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.
- 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.