BRAC Bank has launched Visa ARQ Express International Debit Card, a pioneering solution designed to empower 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 permitting 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.
The 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, said, “Our corporate clients require reliable tools to navigate the complexities of international commerce. The Visa ARQ Express International Debit Card offers them the flexibility and security needed to perform overseas transactions seamlessly, reflecting our commitment to supporting their growth and success in the global market. This product will greatly benefit our buying house clients, especially when travelling abroad for marketing activities and sourcing export orders for the RMG industry. We are thankful to Bangladesh Bank for issuing the necessary regulatory guidelines to introduce the card.”
Md. Mahiul Islam, Deputy Managing Director and Head of Retail Banking at BRAC Bank, commented, “The introduction of the Visa ARQ Express International Debit Card underscores our commitment to providing innovative financial solutions that cater to the evolving needs of our corporate clients. This card offers a secure and convenient way to manage international transactions, enhancing operational efficiency for businesses engaged in global trade.”
Sabbir Ahmed, Country Manager, Bangladesh, Nepal and Bhutan, Visa commented, “As a global leader in payments, Visa is delighted to deepen our partnership with BRAC Bank with the launch of the Visa ARQ Express International Debit Card. This innovative solution is a testament to our commitment to supporting cross-border payments, offering corporate firms and travellers in Bangladesh a safe, convenient, and efficient way to manage their international transactions. By enabling seamless access to global markets, we are proud to contribute to the cashless mission of Bangladesh and empower businesses to thrive in the global economy.”
Mohammad Mofazzal Hossain Pavel, President of Bangladesh Garment Buying House Association (BGBA), said: “This is a major milestone for the garment buying house industry. Our members have long faced challenges in meeting legitimate overseas business expenses. The BRAC Bank Visa ARQ Express International Debit Card brings much-needed convenience, financial flexibility, and transparency. It reflects a forward-looking approach to banking that meets the evolving needs of export-oriented businesses. We thank BRAC Bank and the authorities for this timely initiative, which will enhance our global competitiveness and support the continued growth of the RMG sector.”
This launch marks a significant step in BRAC Bank’s ongoing efforts to facilitate international business operations for its clients, primarily from the buying house industry, which leverages its advanced technological capabilities and collaboration with international partners like Visa to reduce buying house commission or agent commission.