Travel quota - More relaxation by Central Bank

Photo: Collected

Thanks to the growth in personal incomes and consumer credit, the number of Bangladeshi travellers visiting foreign countries for holiday or medical reasons is increasing every year. A few important tips may be of benefit particularly to new or infrequent travellers.
On the question of travel foreign currency entitlement, always remember to get updates from your bank manager before embarking on an overseas trip, there could always be new developments regarding your travel quota. 

As we know, a passenger is allowed USD seven thousand per year for travel to non-SAARC countries and USD five thousand to SAARC countries. 

The amount of cash allowed was three thousand and the balance could be used against your credit card. Recently the cash allowance has been increased to USD five thousand, which in effect means that for non-SAARC countries (if you so want) you only need to use two thousand against your credit card and for SAARC countries the full amount can be taken as cash foreign currency. 
For frequent travellers I am sure it is wiser to break up the amount and use it over the year.   Despite the new enhancement of cash foreign currency always be wary about carrying too much of it, there is always the chance of it being stolen and we all know that there is no recourse to 'lost' cash. 

Although I have mentioned this before I have been requested to repeat this important information. As per Bangladesh Bank regulations (Chapter 6, Para 1(A) APP. 5) any amount of foreign currency may be brought in by an incoming passenger with declaration to the customs authorities in the relevant form. However, up to USD five thousand (or equivalent) can be brought in without declaration.
The same amount can be (a) deposited in the person's Resident Foreign Currency Account (RFCD) provided he or she has opened one, (b) can be retained and taken out freely while proceeding on a new journey. Sometimes airport customs officials are unaware of this and passengers have been questioned as to why they are carrying this cash amount. 

This right to information will empower the passenger to defend himself/herself.  He/she can carry a copy of the relevant Bangladesh Bank Circular and more importantly, it should be ensured by authorities that the customs officials at the airport have up-to-date knowledge on passenger entitlements.