Bangladesh Bank Eases Up Abroad Money Transfer Policies for Students

In a bid to relieve students during the COVID-19 crisis, banking organizations in Bangladesh have decided to provide them some relief. Bangladesh Bank, one of the largest banking corporations in the country, has changed its international money transfer policies for students.

According to Bangladesh Bank’s official announcement, foreign money exchange restrictions on its student account holders have been relaxed. The Authorized Dealers of Bangladesh have satisfied their effective remittances on online education and enabled students to continue with nearly two more semesters or sessions remotely. On the basis of this development, the Bangladesh Bank relaxed its foreign exchange rules and considered supporting online education in the current situation. Admission of students in Bangladesh is being transitioned into an online mode, in the view to support students from Bangladesh in foreign educational institutions.

The COVID-19 pandemic has created an ongoing dilemma for foreign educational institutions, particularly with respect to admitting students from Bangladesh and other countries. They are compelled to impart online lessons through virtual learning platforms. To solve this situational crisis, the Authorized Dealers in Bangladesh are putting into effect an outward remittance on study abroad account holders under the domain of online teaching arrangements. This remittance is incumbent upon students getting the necessary supporting documents for each online course and following the required instructions mentioned under the regulations of Authorized Dealers.

Bangladesh Bank’s circular was issued on August 23, which stated that more effecting remittances would be satisfied if the online education allows students to continue at the most two more semesters or academic sessions through remote learning. Bangladesh Bank’s decision to relax students’ conditions in sending money via foreign currency for their higher education is being welcomed across the globe. This will help Bangladeshi students get admissions in foreign research and training institutions even under the novel coronavirus pandemic.

By easing these conditions, students can securely send money and get a valid chance for admissions until March 31, 2021. With this regard, foreign educational institutions can easily admit Bangladeshi students, conduct their online classes for a maximum of two semesters, and drive their education during the ongoing global health crisis.