The central bank has partly freed up foreign exchange transactions by approving online transfer of funds for academic purposes by credit card.
Also, foreign professionals and scientific institutions here will be able to remit “membership fees” abroad online, Bangladesh Bank said in a statement yesterday.
Bankers hailed the move saying it was a significant development in the country’s digitisation efforts.
Banks have so far made telegraphic transfers of funds or pay orders to enable people to sit for exams such as TOEFL, SAT, GRE, IELTS, OCP, ACCA, FCA and medical exams. Now, these payments will easily be made by international credit card, debit card and prepaid card.
“It will not only save the students hassles of readying additional papers and bearing courier costs but also help them keep track of the spending,” said Abedur Rahman Sikder, head of alternate banking of BRAC Bank.
Many bankers said they get frequent requests from students who apply to foreign universities after their HSC exams, to allow them to pay the application fees online.
Bangladeshi students who want to go abroad for studies usually send applications and admission fees through telegraphic transfer, mail transfer or draft at bank-branch level. Students have to open files with banks for the purpose.
Now individuals, with no international credit cards, will also be able to make such payments online using ‘virtual cards’ to be issued by banks for the required amount, according to the central bank.
But these transactions must be reported to the central bank.
According to bankers, the BB was approached by a number of private commercial banks several months ago to enable them to transfer money online.
They also want to make hotel reservations on the internet, which has been made mandatory by many hotels across the world.
“Online payment should also be allowed to purchase air tickets,” said another banker, asking not to be named.
He said many airlines run special rate-campaigns on their websites round the year to various destinations. It can be from Dhaka to destination cities or from any second country to a third. These special rates are substantially cheaper than the rates available with the local agents of airlines and sometimes there are no local agents for certain airlines in Bangladesh.
Online payments can also be useful in paying visa fees, cellphone roaming bills and domain registration, web hosting, small software and journal subscription, said the bankers.
-With The Daily Star input
