Int’l ATM withdrawals suspended to boost digital payments: BRAC Bank MD
Customers can still use the cards to purchase goods and services from merchants, said the BRAC Bank official.
BRAC Bank halted all kinds of cash withdrawals using its cards outside the country to discourage cash transactions and promote digital and electronic payments, said the bank's Managing Director Selim RF Hussain.
It is bank policy. Electronic debits or payments will continue outside Bangladesh, only cash withdrawals are discontinued, he told The Business Standard on Monday (25 December).
The suspension came into effect on 24 December, according to a BRAC Bank notice.
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However, the bank did not disclose how long the suspension will last.
Customers can still use cards to purchase goods and services from merchants, Selim RF Hussain said.
"This is a credit-control measure. It will also ensure a clear audit trail regarding the usage of cards."
Selim RF Hussain, MD, BRAC Bank
"This is a credit-control measure. It will also ensure a clear audit trail regarding the usage of cards," he said.
"We had discontinued cash withdrawals through credit cards within Bangladesh a few years ago," said the BRAC Bank official.
Foreign currency cash is issued to customers from BRAC Bank Branches within Bangladesh when customers endorse their travel quota and show appropriate travel docs.
"We have sufficient cash foreign currency reserves in Bangladesh to serve our customers," Selim RF Hussain added.
