Bangladesh Bank Launches Bank-Mediated Cross-Border Digital Transactions

To make international payments and transactions smoother, faster, and safer for foreign travel, medical treatment, online shopping, and global business operations, Bangladesh Bank has launched the 'Bank-Mediated Cross-Border Digital Transaction Framework.' On Wednesday (July 29), the Foreign Exchange Policy Department of Bangladesh Bank issued a landmark circular to all Authorized Dealer (AD) banks across the country.

Under this new framework, funds can be sent and received abroad through Authorized Dealer banks in collaboration with foreign Payment Service Providers (PSPs), digital platforms, and online payment gateways. According to the circular, banks can offer 'Digital Value Accounts' (digital wallets) for general customers or passport holders, which will operate as sub-accounts under a bank's main 'Master DVA'. Banks must ensure 100% compliance with real-time tracking, balance monitoring, and anti-money laundering (AML) guidelines.

Under these guidelines, Bangladeshi citizens can transfer their annual passport travel quota into these digital wallets to spend during personal, medical, or official foreign trips. For online shopping, payments up to a maximum of $300 USD (or equivalent) per transaction will be allowed. Additionally, payments for IT services, international membership fees, visa processing, and hotel bookings can be settled based on actual requirements. Furthermore, foreign tourists visiting Bangladesh can make digital payments at local merchant points. Interested banks must obtain prior approval from Bangladesh Bank's Foreign Exchange Policy Department before rolling out the service.
//DBTech/PR/MSI//