Bangladesh Bank eases process for purchasing air tickets for overseas travel
Travellers from now on will be able to purchase airline tickets for any international destination directly from home. The Bangladeshi citizens may buy tickets using any internationally accepted payment card. There will be no need to visit a travel agency or bank.
Bangladesh Bank has introduced this facility to make it easier for outbound travellers to purchase tickets and to ensure they can do so at competitive prices.
Bangladesh Bank issued a new circular on the matter Wednesday.
Under the new instruction, travellers may purchase tickets of any price from home, provided the transaction falls within the foreign currency limit of their credit cards.
Previously, a cap of US $300 existed for foreign currency transactions. As a result, local cardholders were unable to purchase any product or service priced above $300 in a single transaction. This restriction has now been lifted for the purchase of airline tickets.
Bangladesh Bank has stated that after purchasing a ticket using an international card, the equivalent amount may be reloaded or refilled into the card. However, before the reload is made, it must be confirmed that the full amount of the ticket has been transacted through a bank in Bangladesh. Banks have been instructed to keep separate records of ticket purchases for each instance of reload.
The circular further states that foreign airline companies must deposit the proceeds from ticket sales into their foreign currency accounts held with authorised dealer banks in Bangladesh.
In contrast, the proceeds collected by locally owned airlines must be converted into taka before being deposited.
Industry stakeholders believe that the new system will make it easier for outbound travellers to purchase tickets, ensuring more competitive pricing.
According to them, the price disparity between domestic and foreign airlines is also expected to narrow, and the influence of intermediaries in the sale of international tickets is likely to diminish.