BRAC Bank has launched Visa ARQ Express International Debit Card, a pioneering solution designed to assist corporate and institutional clients in Bangladesh, to conduct secure and seamless international transactions.
This initiative, in partnership with Visa, the global leader in payments, aligns with Bangladesh Bank's recent directive. The directive permits local agent companies to open Agent's Retention Quota (ARQ) foreign currency accounts to facilitate legitimate overseas cashless payments for garments buying houses and other agents operating in Bangladesh.
Visa ARQ Express International Debit Card enables corporate clients to withdraw cash 24/7 from any ATM worldwide that accepts Visa cards, perform point-of-sale (POS) and e-commerce transactions in multiple currencies, and enjoy contactless POS transactions up to a limit specified by the regulator.
This card is linked to ARQ accounts, which, as per Bangladesh Bank's FE Circular No. 04 dated January 13, 2025, allows companies acting as agents or trade facilitators to retain a portion of their foreign currency earnings. These funds can be used for bona fide business expenses abroad, including payments made via international debit cards.
Tareq Refat Ullah Khan, managing director & CEO (current charge) at BRAC Bank; Md. Mahiul Islam, deputy managing director and head of retail banking at BRAC Bank; Sabbir Ahmed, country manager, Bangladesh, Nepal and Bhutan, Visa; and Mohammad Mofazzal Hossain Pavel, president of Bangladesh Garment Buying House Association, spoke at the event.
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