopy of Passport 3 set 9. Prescribed Form of Bangladesh Bank (Provided from Bank) 10. Application for opening a student file (Addressing to Manager) 11. Voter ID Card (Nominee/Authorized person) if possible 1 copy 12. Photograph for Nominee/Authorized person 1 copy 13. Please mark Payment Method to see offer letter

Investment facilities through Bonds


Non Resident Bangladeshis have numbers of opportunities to invest their money in different bonds to earn attractive profit like premium bond, investment bond etc.

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