Foreign currency spending limit for Bangladeshi travellers raised

Bangladesh Bank has increased the annual limit on foreign currency spending for Bangladeshi citizens travelling abroad. The limit has been raised from $12,000 to $18,000 for adult citizens. The decision was taken to create more opportunities for meeting the actual foreign currency needs for international travel.

The central bank issued a circular on Sunday, September 6, amending the existing travel facilities. Under the new directive, adult Bangladeshi citizens residing in Bangladesh will be able to obtain up to $18,000 or equivalent foreign currency from authorised dealer (AD) banks for travel abroad in a calendar year. Previously, the limit was $12,000.

Bangladesh Bank said the quota had been increased considering the real foreign currency needs of Bangladeshi citizens travelling abroad and the changing patterns of international travel. The new limit will apply per calendar year, meaning even if someone travels multiple times in the same year, they can use foreign currency within the determined annual limit.

However, no changes have been made to the rules for children under 12. They will continue to receive 50 percent of the adult travel quota as before.

The full travel quota cannot be taken in cash in US dollars. Under existing rules, a traveller can take a maximum of $5,000 in cash notes from their annual quota, while the remaining amount can be used in other approved forms of foreign currency spending.

The new decision raises the annual travel quota for adults by $6,000 in one go, which is 50 percent higher than the previous limit. This is expected to create additional benefits for Bangladeshi citizens in spending foreign currency for tourism, medical treatment, visiting relatives and other approved international travel purposes.