BB approves overseas remittance for visa bonds, security deposits

Bangladesh Bank (BB) has authorised local banks to remit funds abroad to cover mandatory visa bonds and refundable security deposits required by foreign embassies and visa authorities.

In a circular issued on Sunday, the central bank directed Authorised Dealer banks to process such payments on behalf of visa applicants, easing a long-standing challenge faced by travellers, students and professionals seeking visas to countries that demand financial guarantees.

Under the new policy, banks may issue international or virtual cards in the applicant’s name solely for paying visa bonds or security deposits. These cards can be loaded with the exact amount required for the purpose. 

Individuals who already hold international cards will also be allowed to reload them within their approved travel quota to meet these specific expenses.

However, the central bank has made it clear that the funds must be used exclusively for visa-related financial obligations.

The directive also requires banks to ensure that any refunded bond or security deposit is repatriated to Bangladesh without delay once returned by the respective embassy or authority. Financial institutions must maintain separate records of these transactions and regularly update the central bank on the status of refunds.

Before processing any remittance, banks must verify key documents, including the applicant’s valid passport, an official letter or invoice from the relevant embassy or visa authority confirming the requirement, and supporting documents linked to the visa application.

According to the circular, payments may be made using Exporter’s Retention Quota accounts, Resident Foreign Currency Deposit accounts, or international cards issued against such foreign currency holdings.

Banking sector officials say the move is expected to streamline the visa application process for Bangladeshi citizens by formalising a previously complex payment procedure and enhancing transparency in cross-border transactions.