Dual currency cards making life easy

Ainul Haque is a private job holder, and he often visits other countries with friends and colleagues. He recently went to India and Thailand with his colleagues.

Last year, Ainul planned to see the ICC Cricket World Cup match between Bangladesh and Pakistan with colleagues in India.

He needed Rupee – the Indian currency. So he took the facility of a dual currency card from the City Bank. Ainul used the dual currency card for both India and Thailand, which made his journey comfortable and smooth.

Speaking to The Business Post, Ainul Haque said, “I had visited two countries, and that time, I took a dual currency card from a private bank. This card had really made my journey easier, and I handled all transactions effortlessly.

“I paid off my hotel rent with a card in Indian currency. I had also purchased many accessories from shopping malls and paid for them through a card.

He continued, “I did not carry Indian currency in cash, it was also the same when I went to Thailand. On the Thailand tour I spent 20,000 currencies through a card. I withdrew cash in India and Thailand through my dual currency card.

“Ten years ago, when I did not have a dual currency card, I had to be very careful of spending my limited cash of foreign currency.”

Industry insiders say people now-a-days are getting used to cashless transactions both home and abroad. So, nowadays, all types of job holders are using the dual currency card, and it will increase drastically in future.

A dual currency card is required to facilitate international transactions when people shop from online platforms. If anyone wants to purchase a product from an online retailer such as Amazon or AliExpress, they can buy it through a dual currency card.

On the other hand, freelancers are using the dual currency card more nowadays as they pay online.

Mutual Trust Bank Ltd (MTB) Managing Director and CEO Syed Mahbubur Rahman said, “Recently, the number of credit card users have increased due to the ongoing USD crisis in the country.

“It makes our life easier as people do not need to purchase USD in cash. Now-a-days, travelers are being benefited by dual currency cards.”

Credit card usage surges abroad

Credit card usage outside of Bangladesh surged by 19 per cent to $5,793 million in December 2023, up from $4,874 million recorded in November the same year. 

The Bangladesh Bank had started publishing the volume of credit card transactions from last year.

The figures show that the credit card transactions have been gradually increasing abroad. Most of the credit card holders’ transactions are taking place in India, as every year people go to this country for treatment and tourism.

Twenty per cent of the total credit card transactions took place in India in December of 2023. In second place, credit card transactions stood at $732 million in the United States of America (USA).

Thirdly, most of the credit card users were at $594 million in the United Arab Emirates (UAE) and fourthly, the transactions were $584 million in Thailand. 

During the November-December period, the Bangladesh Bank data show that in Bangladesh around 58.16 per cent of the transactions were conducted using VISA cards issued by foreign entities, while approximately 40.66 per cent of the transactions were executed using MasterCard issued by foreign entities.

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