Bangladesh Bank has eased the process of sending money abroad for service-related payments. Approval from regulatory authorities is no longer required for such transactions.
Banks are now authorized to remit funds for routine foreign expenses at their discretion.
On January 12, Bangladesh Bank issued a circular outlining these changes, which aim to streamline international remittance procedures.
The circular specifies that service-related expenses include fees for Reuters Monitor, Bloomberg, Bankers’ Almanac, due diligence repositories, credit rating services, valuation assessments, and similar charges.
Banks are also allowed to pay for lounge facilities for international travelers.
Additionally, intermediaries in the capital market—such as brokerage firms, merchant banks, and asset management companies—can now remit fees for financial information and communication services without prior approval.
However, individual cardholders are restricted to an annual spending limit of USD 500 for such expenses.
