Banking facility for Bangladeshi Wage Earners residing abroad :

Wage Earner is a Bangladeshi nationality residing abroad and earning foreign currency. A Wage earner person can open Foreign Currency (FC) account in a any Authorized Dealing banking branch in Bangladesh. They are also allowed to open Savings Deposit (SB) Account in any schedule bank in Bangladesh.

After opening of FC account, an account holder can remit fund through banking channel and the money can bel deposited to the respective account. The money may be used for may purpose and the account holder need not to pay any Tax to buy land/flat etc if the transaction routed through the account. Money must be deposited in foreign currency and the account holder has a right to take the money back in his bank account abroad without any permission from any authority.

On the other hand the said person can open SB A/C and money also can be deposited to this account through banking channel. The formalities of the SB account mentioned earlier (see below).

Following are the formalities to open a FC A/C in a Authorized Dealing Banking Branch:

• Account opening form (supplied by the bank) to be filled by the account holder
• Photocopy of passport for first four pages including VISA page
  
• Passport size photograph - two copy duly attested by the introducer of the A/C
  
• Nomination form duly filled with a passport size photograph of the nominee and the photograph must be attested by the opener of the A/C
  
• Authorization form to authorize other person to operate A/C in absence of A/C holder
• Copy of Work permit & Monthly income statement
  
• Transaction Profile (TP) to be filed mentioning expected transaction on monthly basis
• KYC form to be filled by the banker to update file
• After opening of A/C the holder of the account must deposit foreign currency amount to his account by himself

Tips for the Wage earner person : A Wage earner can carry Foreign Currency up to USD 5,000.00 or equivalent to other currency without declaration during arrival in Bangladesh. But to carry more that USD 5,000.00 the person must declare the fund in a FMJ Form and declaration must be given in front of appropriate authority in the Airport prior to the completion of immigration formalities on arrival.