Bangladeshis can now use int'l debit cards while travelling

- A Monitor Desk Report 18 Jun, 2020 | 723 Views|-+
Dhaka: Bangladeshis from now on can use international debit cards to settle transactions while travelling to any foreign country, Bangladesh Bank said in a circular on June 16.

Earlier, travellers had to spend foreign currency abroad using international credit cards.

"It has been decided that authorised dealers [ADs] may issue international debit cards [IDCs] in favour of eligible persons against their annual travel entitlements," the circular read.

The circular further said international debit cards should be issued within the annual travel entitlement with an endorsement on passports, among others.

Authorised dealer banks shall have suitable arrangements with the local currency accounts to which IDCs are linked so as to ensure that amount in foreign exchange cannot be expended in excess of endorsements within the annual travel entitlement, the circular added.

The central bank circular also said that the local currency accounts to which IDCs are linked should have sufficient funds to support the expenses to be met from the cards.

Alternatively, ADs should retain the endorsed amount equivalent in BDT, from local currency accounts in the margin accounts, to be maintained in the names of customers for smooth adjustment of the expenses incurred through IDCs, added the circular.

Now, dealers are authorised to issue international credit cards and debit cards in favour of eligible persons against their annual travel entitlements, as per Foreign Exchange Transactions Guidelines-2018.

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