Bangladesh Bank has allowed the use of international debit, prepaid, and credit cards to pay tuition fees and other approved educational expenses for higher studies abroad, significantly simplifying online and admission payment processes for Bangladeshi students.
According to a circular issued by the central bank on Monday, banks can now issue international debit, prepaid, and credit cards in the name of the student or the person financing their education.
Bangladesh Bank noted that the policy change responds to growing demand for making payments directly to foreign universities and admission platforms using international cards.
Under the new guidelines, transactions made for approved educational expenses will not be deducted from the standard annual travel quota, allowing students to access this facility separately from regular foreign travel allowances.
The circular mandates that banks fulfill all necessary foreign exchange regulations before issuing and enabling the cards.
The cards are restricted strictly to authorized educational expenses within a specified timeframe and cannot be used for alternative purposes.
Additionally, banks must maintain comprehensive records of all education-related transactions and submit regular reports to Bangladesh Bank using designated purpose codes.
This move is expected to streamline banking channels for Bangladeshi students pursuing higher education abroad, enabling faster online fee processing directly through international university payment portals.