Bangladesh Bank has set a maximum passport endorsement fee of TK 300 for money changers to standardize service charges and prevent excessive fees for outbound travellers.

Central bank's Foreign Exchange Policy Department issued a circular on Wednesday introducing the cap. Issuance aims to ensure transparency in foreign currency exchange transactions and stop arbitrary charges previously imposed by money changers.

Under existing Guidelines for Foreign Exchange Transactions 2018, licensed money changers can sell foreign currency including notes, coins and travellers' cheques against annual travel quotas for Bangladeshi citizens. Each transaction requires proper endorsement on passenger's passport and air ticket with seal and signature of authorized officials.

New directive mandates that money changers cannot collect any amount beyond BDT 300 as endorsement fee, regardless of foreign currency amount involved. Regulation applies to all transactions uniformly.

Bangladesh Bank has issued additional transparency measures alongside the fee cap. Money changers must display endorsement fee charts prominently at their business premises. Written receipts must be provided to customers after collecting fees.

Institutions are required to maintain proper records and documentation of all fees collected for audit and regulatory purposes. These measures will enable better monitoring of money changer operations.

Monowar Uddin Ahmed, Director of Foreign Exchange Policy Department, signed the directive. New rule took effect immediately from Wednesday, while all other foreign exchange transaction guidelines remain unchanged.

Standardization addresses longstanding complaints from travellers about inconsistent and excessive endorsement charges. Money changers previously charged varying amounts, sometimes significantly higher than TK 300, creating confusion and financial burden for passengers.

Central bank's intervention ensures uniformity across all authorized money changers operating in Bangladesh. Move is expected to benefit thousands of Bangladeshi citizens travelling abroad annually for business, education, medical treatment and tourism purposes.