Traditionally banks execute transactions through SWIFT messages
The Bangladesh Bank has allowed authorized dealers (AD), or banks, to remit outward payment through international card channels.
Traditionally banks execute transactions through SWIFT messages. Exchange houses facilitate wage remittances as per the prevailing arrangements.
Under the new system, banks will be able to effect outward remittance on the internet through international remittance cards issued in their names.
The central bank issued a notice on Monday, instructing banks to effect remittances on account of IT-related expenses; membership fees, fees for application, registration, admission, examination, etc.
The BB notice also said that the banks were allowed to make payment for permissible study abroad; visa processing fee; immigration visa processing fees, evaluation fees, right of landing fee; registration/participation fee for attending training, seminar, workshop abroad; publication related fees of articles in international journals; travel expenses on health ground; and payments for tour operations from their foreign currency accounts on behalf of their customers through the channel.
An official of the central bank said that Bangladesh Bank has continuously been updating regulations to facilitate business.
The new system will facilitate smooth remittance transactions through international cards as per requirements of foreign beneficiaries, he added.