FAQ for Freelancer Matrix Account
  1. What is a Matrix account?
    Answer: The proposition is a bundle offer by combining Retail ERQ (Exporter’s Retention Quota) account and a Local Currency Deposit Account. International Debit Card and Local Currency Debit Card are offered respectively. Customer will open a Foreign Currency (USD) ERQ account and Local Currency CASA. If a customer already has a CASA BDT account with BBL then that account can be tagged with the ERQ account.

  2. Who can open the ERQ matrix account?
    Answer: Individual Freelancers involved in service export business and having a valid Freelancers ID issued by Bangladesh Freelancer Development Society (BFDS) and Bangladeshi by citizen or by birth. Foreign Nationals and Blacklisted persons cannot open ERQ matrix account.

  3. What is the minimum deposit requirement?
    Answer: There is no minimum deposit requirement. However, debit card fee will be marked as lien, as per banks existing policy.

  4. Will customer earn interest on the account balances?
    Answer: Customer will earn interest in the local currency account as per the policy of BRAC bank. No interest applicable for the ERQ (USD) account.

  5. Can inward Remittance be received in Freelancer Matrix account?
    Answer: The inward remittance of freelance work will be deposited in USD and BDT. Maximum 70% of the inward remittance will be in USD in the ERQ account as per the regulations of Bangladesh Bank. Minimum 30% of the inward remittance will be parked to the linked local currency account in BDT.

  6. Can outward remittance be made from Freelancer Matrix account?
    Answer: The customer can make outward remittance from the ERQ account through wire transfer for bonafide business purposes.

  7. Can fund transfer in USD to be made from Freelancer Matrix account?
    Answer: The customer can transfer foreign currency to their own ERQ account maintains with other bank (if any) through Foreign Demand Draft.

  8. What is the spending (transaction) and withdrawal limit for Matrix Debit card?
    Answer: Same as RFCD card, except that matrix cardholders can withdraw cash from BBL ATMs. BBL ATM cash withdrawal limits:

    Particulars BDT limit for BBL ATM
    Cash Withdrawal limit per day from BBL ATM BDT 100,000/=
    (Equivalent amount of USD will be deducted from A/C balance)
    No. of cash withdrawal limit from BBL ATM 5
    Single Cash withdrawal limit from BBL ATM BDT 40,000/=
    (Equivalent amount of USD will be deducted from A/C balance)

  9. Which branches can open the Matrix account?
    Answer: All branches can collect documents but must open ERQ account by using Gulshan branch’s SOL for interim pilot period. CASA BDT account can be opened by the collecting branches. Product team will inform when other AD branches can start opening ERQ accounts using their own SOL.

  10. What are the required documents for opening matrix account?
    Answer: The required documents are as follows:
    • 2 Personal Account Opening Form (Regular & ERQ)
    • National ID/Passport of Account holder and Nominee
    • 12 Digit e-TIN certificate
    • Photo of Account holder and Nominee – (Account holder-2 photos,Nominee-1 photo for each account to be opened)
    • FATCA form
    • Utility bill copy/CPV
    • Work Order or Email/Communication containing work order of last 5 items worked on must be obtained as proof of his/her source of fund.
    • Freelancer ID from Bangladesh Government (To be verified by respective branch operations).
    • General Instructions which includes the list of frequent remittance sources (clients, freelancing platforms), linking of BDT CASA a/c and T&C for interim period until the AOF is updated. Customer should update the bank if a source of remittance is changed.

  11. Should the 70%-30% ratio always be maintained in accounts?
    Answer: No, 70%-30% split is only done when there is an inward remittance of minimum of $10. Customer can convert the rest of the USD to BDT as per process (using Branch, ATM Booth, Astha, etc).If the inward remittance is below $10, the entire amount will be transferred to BDT CASA account.

  12. How can a customer convert USD to Local CASA?
    Answer: The customer can visit any branch and request to convert USD to BDT. Or, Customer can use BBL ATM to withdraw BDT by using Matrix card. Customers can also do the same using Astha App in near future.

  13. How can a customer withdraw money from ERQ matrix account?
    Answer: Customer may visit any ATM and use her/his Matrix Card to withdraw BDT as per available USD balance where conversion rate of that particular day will be applied (please check question 8 for further details). If the customer wants to withdraw with his local debit card then s/he have to convert to BDT first as described in Question 12 first then withdraw.

  14. Can a customer use Matrix card in local POS/ECOM?
    Answer: No.

  15. What are the charges for the ERQ Matrix Account?
    Answer: The charges are as follows:

    Particulars Amount in USD
    Minimum Opening Deposit 0
    Account Maintenance Fee Free
    VISA Debit Card Fee (Annual) Upto USD 10
    Cash Withdrawal Charges for ATMs outside Bangladesh Upto USD 3 (Including VAT)
    Debit Card Replacement Fee Upto USD 10
    PIN Reissuance Fee (Through Branch and Call Center) Upto USD 2

  16. Can Matrix accountholders use BBL Astha App?
    Answer: Yes- view option is available for Matrix accountholders. We are also working on the App where accountholder will be able to transfer his/her funds from ERQ account to his/her own linked CASA account.

  17. What is the procedure to close the account?
    Answer: Linked CASA account cannot be closed without closing the ERQ account. If a customer has taken a BBL locker facility, the locker needs to be closed as well before closing CASA account. Banks existing account closure policies and practices should be strictly adhered.