Credit card spending abroad rose 19% in Dec

Bangladeshis travelling abroad spent Tk 579 crore in December last year to buy goods and services, up 19 percent from a month ago, Bangladesh Bank data showed.

In November, the expenditure by Bangladeshis abroad stood at Tk 487 crore. It was Tk 413 crore in January last year and Tk 388 crore in June.

Bangladeshi nationals can spend up to $12,000 per year abroad using credit cards or by taking cash with them when travelling.

The central bank report on credit card spending released on Monday showed that credit cards issued by 43 Bangladeshi banks and non-bank financial institutions were used in various countries for buying products from department stores, pharmacies, clothing outlets and on transportation.

Of the total sum, 77.46 percent of the transactions were made using VISA cards, 13.90 percent using MasterCard cards, and 8.61 percent using American Express cards.

The BB report also said that Bangladeshis spent the highest amount of US dollar through credit cards in India, followed by the US, Thailand, Singapore, Saudi Arabia, the UK, Canada, and Malaysia.

Meanwhile, credit card transactions within Bangladesh increased by only 5.29 percent month-on-month to Tk 2,674 crore in December, it added.

On the other hand, transactions made through credit cards issued by foreign entities but utilised within Bangladesh stood at Tk 184 crore in December, down from Tk 193 crore in November.