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Lesson 36 of 39 · Part O · Level 2 · Explained

Bringing foreign currency and Taka into Bangladesh

How much foreign currency and Taka a traveller may bring into Bangladesh, when to declare it on Form FMJ, why notes cannot come by post or courier, what airport bank booths may do for NRBs, and how long residents, NRBs and foreigners have to encash or deposit what they brought.

O-8

In Lesson 35, Jewellery, precious stones and securities coming in, Rumi learned that loose pearls and stones face no FER Act restriction, but gold jewellery must come through authorized gold dealers, and Tamim learned that his unsold shares may come home freely under the FER Act.

Today the thing coming in is cash. Rakib's cousin Jamil, a Bangladeshi software engineer who has worked abroad for six years, is home on leave. He drops in at the branch with a thick envelope. "USD 15,000 in notes," he whispers, "and Taka 12,000 left over from my last trip. Did I need to fill in a form at the airport? And can my friend abroad just courier me another USD 2,000 for my sister's wedding?"

Sadia raises an eyebrow and calls over the guest speaker for the week: Shely, a retired Commissioner of Customs, who spent years watching arrival halls. "Every traveller thinks the airport rules are a mystery," Shely says. "They are really three numbers and one form. Let's open your envelope, Jamil, on paper only."

This lesson covers O-8: bringing foreign currency and Taka into Bangladesh.

Para O-8

Import of foreign currency notes and coins

In plain words

O-8 rests on two Bangladesh Bank notifications: FE-1/09-BB, dated 4th August 2009 (Appendix-15) and FE-01/2017-BB, dated 15th October 2017 (Appendix-16). It has five parts.

(1) Foreign currency: no limit, but declare above USD 10,000. Any person may bring foreign currency notes or bank notes into Bangladesh without any limit, except:

  • (a) un-issued notes and coins; and
  • (b) notes that are legal tender in Bangladesh (Taka) worth more than Taka 10,000.

The condition: the person makes a written declaration of the entire amount to the Customs Authority on arrival, on Form FMJ (Appendix-17). No declaration is needed if the foreign currency is not more than USD 10,000 (or its equivalent) and the Taka notes are not more than Taka 10,000. One FMJ set has three copies: the original for Bangladesh Bank, the second for Customs, the third for the passenger.

A note on Taka: the declaration rule mentions Taka 10,000 too, while O-8(1)(b) and O-8(3)(b) already keep Taka notes at Taka 10,000. O-8 doesn't say that declaring lets a traveller bring in more Taka, or what happens to Taka above the limit; the circular is the final word.

(2) No currency by post or courier. Nobody abroad may send any currency note, bank note or coin into Bangladesh by post, courier or otherwise without Bangladesh Bank's general or specific permission.

(3) Taka for travellers. A traveller entering Bangladesh may bring Taka notes and coins every time, within these limits:

  • (a) crew of a ship or aircraft, and railway staff: up to Taka 10,000 at any one time;
  • (b) an incoming or outgoing passenger: up to Taka 10,000 on arrival or departure;
  • (c) foreign nationals on foreign passports and persons on Bangladesh passports, entering by sea, air or land, declare all currencies on Form FMJ (one set of three copies) if the amounts are above the limits in O-8(1). Transit passengers don't need to. Customs returns the passenger's copy, authenticated. Authorized money changers and ADs need not ask for the form when changing foreign currency or foreign currency instruments into Taka. Foreign nationals should keep their declarations, so they don't face difficulty taking out unspent foreign exchange when they leave.

(4) Airport bank booths and what happens after arrival. Bank booths at airports, working under a limited-scope licence from Bangladesh Bank, may take deposits from NRBs of foreign currency they brought in, to credit their foreign currency accounts or Non-Resident Taka accounts (converting at the prevailing rate) with the AD branches. If the currency brought in differs from the account's currency (a USD account, a GBP account and so on), the booth converts it at the appropriate cross currency rate.

Then the time rules:

  • Anyone arriving may keep up to USD 10,000 (or equivalent) brought in without declaration and take it out when leaving, without an endorsement in the passport or air ticket. A resident Bangladeshi may deposit it in an RFCD account, and a non-resident Bangladeshi in an NFCD account or private FC account, any time after arrival.
  • A resident Bangladeshi should encash or deposit an amount above USD 10,000 in an appropriate foreign currency account within 30 days of arrival. O-8 doesn't say whether "amount in excess of USD 10,000" means only the part above USD 10,000 or the whole amount when it is above USD 10,000; the circular is the final word.
  • A non-resident Bangladeshi may encash or deposit such amounts any time after returning to Bangladesh.
  • A foreign national may freely take out, when leaving, the entire amount declared on Form FMJ, or up to USD 10,000 brought in without declaration. Foreign nationals may encash or deposit these amounts any time after entering Bangladesh.

(5) Banks' own stock of notes. ADs may top up their holdings of foreign currency notes from abroad with Bangladesh Bank's approval.

