City Bank has made a significant stride in the banking sector of Bangladesh by introducing the country's first-ever virtual debit card. This innovative product aims to provide customers with a seamless and secure way to conduct online transactions. The virtual debit card is designed to enhance convenience, offering all the functionalities of a physical debit card without the need for a physical presence. This move aligns with the growing trend towards digital banking and aims to cater to the evolving needs of tech-savvy consumers in Bangladesh.
City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka. The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh.
The bank has recently introduced the facility of a virtual debit card. Customers will be able to create the virtual debit card themselves. Customers can instantly create this virtual debit card through City Bank's internet banking channel, Citytouch. Currently, City Bank offers virtual debit cards from American Express, Visa, MasterCard, and UnionPay brands. Currently, City Bank is offering the issuance of virtual debit cards completely free for the first year. From the second year onwards, a fee of 200 BDT will be charged according to the schedule of charges, along with applicable VAT as per regulations.
Among the mentioned virtual debit cards, the American Express
Citymax Debit Card and the Visa Debit Card will offer dual currency facilities.
However, according to the prevailing laws of Bangladesh, to use the dual currency
facility, the cardholder must engage the card against their annual travel quota
with a valid passport.
