Bangladesh Bank has issued a circular permitting the transfer of visa bond or security deposit funds abroad through local banks. The directive, released on Monday, aims to simplify the process for Bangladeshi citizens who must deposit refundable security amounts as part of foreign visa applications. Under the new rules, banks can send the required funds on behalf of applicants when such deposits are mandatory for visa issuance.

The central bank stated that the initiative is intended to reduce difficulties faced by applicants and make the visa application process more convenient. Banks are now authorized to issue international or virtual cards preloaded with the necessary funds, while existing international cardholders can reload their cards within the travel quota. The funds, however, may only be used for visa bond or related security deposit payments.

According to industry observers cited in the circular, the new policy will make visa procedures faster and easier for Bangladeshi applicants, particularly in countries that require financial guarantees or refundable deposits.