STAR BUSINESS REPORT

The Bangladesh Bank (BB) has allowed banks to pay visa bonds and refundable security deposits required by foreign embassies, high commissions, and other authorities on behalf of Bangladeshi applicants, removing a practical hurdle in overseas visa processing.

In a circular issued yesterday, BB said the move aims to ease difficulties faced by Bangladeshi travellers during overseas visa applications where such deposits are mandatory.

Banks may issue international or virtual cards in the applicant’s name preloaded with the required deposit amount for the bond or security deposit.

Existing international cardholders under travel entitlement facilities may also reload their cards for the same purpose, provided the funds are used solely for visa-related requirements.

The facility will be available against balances in Exporters’ Retention Quota (ERQ) accounts and Resident Foreign Currency Deposit (RFCD) accounts, or through international cards issued against such accounts, subject to existing foreign exchange regulations.

Bankers and industry insiders say the new policy will simplify visa processing for applicants to countries that require financial guarantees as part of visa procedures, including the United States.