BB allows visa bond remittance through banks

Bangladesh Bank has allowed banks to send mandatory visa bonds and refundable security deposits required by foreign embassies and visa authorities.

In a circular issued on Sunday, the central bank instructed authorised dealer banks to process such payments for visa applicants.

Under the new rules, banks can issue international or virtual cards in the applicant’s name and load the required amount for visa-related deposits.

Existing international cardholders will also be able to reload cards using their travel quota for the same purpose.

The central bank said the funds must only be used for visa bond or security deposit payments.

Banks have also been instructed to ensure the money is returned to Bangladesh after embassies or foreign authorities refund the deposits.

According to the directive, banks must keep separate records of these transactions and regularly report updates to the central bank.

Before processing payments, banks will need to verify documents including passports, embassy letters and visa-related invoices.

Officials believe the move will make the visa process easier for Bangladeshi students, travellers and professionals applying to countries that require financial guarantees.