Year wise Remittance Flow from UK (million US $)
 

Money Drawing Agreement with Commercial Banks in Bangladesh

 

Transferring Money from the Bangladeshi Accounts of NRBs to the Country of Residence

   

 

 

1. Year wise Remittance Flow from UK (million US $)

 

Year Remittance from UK Annual

Growth (%)

Total Remittance to Bangladesh UK as % Total
2006-07 886.90   5,998.47 14.79
2007-08 896.13 1.04 7,914.78 11.32
2008-09 788.85 -11.97 9,689.26 8.14
2009-10 827.25 4.87 10,987.40 7.53
2010-11 889.60 7.54 11,650.32 7.64
2011-12 987.45 11.00 12,843.43 7.69
2012-13 991.59 1.22 14,461.14 6.86
2013-14 901.23 -9.11 14,228.26 6.33
2014-15 812.34 -9.86 15,316.90 5.30
2015-16 863.28 6.27 14,931.16 5.78
July-16 40.55   1005.49 4.03

Source: Bangladesh Bank

 

2.    Money Drawing Agreement with Commercial Banks in Bangladesh

 

A UK based money exchange company willing to set up money drawing arrangements with any designated commercial bank in Bangladesh has to first approach to the desired commercial bank in Bangladesh who in turn will request the Mission to send confidential report about the said money exchange company in the UK. The Commercial Wing will then request the concerned money company to send two sets of hard copies of the following documents.

 

1.  Company profile and pertinent information regarding the management,

     and ownership, of the company;

 

2. Detail profiles of all directors/partners/proprietor (name, contact details,

    telephone number, nationality, passport number, previous

    occupation, educational qualification, etc.) and photocopy of passports;

 

3.  Copy of the Memorandum and Articles of Association;

 

4.  Certificate of incorporation with Companies House;

 

5.  MLR Money Laundering Re gulations) Certificate issued by HM Revenue

     and Custom (HMRC) office;

 

6.  FCA (Financial Conduct Authority) registration certificate;

 

7.  Certificate issued by respective bank regarding the business performance

     and reputation;

 

8.  Bank details (full name, address and account numbers) of all the banks with

    which the company maintains account and three months bank statement

    supplied by the Bank;

 

9.  Name of Bangladeshi banks with which the company has already established

     remittance arrangement (if applicable); and

 

10. A copy of the credit report of the company prepared by an independent

     credit rating agency;

 

11. Latest audited accounts and a certificate issued by the auditor/accountant

     regarding present financial status of the company.

 

Upon receiving the above documents, Commercial Wing verifies these and sends a confidential report about the said money exchange company to the commercial bank in Bangladesh which in turn signs a money drawing arrangement if the report recommends to do so.

 

3.   Transferring Money from the Bangladeshi Accounts of NRBs to the

      Country of Residence

 

The Foreign Exchange Regulations Act, 1947 imposed restrictions on transferring money from Bangladesh to other countries. NRBs living abroad therefore, encountered difficulties in sending money accrued in Bangladesh to their country of residence. Considering this as a real problem, Bangladesh Bank has relaxed this provision on December 07, 2014 via FE Circular No: 38.

 

The circular allows non-residence taka accounts to make outward remittances for:

  1.  Subsistence expenses of account holders and their family members living

       in their country of residence; and

 

  2.  Current payments by institutional account holders for the purchase of

       international goods and services

 

In order to transfer money out of Bangladesh, an account holder has to apply in the following form (Form-7) to his bank in Bangladesh.

 

Chapter 14 Para 9 App.5 73

 

Form A 7

 

(Application to transfer Bangladesh Taka from/to a private Non-Resident Taka Account held in Bangladesh.)

 

N.B.-

(1)  This form should be used only when payment is made in Bangladesh Taka

      to/or from an account in the name of a person or firm other than a bank

      resident outside Bangladesh.

 

(2) This form should be completed in duplicate when the transfer is from one

                   non-resident account to another.

 

I/We the undersigned apply for permission to transfer/pay Taka ………………………… (in figures) Say …………………………………………………………………………..........……. (in words) from/to the account of ……………………………………………..……………………………………………………………………..…………. (name and address of the transferee/ transferor or full title of account debited/credited stating ………………………………....………………………………………………………. at ……………………………………………………………...………………………….to/from the country of residence) ……………………………………………................……… (insert name of bank with whom account is kept) ……………………………………………………………………………………….……………………………………….

…………………………………………………………………………………………………………………………………

(name and address of the transferee/transferor or full title of account credited/debited stating the country of residence).............………………………………….…… at ………………………………………………………………………………. (insert name of bank with whom account is kept) for the purpose stated below: ……………………………………………………………………………………………………………………………………

…………………………………………………………………………………………………………………………………… ………………………………………………………  I/We declare that the statements on this form are true, that the transfer is solely for the purpose specified above and that this purpose in no way contravenes the provisions of the Foreign Exchange Regulation Act, 1947.

 

Name of the Applicant ….......………………………………………………..................……….………….

Nationality ............…………….......………………………………………..………….…………………………….

Address………………………………………………………………………………………………………......…………

……………………………………………………………………………………………………………………………………

 

Dated:

 

Stamp and Signature(s) of the applicant

 
 
High Commission for the People's Republic of Bangladesh, 28 Queen's Gate, London SW7 5JA