Bangladesh Bank Doubles Dollar Remittance Limit for Overseas Medical Treatment to $30,000

Bangladesh Bank has doubled the limit for foreign currency remittances for overseas medical treatment without prior approval from the central bank, raising it from $15,000 to $30,000.

The central bank's Foreign Exchange Policy Department-2 issued a circular on Monday, easing foreign currency remittance requirements for authorised dealer (AD) banks.

Under the new directive, AD banks can now release up to $30,000 or its equivalent in foreign currency in favour of an individual for medical treatment abroad without obtaining prior approval from Bangladesh Bank. Previously, the limit was $15,000.

The circular has also eased rules for sending money abroad to cover school-level education expenses. Previously, prior approval from Bangladesh Bank was required for such remittances. Under the revised guidelines, banks can directly remit funds for secondary and higher secondary education, or equivalent programmes, without seeking prior approval.

However, banks must verify whether free education is available in the destination country before processing such payments.

The central bank has also relaxed requirements for remittances covering professional and certification courses, as well as regular academic programmes pursued through correspondence or distance-learning methods. These payments can now be made through banks without prior approval from Bangladesh Bank.

In another provision, resident Bangladeshis returning home from abroad will be allowed to deposit foreign currency brought with them into Resident Foreign Currency Deposit (RFCD) accounts, provided the currency is declared to customs authorities using Form FMJ.

The facility will also cover foreign currency received or carried for personal travel, medical treatment, education and other permitted purposes.

Bangladesh Bank said all other existing rules and regulations governing foreign exchange transactions will remain unchanged.