Passport endorsement charges capped at Tk 300

Licensed money changers will now be allowed to charge a maximum of Tk 300 for passport endorsement for outgoing Bangladeshi passengers, regardless of how much foreign currency is sold, according to a circular issued by the central bank yesterday.

Until now, there was no fixed ceiling on endorsement fees. Many money changers were accused of charging Tk 500 to Tk 1,000, or even more from passengers.

Under the Guidelines on Foreign Exchange Transactions 2018, licensed money changers are allowed to sell foreign currency notes, coins and travellers' cheques to resident Bangladeshi nationals travelling abroad under their annual private travel entitlement.

Each transaction must be endorsed on the passport and, where applicable, the air ticket, bearing the seal and signature of the authorised official of the money changer.

In yesterday's notification, the Bangladesh Bank (BB) said money changers may collect an endorsement fee capped at Tk 300 per passport, irrespective of the amount of foreign currency exchanged.

The BB has also instructed money changers to prominently display the endorsement fee at their business premises, issue written receipts to customers, and keep proper records of all such collections.

All other foreign exchange instructions will remain unchanged, BB said, adding that money changers must inform customers about the new directive.