To enable dual currency on our debit or credit card, we must have to ensure Endorsement on Passport by the card issuer bank. In a calendar year (January 1 to December 31), a person can use or endorse USD 12000. The authorized USD 12000 must be divided into your cards if you have more than one credit or debit card. If so, both banks and customers may be confused regarding the amount endorsed for a card, i.e., the amount already endorsed by the customer, the amount already used for the current calendar year.
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Bangladesh Bank Foreign Exchange Policy Department issued a circular on 07-02-2023 to eliminate this confusion and to ease the endorsement system. This circular provides outline guidelines for the endorsement on passport of a debit/credit card by the Bank’s authorized dealers.
This circular stated that;
- At the time of foreign currency endorsement bank branches must check previous endorsements as well as the amount expended by the customer in this calendar year into Bangladesh Bank E-services portal dedicated to this service. These are; Online TM Form Monitoring System, International Card Monitoring System, Online Money Changer Monitoring System. To use this service Banks have to register and get a user ID and Password for their own.
- If the customer has the previous passport number branch also checks the amount expended by the customer in this calendar year.
- And follow the earlier circular by Foreign Exchange Policy Department, No.-30, Dated: July 25, 2019 and Foreign Exchange Policy Department, No.-30, Dated: September 23, 2021.
Some authorized dealers are now endorsing passports for foreign currency used until the expiration of the passport. Every year, the endorsement amount will remain the same. If any Currency remains unused will not be added to your account next year. If you wish to make any changes, you must visit your concerned branch.