Bangladesh Bank has instructed commercial banks to ensure that remittances sent by expatriates from abroad are credited to customers’ accounts on the same day or by the next working day at the latest.

The directive was issued through a central bank circular today and has taken immediate effect. However, banks have been given until March 31 to fully comply with the new requirements.

Under the updated guidelines, authorized dealer (AD) banks must notify customers through secure electronic channels as soon as they receive an inward remittance message. Remittances received during banking hours must be credited on the same business day, while those received after banking hours must be deposited on the following working day.

Banks have also been encouraged to adopt Straight-Through Processing (STP) or other risk-based accelerated processing methods. Where essential information is available, funds may be credited to the customer’s account even if certain documents or verification steps are still pending, with the remaining formalities to be completed afterward.

In cases where post-credit review is not feasible, banks must complete all necessary checks before crediting the funds and finalize the transaction within three working days.

The circular places strong emphasis on payment tracking and transparency. To this end, banks have been directed to use a unique end-to-end transaction reference (UETR) to track remittances throughout the entire process—from receipt to final credit in the customer’s account.

Additionally, banks have been asked to strengthen digital foreign exchange platforms to eliminate the need for Form C and Form C (ICT) requirements.

A senior official of an international bank operating in Dhaka said the move would help build greater confidence among correspondent banks and further enhance Bangladesh’s reputation within the global payment network.