Bangladesh Bank has issued comprehensive guidelines designed to streamline foreign currency transactions for individual freelancers and service exporters. The central bank announced a series of measures aimed at easing the reception, retention, and deployment of overseas earnings in alignment with the operational dynamics of the digital services sector.
Under the new directives issued in a circular on Wednesday (22 July), freelancers will no longer face cumbersome paperwork traditional service exporters historically managed. Moving forward, financial institutions are permitted to accept electronic documentation—such as platform earnings statements, email communications, and other digital transaction histories—as valid proof of incoming overseas revenue. This operational shift removes a long-standing bureaucratic hurdle for independent contractors working across global digital marketplaces.
The central bank has relaxed declaration thresholds for incoming inward remittances. Individual transfers up to $20,000 USD can now be received without submitting formal declaration forms. Through Online Payment Gateway Service Providers (OPGSPs), freelancers may process transactions up to a maximum limit of $10,000 USD per single transaction. Account holders remain obligated to ensure that all proceeds are repatriated into the country within established timeframes.
Financial institutions have also been instructed to issue dual-currency ‘Freelancer Cards’ to eligible professionals, improving access to international payments for software subscriptions, domain hosting, and digital tools. Integration with Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs) will be expanded, enabling direct deposits into domestic digital wallets and broadening financial access across the sector.
To assist service exporters in managing overseas operating costs, Bangladesh Bank updated the Exporters’ Retention Quota (ERQ) account rules. Information technology freelancers can now retain up to 50 per cent of their export earnings in foreign currency within their ERQ accounts. Individual service exporters operating outside the IT sector have been granted a retention limit of 30 per cent, providing greater financial flexibility for international business transactions.
Industry stakeholders have welcomed the regulatory updates as a timely intervention. Simplifying payment verification processes and expanding digital payment channels will encourage independent workers to route earnings through official banking channels, enhancing transparency and boosting national foreign currency reserves.