Freelancers now getting ERQ account facility

The Bangladesh Bank has asked authorised dealer (AD) banks to provide exporters’ retention quota (ERQ) account services to service exporters, as well as freelancers.

Foreign Exchange Policy Department (FEPD) issued a circular in this regard on Sunday, enabling service exporters and freelancers to carry out remittance transactions from such accounts.

International credit, debit, or prepaid cards can be issued favouring nominated officials of companies and freelancers against the balances held in ERQ accounts for online payments abroad, against bonafide requirements, the circular noted.

The central bank also advised non-AD banks to make arrangements with nearby ADs, central trade processing centres, head offices, or principal offices for opening ERQ accounts, and issuing international cards.

ADs, providing settlement account services to mobile financial service providers like bKash or Rocket, shall open ERQ accounts and issue international cards to freelancers.

Freelancers need to make payments abroad like other exporters of goods, experts say, adding that ERQ account services can help them a lot, and service exports can be promoted, say experts.

Welcoming this new opportunity, Bangladesh Association of Contact Center & Outsourcing (BACCO) President Wahid Sharif said, “The government is acknowledging the freelancers, and that is why this type of policy is being introduced.

“Such moves will make it easier for Bangladesh to boost remittance inflow.”

He added, “Freelancers regularly import software and other products or services from abroad as part of their business. With an ERQ account, they can facilitate necessary imports in time and on demand. As a result they will be more motivated to work.”