BRAC Bank has stopped cash transactions on cards abroad
To encourage digital and electronic payment capabilities, private sector BRAC Bank has stopped cash withdrawals through cards outside the country. As a part of Smart Bangladesh implementation, the bank started discouraging cash transactions after completing the digital transformation of the financial sector through this initiative.
In a notification on behalf of the bank, customers have been told that all cash withdrawals outside the country with BRAC Bank cards have been suspended from 24 December 2023.
The notification further states that any valid purchases can be made through POS and e-commerce within the travel quota. Our customers can use our cards to purchase goods and services from overseas merchants, but cannot withdraw cash for general use. It is a credit-control system. This will ensure a clear auditable trail of card usage.
Meanwhile, any customer can collect foreign currency in cash within Bangladesh from any branch of BRAC Bank by showing proper travel documents and sanctioning travel quota. The bank also has sufficient foreign currency cash reserves in its vaults to service its customers.
According to sources, BRAC Bank is always encouraging digital transactions and electronic payments. Apart from this, as there is no record of cash withdrawal, this decision has been taken for the safety and customer protection of the bank. However, electronic transactions and purchases can be made. Earlier, the bank stopped cash withdrawals from credit cards within the country to encourage digital transactions.
