In a move to encourage foreign currency transactions through legal banking channels, Bangladesh Bank has fixed the passport endorsement fee at a maximum of Tk 300 for commercial banks. The central bank issued a circular on Sunday stating that no additional service fees, charges, commissions or fees under any other name may be imposed beyond this fixed amount.
The directive is aimed at standardizing charges for endorsing US dollars or other foreign currencies on passports for international travel. Bangladesh Bank observed that scheduled commercial banks were previously charging varying rates for passport endorsement, along with additional service fees and commissions, which discouraged customers from purchasing foreign currency through formal banking channels.
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By introducing this standardized fee for the first time, the central bank hopes to promote transparency and encourage travelers to rely on legal methods for foreign currency purchases. The notice emphasizes that under no circumstances can banks collect more than Tk 300 for passport endorsements, ensuring that customers are not burdened with unnecessary or hidden costs when preparing for overseas travel.
