BB eases foreign transaction rules for freelancers

Bangladesh Bank on Wednesday simplified foreign transactions for freelancers and individual service exporters to further support the country’s growing digital services sector, the bank said.

“The new guidelines allow freelancers to receive payments based on electronic evidence—such as platform statements, emails, and other digital communications—removing reliance on conventional export documentation and making the process more adaptable to digital trade”, a statement from the central bank said.

According to the updated guidelines, inward remittances up to USD 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to USD 10,000 per transaction.

The circular further authorises the issuance of dual-currency freelancer cards and expands the scope for transactions through Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby enhancing access to secure, efficient, and convenient digital payment channels for freelancers.

Furthermore, freelancers operating in the ICT sector are permitted to retain up to 50 percent of their export earnings in foreign currency accounts under the Exporters’ Retention Quota (ERQ) facility, while exporters of other services may retain up to 30 percent.