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Foreign Currency Accounts

Foreign Currency Account

Following the liberalization of exchange controls Bangladesh Bank has authorized the banks to maintain different types of foreign currency accounts and convertible taka accounts. The following are the regulations laid down by Bangladesh in respect of these accounts.

Who can open the accounts?

  • Branches of Bank Asia limited may open Foreign Currency Accounts in the names of:
  • Bangladesh nationals residing abroad
  • Foreign nationals residing abroad or Bangladesh and foreign firms operating in Bangladesh or abroad
  • Foreign missions and their expatriate employees

Resident Foreign Currency Deposit (RFCD):

This is a foreign currency denominated account. Those who domicile in Bangladesh but have to remit money to abroad because of various reasons are eligible to open an RFCD account.

Non Resident Foreign Currency Deposit (NFCD):

This is a foreign currency denominated account. Those who does not domicile in Bangladesh but have to remit money to Bangladesh because of various reasons are eligible to open an RFCD account.

Requirements for opening RFCD Account:

  • Two copies of recent passport size photograph
  • Photocopy of passport
  • Photocopy of work permit
  • Salary certificate or employer's certificate
  • For the Officers of Different Embassy they need not to submit all these documents but the Employers certificate is must.

Requirements for opening NFCD Account

  • Photocopy of passport
  • Citizenship certificate if available
  • Certificate or approval from our authority for exporting manpower
  • A nominee or authorized person will be selected by the account holder for transactions
  • Under this account the nominee will receive local currency TK against any Foreign Currency.