Students can now send money abroad more easily for online study fees

The Bangladesh Bank has made it easier for corporate entities and students to send money abroad; to pay for webinar solution services and the online study fees of foreign educational institutions, respectively. 

On Sunday, the central bank issued two separate circulars regarding the release of outward remittances.

In one of the circulars, the Bangladesh Bank mentioned that due to the ongoing Covid-19 pandemic situation, the government and corporate sectors are organising official meetings through webinar solutions. 

"To facilitate payment to avail these solution services, the Bangladesh Bank has decided that, within the purview of the above-mentioned regulations, authorised dealer (AD) banks [which deal with foreign currency] may affect remittances; on account of actual payments against relevant invoices and supporting documents regarding payment of applicable taxes or levies," read the circular. 

In case of the requirement for online payments against such services, ADs may issue virtual card or one-time card in the name of the nominated official of the applicant entities, read the circular. 

"Earlier, the central bank had allowed such payment only for personal entities. There was no specific regulation for institutions or corporate entities in this regard," an official of the central bank told The Business Standard. 

In the other circular, the central bank said, "Foreign educational institutions are admitting students and imparting lessons online now. To facilitate the situation, ADs may affect outward remittances, on account of study abroad, under online teaching arrangements; subject to [their] receiving supporting documents with respect to such online courses and observing the required instructions." 

Before affecting remittances, ADs shall need to be satisfied to the effect that online education shall continue for a maximum of two semesters or sessions. The instruction will be effective till March 31, 2021.