BB allows international cards for overseas education payments
The facility will allow students and their sponsors to use cards for tuition fees and other approved education-related expenses abroad without affecting existing travel quotas.
Bangladesh Bank has allowed the use of international cards for making education-related payments to institutions abroad, easing foreign exchange transactions for Bangladeshi students.
According to a circular issued today (10 August), authorised dealer (AD) banks may issue debit, prepaid or credit cards in the name of students or individuals financing their education to pay tuition fees and other approved education-related expenses to foreign institutions.
The move comes as overseas universities and admission platforms increasingly require international card payments for tuition, admission and other education-related fees.
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The central bank said such transactions will be treated separately and will not be counted against existing travel quotas or other foreign exchange entitlements.
AD banks must complete all required regulatory formalities before issuing the cards and ensure that they are used strictly for approved education-related payments within a specified validity period, reads the circular.
The Bangladesh Bank also instructed banks to maintain proper records of the transactions and report them to Bangladesh Bank using the prescribed purpose codes.
