‘Foreign remittance’ means purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country. Purchase of foreign currencies constitutes inward foreign remittance and sale of foreign currencies constitutes outward foreign remittance.

So we see that there are two types of Foreign Remittance:

  Foreign Inward Remittance

  Foreign Outward Remittance

Banks in Bangladesh, for example, MTBL (Mutual Trust Bank Ltd.) has established remittance arrangements with a number of exchange houses to facilitate wage earners to remit their money to Bangladesh. This bank has already been in operation with UAE Exchange Centre LLC, Wall Street Exchange LLC, Trust Exchange, Route Asia Exchange, Instant Cash and Bangladesh Money Transfer. MTBL have obtained permission from Bangladesh Bank to start operation with Al Saad Exchange, First Solution Exchange, Al Ahalia Exchange Bureau and Federal Exchange. The bank maintains correspondence with other 16 Exchange House which are Al Fadaral Exchange, National Exchange, City Exchange, Future Exchange, Al Ghurair Exchange, Habib Exchange, Al Ansari Exchange, Emirates India International Exchange, Instant Exchange, Oman UAE Exchange, Modern Exchange, Purusuttam Kanji Exchange, Musandam Exchange, Lasidas Tharia Exchange, Oman United Exchange and ICICI Bank. The extensive branch network of these Exchange Houses has been largely helping Bangladeshi expatriates working in the UAE, UK, Qatar, and Oman to transfer their funds speedily and efficiently through online network. MTBL’s total foreign remittance volume was Tk. 2,671.53 million in 2006. MTBL is exploring further avenues of remittance from other countries such as Saudi Arabia, Malaysia, USA and Italy in the near future.

The Foreign Remittance department of MTBL Dilkusha Branch is equipped with a number of foreign remittance facilities. Following are the types of foreign remittance facilities offered by MTBL Dilkusha Branch.

  Issuance of Foreign Demand Draft (F.D.D)

  Issuance of travelers Cheques (T.C)

  Issuance of foreign T.T (Telegraphic Transfer)

  Disbursement of the cash of incoming F.T.T.

  Collection of F.D.D.