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)
  •     Euro
  •     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.
  •     Travellers Cheques.
  •     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.