Shely's short version: "Bring as much foreign cash as you like, but above ten thousand dollars, tell Customs on FMJ. Taka: ten thousand. And no cash in envelopes from abroad."

At the desk

Jamil brought USD 15,000 in notes. Shely explains that O-8(1) puts no limit on bringing in foreign currency, but anything above USD 10,000 must be declared in full on Form FMJ to Customs on arrival; he should have declared the whole USD 15,000. His Taka 12,000 is over the Taka 10,000 limit in O-8(3)(b); O-8 doesn't say what happens to the extra Taka 2,000, so Shely tells him to ask Customs. As a non-resident Bangladeshi, he may encash or deposit his dollars any time after returning, or the airport bank booth could have credited them to his foreign currency account or Non-Resident Taka account. And his friend may not courier USD 2,000 in notes: O-8(2) prohibits sending currency notes into Bangladesh by post or courier without Bangladesh Bank's permission. Rakib suggests, as normal practice, that the money come through a bank instead. "Next time," Shely says kindly, "the form is free. The trouble is not."

Key words
Form FMJ
The form on which a traveller declares to Customs, on arrival, the currency brought in above the limits. One set has three copies: for Bangladesh Bank, for Customs and for the passenger (O-8).
Legal tender
Money that the law says must be accepted as payment in a country. In Bangladesh, Taka notes and coins.
Un-issued notes
Currency notes and coins that have not yet been put into circulation by the authority that issues them.
NRB
Non-resident Bangladeshi: a Bangladeshi who lives and works abroad.
RFCD account
Resident Foreign Currency Deposit account. Under O-8, a resident Bangladeshi may deposit in it foreign currency brought in from abroad.
Transit passenger
A traveller who passes through a country on the way to another country, without entering it.
Cross currency rate
The exchange rate between two foreign currencies, for example between euros and US dollars.
Encashment
Converting foreign currency received into Taka.
Read the rule as written (Para O-8)

(1) In terms of Bangladesh Bank Notification Nos. FE-1/09-BB dated 4th August, 2009 (Appendix-15) and FE-01/2017-BB dated 15th October, 2017 (Appendix-16), any person may bring into Bangladesh from any place outside Bangladesh without any limit foreign currency notes or bank notes other than-

(a) Un-issued notes and coins.

(b) Notes legal tender in Bangladesh in excess of Taka 10,000 (Ten thousand) in value.

Provided that the concerned person makes a written declaration to the Customs Authority at the time of arrival in form FMJ (Appendix-17) of the entire amount; no declaration will however, be necessary if the amount brought in does not exceed USD 10,000 (Ten thousand) or its equivalent in foreign currency and does not exceed Taka 10,000 (Ten thousand) in notes legal tender in Bangladesh. Each set of form FMJ consists of 3 (three) copies - the original copy for Bangladesh Bank, the second copy for Customs Authority and the third copy for the concerned passenger.

(2) Sending into Bangladesh by post/courier or otherwise of any currency note, bank note or coin by any person from abroad without general or specific permission from Bangladesh Bank is prohibited.

(3) Any traveler entering into Bangladesh may bring with him at every time Bangladesh currency notes/coins within the limit as prescribed hereunder:

(a) Members of the crew of a ship or an aircraft or the staff of a railway may bring Bangladesh currency notes up to Taka 10,000 (Ten thousand) at any one time.

(b) An incoming/outgoing passenger may bring in/take out up to Taka 10,000 (Ten thousand) in Bangladesh currency at the time of arrival into/departure from Bangladesh.

(c) Every foreign national travelling on a foreign passport and persons travelling on Bangladesh passports will, while entering into Bangladesh by sea, air or land from any destination outside Bangladesh declares to the Customs Authorities, on form FMJ to be completed in one set of Form containing three copies for all currencies if the amounts brought in exceed the limits mentioned at paragraph 8(1) above. Transit passengers, however, are not required to complete this form. The customs official will return to the declarant the copy of the form designated for the passenger duly authenticated. Authorized Money Changers and ADs need not ask for this form at the time of encashing the foreign currency and foreign currency instruments to Taka. Foreign nationals should however retain these declarations with themselves so as not to face difficulty in taking out unspent foreign exchange at the time of their departure from Bangladesh.

(4) Bank booths operating in airports under license with limited scope from Bangladesh Bank may take deposits from NRBs in foreign currency brought in by them for crediting their foreign currency accounts or Non-Resident Taka accounts (by converting foreign currency at prevailing exchange rate) maintained with concerned AD bank branches. In case the foreign currency brought in by NRBs differs from account type (i.e., USD A/C, GBP A/C, etc.) of the account holders, bank booths shall convert the currency into relevant foreign currency at appropriate cross currency exchange rate to effect the deposits.

An incoming person may retain foreign exchange up to USD 10,000 or equivalent brought in by himself/herself without declaration and takes out the same at the time of departure from Bangladesh without endorsement in passport and air ticket. Such amounts may also be deposited in RFCD account by a resident Bangladeshi and in NFCD account/Private FC Account by a non-resident Bangladeshi any time after arrival in Bangladesh.

