Freelancers’ remittance receipt ceiling doubled

FE Report | Friday, 13 September 2019

The central bank has doubled the limit of small service exporters for receiving remittances through online gateway operators.

These small-value exporters are now allowed to receive overseas payments of maximum US$10,000 instead of the earlier $5,000 through the Online Payment Gateway Service Providers such as Xoom, a Paypal service, Payza and Payoneer.

The new ceiling was announced in a notice issued by the Bangladesh Bank (BB) on Thursday.

"We've enhanced such transaction limit to facilitate the freelancers," a BB senior official told the FE while explaining the main objective of the missive.

The authorised dealer (AD) banks had earlier been empowered to handle inflows against small value service exports in non-physical form up to $ 5,000 per transaction through the gateway operators.

"It has been decided to enhance the maximum limit per transaction to $10,000 from $5000," it noted.

On August 07, 2011, the central bank opened online payment allowing the gateway operators to facilitate the transaction of such service exporters' overseas payments at lower cost.