Freelancers free to bring more money home

Banking transaction hours

They are now allowed bring up to US$5,000 per transaction.

Bangladesh Bank has increased the maximum limit of repatriation of service export from existing $2,000 for the IT freelancers and outsourcing companies.

The authorised dealer banks have been permitted to bring the proceeds from the service recipient countries through signing agreements with the online payment gateway service providers, according to a circular the central bank issued in Dhaka today.

The small-value services like data entry, data processing, offshore IT services and business process outsourcing will be entitled to repatriate the increased amount per transaction.

It would facilitate the freelancers and outsourcing companies to receive their payments from abroad through Payoneer, Paypal, Money Bookers, Best Payment Gateway and Virtual Pay.

Bank Asia has already introduced the service with Payoneer while Sonali Bank recently signed a Memorandum of Understanding (MoU) and sent it to US-based company PayPal for countersigning.

Once the service is launched, it is expected to facilitate transactions by the freelancers as well as e-commerce business.

Bangladesh ranks seventh among 186 countries in terms of earnings where online jobs are outsourced only in three years from 2011 to 2014.

More than 250,000 freelancers are directly involved in exporting their services and earning more than $214 million annually through different channels.

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