Bangladesh Bank Mandates 24-Hour Credit for Foreign Remittances

Bangladesh Bank has ordered commercial banks to credit inward remittances to customer accounts within one business day, a move aimed at ending processing delays and modernizing the nation’s payment systems.

The directive, issued in a circular today, takes immediate effect. However, the central bank has granted institutions a transition period until March 31, 2026, to reach full compliance.

The revised guidelines establish strict windows for fund availability: During Banking Hours: Remittances must be credited the same business day. After Banking Hours: Remittances must be credited by the next business day. Delayed Verification: If a bank cannot perform an immediate review, it must settle the transaction within three business days.

To speed up the flow of money, the central bank is urging a "credit first, verify later" approach. Banks are encouraged to use Straight-Through Processing (STP) and risk-based expedited methods. If essential information is available, banks should credit the beneficiary’s account even if minor documentation is still pending, provided those checks are completed afterward.

Additionally, banks must now rely on intraday credit confirmations rather than waiting for end-of-day statements from overseas "nostro" accounts. Reconciliation of these accounts should now happen every 60 minutes.

To help families track their money, banks must now use a Unique End-to-End Transaction Reference (UETR) to trace every transfer from the moment it is sent until it hits the local account.

The central bank also signaled the beginning of the end for traditional paperwork, instructing banks to upgrade digital platforms to eventually phase out the manual Form C and Form C (ICT) declaration requirements.

Industry insiders say these reforms will boost public confidence in legal banking channels and align Bangladesh with global financial standards. The circular was issued on January 8, 2026. The deadline for full implementation of these automated processes is March 31, 2026.