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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).
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