Bangladesh Bank has issued a directive to ensure that remittances sent by expatriates are credited to beneficiaries’ accounts promptly. Under the new circular, authorised dealer (AD) banks are instructed to credit inward remittances either on the same day or by the next business day, depending on the timing of receipt. While the directive takes immediate effect, banks have been given until 31 March to fully implement the system.
The circular emphasises speed, transparency, and the adoption of modern processing methods to enhance the remittance experience for expatriate Bangladeshis while strengthening the country’s standing in global payment networks.
Key provisions of the directive include:
AD banks must notify customers securely via electronic means as soon as an inward remittance message is received.
Remittances received during banking hours should be credited the same day; those received after hours should be credited on the next working day.
Banks are encouraged to employ Straight-Through Processing (STP) or risk-based rapid processing mechanisms.
Transactions can be credited based on preliminary information, with full verification and documentation to follow.
Where post-credit reviews are not feasible, the bank must complete the transaction within three business days.
A Unique End-to-End Transaction Reference (UETR) must be used throughout the remittance process to ensure transparency and trackability.
Digital foreign exchange platforms should be strengthened to streamline Form C and Form C (ICT) procedures.
The table below summarises the directive’s key points:
| Area | Instruction | Timeline / Process |
|---|---|---|
| Remittance Credit | Same-day for remittances received during banking hours; next-day for after-hours | Immediate effect; full implementation by 31 March |
| Processing Method | Use STP or risk-based rapid processing | Credit possible with preliminary info; remaining verification later |
| Post-Credit Review | If not feasible, complete transaction within three business days | Mandatory within 3 business days |
| Tracking | Use UETR throughout the process | Applies to entire remittance cycle |
| Digital Platforms | Strengthen digital foreign exchange systems | Facilitate Form C / Form C (ICT) clearance |
A senior executive at an international bank in Dhaka noted, “This directive will enhance trust among correspondent banks and further consolidate Bangladesh’s reputation in the global payment network.”
The initiative is expected to provide expatriates with faster and more transparent access to their funds, while modernising the country’s foreign currency management and bringing remittance processing in line with international best practices.