Bangladesh Bank has allowed the use of international debit, prepaid and credit cards to pay tuition fees and other approved education costs for higher studies abroad. This will make it easier to pay for admission and tuition at foreign universities and to make various online education-related payments.
Bangladesh Bank issued a circular on the matter on Monday (10 August). It said authorised dealer (AD) banks would be able to issue international debit, prepaid and credit cards in the name of the student or the person bearing the student’s education costs.
Bangladesh Bank said demand for paying through international cards to foreign universities and various admission platforms was rising, and that the facility had been given to ease the process of paying students’ study costs abroad.
Under the new arrangement, money spent on the card to pay a student’s approved education costs will not be adjusted against the existing travel quota — that is, this approved study-related spending will be treated separately, outside existing travel entitlements.
According to the circular, the cards may be issued in the student’s own name or in the name of the person bearing the student’s education costs. AD banks must complete all necessary foreign-exchange formalities in issuing and using the cards.
The card may be used only to pay approved education-related costs within the set time limit, and for no other purpose.
Bangladesh Bank also directed AD banks to keep proper records of all education-payment transactions and to submit the transaction data to Bangladesh Bank regularly, in report form, using the prescribed purpose code.
The decision will widen the use of the banking channel by Bangladeshi students going abroad to pay university admission and tuition fees, and will be especially useful for making quick payments through foreign universities’ online payment systems.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report