Bangladesh Bank (BB) has issued new guidelines to streamline foreign exchange transactions for freelancers and individual service exporters. The move aims to support the country’s growing digital services sector by making the process more adaptable to digital trade.
Under the new rules, freelancers can receive payments based on electronic evidence such as platform statements, emails, and other digital communications. This removes the reliance on conventional export documentation, making the process more flexible.
For small-value transactions, inward remittances up to US$ 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions ensuring timely repatriation of funds to Bangladesh.
The circular also enables the issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby widening access to convenient and efficient digital payment channels.
Freelancers in ICT sectors may retain up to 50% of their export earnings in foreign currency accounts, while other service exporters may retain up to 30%. This provides greater flexibility in managing international business expenses.
Market participants view the move as a timely and forward-looking step, aligning the regulatory framework with the evolving nature of digital trade and freelance work. The simplification of procedures and expansion of formal payment channels are expected to encourage greater formalization of service export earnings, improve transparency, and strengthen foreign exchange inflows.
