Account opened and maintained by authorized dealer branches in Foreign Currency without prior approval of Bangladesh Bank is called Foreign Currency Accounts.
Who can open?
Bangladeshi nationals working or earning abroad including self-employed Bangladeshi immigrants proceeding abroad on employment may open F.C. Account even without initial deposit.
Foreign nationals residing abroad or in Bangladesh and also Foreign firms registered abroad and operating in Bangladesh or abroad.
Foreign missions and their expatriate employees.
Bangladeshi nationals working with the Foreign/ International organizations operating in Bangladesh provided their salary is paid in Foreign Currency or their consultancy fees/honoraria received in Foreign Currency.
Diplomatic Bonded Warehouse (duty free shops) licensed by the custom authorities.
Local and Joint Venture contracting firms employed to execute projects by foreign donors/international donor agencies as per relevant contract which will be closed as soon as the projects are concluded.
Foreign Currency (F.C.) Account may be opened in the following foreign currencies:
U.S. Dollar (USD)
Great Britain Pound Sterling (GBP)
Japanese Yen. (JPY).
Documents required for opening F.C. Account:
Prescribed Account Opening Form
2(Two) Passport size photographs
Authorised Specimen Signature Card
Proof of employment or other related documents.
In case of nominee additional 2 copies of passport size photograph of the nominee
Photo copies of Passport or other related documents.
Mode of Deposits:
The Foreign Currency Accounts may be credited in the following ways:
Cash Foreign Currency brought in by the depositor.
Cheques or Drafts.
Money Order Receipt
By Electronic Fund Transfer.
The ADs maintaining foreign currency accounts can pay interest of F.C. Accounts, if the accounts are maintained in the form of Term Deposits for a minimum period of 90 days. Interest rates are comparable with the rates available on similar accounts maintained abroad.
Retention of Foreign Currency in Accounts;
Bangladeshi citizens and other persons residing in Bangladesh or abroad are required to self-declare such F.C. to an AD within one month from the date of acquisition by them of such F.C.
This regulation is exempted for the followings:
Foreign diplomats, nationals, missions, embassies and expatriate employees of foreign business houses, contractors or consultants who are receiving their salaries partly or entirely in foreign currency abroad.
Portion of repatriated export proceeds kept in Retention Quota Accounts.
Foreign Exchange brought in at the time of return can be credited to RFC account.
And upto US$ 5,000/- brought in undeclared at the time of return from abroad can be retained at hand.
Use of F.C. account balance:
The F.C. can be used for payments for the purpose mentioned while opening the account.
Funds may be utilized by the account holders for import of commodities as per instruction of Bangladesh Bank & CCI&E.
Funds may be brought back to the country of the Account Holder living abroad. Fund may be used for traveling, payments of credit card bills, education expenses and treatment expenses.
Fund may be converted to local currency by the Account Holder or Nominee.