BB Sets Tk 300 Cap on Passport Endorsement Fee for Money Changers

The Bangladesh Bank (BB) has set a maximum fee of Tk 300 for passport endorsement by licensed money changers, aiming to regulate service charges and protect travelers from arbitrary fees.

The directive was issued through a circular on Tuesday. Under the existing Guidelines for Foreign Exchange Transactions (GFET)-2018, licensed money changers are allowed to sell foreign currency notes, coins and traveler’s checks to outgoing Bangladeshi residents against their annual private travel entitlement.As per the guidelines, every foreign currency sale must be properly recorded in the traveler’s passport and air ticket and authenticated with the seal and signature of authorized personnel of the money changer.

To strengthen transparency and compliance, the central bank has made several requirements mandatory. The endorsement fee has been capped at Tk 300, regardless of the amount of foreign currency purchased. Money changers must prominently display the approved fee within their business premises.

In addition, customers must be provided with a written receipt for every endorsement fee collected, and establishments are required to maintain proper records of all such fees for auditing and regulatory oversight.

The circular, signed by Monoar Uddin Ahmed, Director of FEPD-2, clarified that all other existing instructions related to foreign exchange transactions will remain unchanged.

Bangladesh Bank said the move is intended to streamline the passport endorsement process for outgoing passengers while ensuring fair practices in foreign currency exchange services.