Amount in excess of USD 10,000 (Ten thousand), brought in by the resident Bangladeshis, should however be encashed or deposited in appropriate foreign currency account within 30(thirty) days of arrival. Such amounts brought in by non-resident Bangladeshis can be encashed or deposited in foreign currency account any time after return to Bangladesh. For a foreign national, the entire amount brought in with declaration on Form FMJ or up to USD 10,000 (Ten thousand) brought in without declaration may be taken out freely at the time of departure. Such amounts brought in by foreign nationals can be encashed or deposited in foreign currency account any time after their enter into Bangladesh.

(5) ADs may supplement its holdings of foreign currency notes from abroad with approval from Bangladesh Bank.

Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part O, paragraph 8 (page 40). The original circular is the authority.

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Putting it together

So far: any person may bring foreign currency notes into Bangladesh without limit, except un-issued notes and coins and Taka notes above Taka 10,000, but must declare the entire amount on Form FMJ (three copies: Bangladesh Bank, Customs, passenger) unless the foreign currency is not above USD 10,000 and the Taka is not above Taka 10,000; transit passengers don't fill it in. Currency notes and coins may not be sent in by post or courier without Bangladesh Bank's permission. Crew, railway staff and passengers may carry up to Taka 10,000. Airport bank booths may take NRBs' foreign currency deposits. Up to USD 10,000 brought in without declaration may be kept and taken out again; residents should encash or deposit amounts above USD 10,000 within 30 days, NRBs may do so any time, and foreign nationals may take out what they declared or up to USD 10,000 undeclared. ADs may supplement their holdings of foreign currency notes from abroad with Bangladesh Bank's approval.

Next: Lesson 37, Visitors' digital wallets, travellers' jewellery and gold for jewellery exports, closes Part O.

Check yourself

30 questions, in 3 sets of up to 10. Nobody sees your answers but you.

Set 1 of 3

1. Under O-8(1), how much foreign currency may any person bring into Bangladesh?
2. Which of these is NOT covered by the 'without any limit' rule in O-8(1)?
3. Under O-8(1)(b), which Taka notes are excluded from the 'without any limit' rule?
4. On which form is the declaration to Customs made under O-8?
5. When is no FMJ declaration needed under O-8(1)?
6. How many copies does one set of Form FMJ have, and who gets them?
7. True or false: when an FMJ declaration is needed, the traveller declares only the amount above USD 10,000.
8. Desk case: Jamil arrives with USD 15,000 in notes. What does O-8(1) require?
9. Desk case: A traveller arrives with USD 8,000 and Taka 5,000. Does she need to fill in Form FMJ?
10. What does O-8(2) say about sending currency notes into Bangladesh by post or courier?

Set 2 of 3

11. Desk case: Jamil's friend abroad wants to courier USD 2,000 in notes for a wedding. What should Rakib say?
12. Under O-8(3)(a), how much Taka may the crew of a ship or aircraft, or railway staff, bring in?
13. Under O-8(3)(b), how much Taka may an incoming or outgoing passenger bring in or take out?
14. Desk case: Jamil carries Taka 12,000 left over from his last trip. What does O-8(3)(b) say?
15. Under O-8(3)(c), which travellers are not required to complete Form FMJ?
16. Under O-8(3)(c), what does the Customs official do with the passenger's copy of Form FMJ?
17. True or false: authorized money changers and ADs must ask for Form FMJ before encashing a traveller's foreign currency into Taka.
18. Why does O-8(3)(c) say foreign nationals should keep their FMJ declarations?
19. Under O-8(4), whose foreign currency may airport bank booths take as deposits?
20. To which accounts may airport bank booths credit NRBs' deposits under O-8(4)?

Set 3 of 3

21. Desk case: An NRB arrives with pounds sterling but holds a USD account. What does the airport bank booth do under O-8(4)?
22. How much foreign exchange brought in without declaration may an incoming person keep and take out again when leaving, under O-8?
23. True or false: to take out the up-to-USD 10,000 brought in without declaration, the traveller needs an endorsement in the passport and air ticket.
24. Where may a resident Bangladeshi deposit foreign exchange up to USD 10,000 brought in without declaration?
25. Within how many days should a resident Bangladeshi encash or deposit foreign exchange above USD 10,000 brought in?
26. Desk case: Jamil is a non-resident Bangladeshi with USD 15,000 brought in. When may he encash or deposit the amount above USD 10,000?
27. What may a foreign national take out freely at departure under O-8?
28. True or false: under O-8, a foreign national may encash or deposit the foreign currency they brought in any time after entering Bangladesh.
29. Under O-8(5), how may ADs supplement their holdings of foreign currency notes from abroad?
30. Desk case: A resident Bangladeshi returns from abroad with USD 18,000, declared on Form FMJ. What should he do with the amount above USD 10,000?
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