Bangladeshis are swiping their credit cards abroad at a record pace, with the United States and Thailand emerging as the top destinations for spending in June 2025, according to the latest Bangladesh Bank report.

The central bank’s updated data shows that overseas credit card spending reached Tk549 crore in June, marking a 29.3% rise from Tk386 crore in May.

India, once the leading destination for card use, slipped to seventh place as persistent visa complications reduced travel.

Challenges to a cashless economy

While card transactions abroad are surging, Bangladesh continues to face hurdles in shifting to a fully cashless economy.

Limited digital infrastructure in rural areas, low financial literacy, cyber security concerns, and a lack of trust in online platforms hinder adoption.

The country’s deeply rooted cash-based culture and large informal economy also resist digital payment systems.

On top of that, high transaction costs and limited access to smartphones further complicate progress, according to the Bangladesh Bank analysis.

Top spending destinations

Bangladeshi cardholders spent the most in the United States, Tk76 crore, followed by Thailand (Tk52 crore), Saudi Arabia (Tk51 crore), Malaysia (Tk48 crore), United Kingdom (Tk46 crore), and Singapore (Tk45 crore).

Spending in India dropped sharply to Tk33 crore, well below past levels. Other key destinations included Canada, the Netherlands, Dubai, Australia, and Ireland.

The data also shows that Bangladeshis conducted 4.91 times more transactions abroad than foreign nationals using cards inside Bangladesh in June.

Visa credit cards remain the most widely used, accounting for 75.56% of overseas transactions. MasterCard and American Express trailed with market shares of 14.67% and 9.73%, respectively.

Where the money went

By category, the highest spending abroad was recorded at department stores (33.3%), retail establishments (17.59%), and transportation (10.98%).

Additional significant spending was recorded on medicines, clothing, and cash withdrawals.

Five-year surge in card transactions

A broader five-year statistical review highlights the rapid expansion of card-based payments in Bangladesh.

The number of debit, credit, and prepaid cards grew by 140% between June 2020 and May 2025, reaching more than 51 million cards in circulation.

Total transaction volumes surged 273% in five years, rising from Tk13,566.4 crore in June 2020 to Tk50,651.6 crore in May 2025.

This sustained growth reflects a sharp rise in digital payment adoption, even as structural challenges continue to slow the country’s transition toward a fully cashless economy.