An ERQ (Exporters' Retention Quota) account holds part of your export earnings in foreign currency at a Bangladeshi bank. Bangladesh Bank lets ICT exporters, including software, data entry and processing, retain up to 50% of net earnings repatriated in foreign currency. Other legitimate service exporters can retain up to 30% of repatriated receipts. Repatriated means brought into Bangladesh. The bank converts the balance to taka.
What changed in July 2026
Bangladesh Bank's July 22, 2026 freelancer circular raised ICT retention from 35% to 50%. The 30% limit for other legitimate services stayed the same. Its consolidated export circular of July 30, 2026 sets out the current rules.
Who | Can retain in foreign currency | Must convert to taka |
|---|---|---|
ICT services, including software, data entry and processing | Up to 50% of net export earnings repatriated in foreign currency | The rest |
Other service exporters | The rest |
Some bank pages still quote the old 35% ICT limit.
What you can spend ERQ dollars on
The July 2026 circular lists these uses:
Foreign travel.
Software registration.
Domain and hosting fees.
Server maintenance.
Importing equipment.
EBL, City Bank, MTB and Standard Chartered offer international debit cards for spending ERQ balances on the uses listed above.
ERQ limits and interest
Interest: EBL, City Bank and Standard Chartered describe their freelancer foreign currency accounts as non-interest bearing.
Retention: The part of each qualifying receipt above your permitted ERQ share is converted to taka.
Repatriation: Service export earnings must reach Bangladesh within four months, subject to Bangladesh Bank's approved arrangements. The ERQ account holds the permitted foreign currency share after the earnings reach Bangladesh.
How to open an ERQ account
Step 1: Choose a bank with a freelancer package
EBL, City Bank, BRAC Bank, MTB, Standard Chartered and Midland Bank all publish freelancer ERQ products. Our best banks for freelancers guide compares them.
Step 2: Gather your documents
Most banks ask for:
NID, passport or birth certificate, and photos of you and your nominee.
Proof of address, such as a utility bill.
Work orders, contracts, emails or platform statements showing foreign earnings.
A Freelancer ID and e-TIN for City Bank. EBL lists the Freelancer ID as optional. BRAC Bank accepts a marketplace screenshot or work/payment order and requests e-TIN or a tax-return receipt if available. Midland accepts a marketplace profile screenshot. Standard Chartered lists the Freelancer ID and e-TIN in its checklist.
Step 3: Apply at the branch or online
Standard Chartered offers digital account opening. BRAC Bank has an online application form, and City Bank opens the ERQ and taka accounts in one branch visit. Apply for the linked pair so the bank can allocate qualifying receipts between retained foreign currency and taka.
Step 4: Give your payers the right details
Give your payer the account name, foreign currency account number, bank name and SWIFT details supplied for inward export remittances. The payment must arrive as qualifying foreign currency earnings for the bank to allocate the ERQ share. A platform payout already converted to taka does not create a USD ERQ balance.
Paperwork when money arrives
Bangladesh Bank has discontinued Form-C and Form-C (ICT) for inward remittances received through secure banking channels. Banks collect payment information digitally instead.
Keep emails, contracts, invoices and platform statements. The circular lets banks accept these instead of traditional export documents.
Receive USD and send money home with Elevate Pay
Receive client and platform earnings in USD through our US ACH details for free. Send money to your Bangladeshi bank for $1.50. Bank payouts sent before 12 PM Sunday to Thursday arrive the same business day; later payouts arrive the next business day. bKash payouts with correct recipient details arrive in real time.
Bloom Financial Technologies Inc, trading as Elevate Pay, is a financial technology company, not a bank. Banking services are provided by Merchants Commercial Bank, Member FDIC.
Frequently asked questions
Is the 50% limit per payment or per year?
It is a share of qualifying repatriated receipts, not an annual dollar allowance. The ICT limit uses net export earnings; the other-service limit uses repatriated receipts. Each receipt's retained portion goes to ERQ and the balance goes to the linked taka account.
Can I transfer ERQ dollars to someone else?
The listed uses cover your foreign travel and business expenses, including software registration, domains, hosting, server maintenance and equipment imports. The circular does not give an unrestricted right to make personal gifts or transfers from ERQ.
What is the cash incentive for freelancers?
Bangladesh Bank's July 5, 2026 circular sets 2.50% cash assistance for individual freelancers exporting software and IT-enabled services in FY2026-27. The scheme requires qualifying earnings and supporting records, including client invoices, evidence of completed export work and bank remittance records. Claims follow its eligibility and audit requirements.
What happens to money above my retention share?
It is converted to taka at the bank's rate and credited to your linked taka account.
Open your account
Choose your bank, prepare your identity and work records, and apply for the ERQ account with its linked taka account. Use the bank's inward foreign currency remittance details for earnings you want allocated to ERQ.
How we checked this
We reviewed Bangladesh Bank's July 5, July 22 and July 30, 2026 circulars and the banks' official product pages on October 2, 2026. The circulars provide the retention, incentive, permitted spending and digital declaration rules. We did not open an account.
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