Bangladeshi students studying abroad will now be able to use international debit, credit or prepaid cards to pay tuition and other education-related fees directly to foreign institutions.
Bangladesh Bank announced the new facility in a circular issued on Monday, allowing authorised dealer (AD) banks to issue international cards for such payments.
Importantly, the foreign exchange used through this facility will not be counted against a student`s annual personal travel quota or other regular foreign exchange limits.
The move is aimed at making overseas education payments easier, particularly as many foreign universities and enrolment platforms now require students to pay fees through digital channels.
The facility covers students enrolled in recognised institutions abroad in undergraduate and postgraduate programmes, as well as language courses, professional diploma and certificate programmes.
Language courses taken as a requirement for a bachelor`s degree will also qualify.
Under the new rules, banks can issue debit, prepaid or credit cards either in the student`s name or in the name of the person paying for the student`s education.
Credit card limits will be subject to the bank`s own policies and applicable Bangladesh Bank rules.
Before loading foreign currency onto a card, banks must complete the required checks, including KYC and AML/CFT procedures.
The bank will decide how long the loaded amount remains valid.
The cards can only be used for approved education-related payments.
Banks must ensure that transactions stay within the loaded amount and that payments are made only to eligible educational institutions or beneficiaries.
AD banks have also been instructed to keep proper records of the transactions, monitor card usage and report the details to Bangladesh Bank through the Online Foreign Exchange Transaction Reporting System (TM Module) using the relevant purpose codes.
All existing rules on releasing foreign exchange for overseas education will otherwise remain unchanged.
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