International MasterCard: In an increasingly globalized world, international MasterCards have become an essential tool for those who travel frequently or engage in international transactions. For residents of Bangladesh, obtaining an international MasterCard can significantly enhance the ability to shop online from global stores, pay for services abroad, and access funds while traveling internationally. If you’re looking to obtain an international MasterCard from Bangladesh, this guide will provide you with the necessary steps, considerations, and insights into the process.
What is an International MasterCard?
An international MasterCard is a type of credit or debit card that is widely accepted by merchants and ATMs around the world. It is issued by banks or financial institutions that partner with MasterCard, which operates a vast global payment network. International MasterCards can be used for online shopping, hotel bookings, flights, and even withdrawing cash from ATMs in foreign countries. One of the main advantages of having an international MasterCard is the convenience of making payments in different currencies, along with the security and flexibility it offers when traveling or transacting internationally.
Why Get an International MasterCard in Bangladesh?
There are several compelling reasons why someone in Bangladesh might want to obtain an international MasterCard.
Easier International Transactions
An international MasterCard allows you to conduct transactions seamlessly in foreign currencies. Whether you’re purchasing goods from international e-commerce sites or paying for services abroad, an international MasterCard ensures that you can make payments without dealing with complicated currency conversions or bank transfers.
Enhanced Travel Convenience
For frequent travelers, an international MasterCard is invaluable. It provides access to a global network of ATMs for cash withdrawals and offers peace of mind knowing that you can make purchases with ease wherever MasterCard is accepted. Additionally, many international MasterCards come with travel benefits such as access to airport lounges, travel insurance, and exclusive discounts on accommodations and flights.
Security and Fraud Protection
MasterCard offers advanced security features such as EMV chip technology, which helps protect against fraud and unauthorized transactions. When using an international MasterCard, your transactions are secured, which is crucial when traveling or conducting business online.
Steps to Obtain an International MasterCard in Bangladesh
Obtaining an international MasterCard in Bangladesh involves several straightforward steps. While each bank or financial institution may have slightly different procedures, the general process remains the same. Below are the steps to follow:
Choose a Bank or Financial Institution
The first step in obtaining an international MasterCard is selecting a bank or financial institution that offers MasterCard products. In Bangladesh, many banks provide international MasterCard options, including commercial banks like Standard Chartered, City Bank, BRAC Bank, and Eastern Bank. These banks offer a variety of credit and debit cards with varying benefits and requirements.
Understand the Types of Cards Available
Once you’ve selected a bank, it’s important to understand the different types of international MasterCards available. Banks typically offer credit cards, debit cards, and prepaid cards under the MasterCard brand.
- International Credit Cards: These cards allow you to borrow funds up to a pre-approved limit and pay it back over time. They typically come with higher fees but offer greater rewards, including travel perks and cashbacks.
- International Debit Cards: These cards are linked directly to your bank account, and you can only spend the available balance in your account. They are generally more accessible than credit cards, with fewer requirements for approval.
- Prepaid MasterCards: Prepaid cards are loaded with a specific amount of money that can be used internationally, making them an excellent option for budgeting or for those who prefer not to have a credit card balance.
Provide Required Documentation
To apply for an international MasterCard, you will need to provide certain documents. Banks typically require proof of identity, address, and income. The documents required may include:
- A government-issued ID such as a national ID card or passport.
- Proof of address, such as utility bills or bank statements.
- Proof of income, such as pay slips, income tax returns, or business income details for self-employed individuals.
- Recent photographs, as requested by the bank.
If you’re applying for a credit card, banks may also require your credit history and a credit score report. Having a good credit score is crucial for credit card approvals, as it signals to the bank that you are capable of managing debt responsibly.
Complete the Application Process
Once you have all the necessary documents, you can submit your application to the bank. This can often be done online via the bank’s website or in person at a branch. Many banks now offer digital applications for credit and debit cards, streamlining the process for customers. When completing the application, make sure to check all the details, as any errors could delay the approval process.
Wait for Approval
After submitting your application, the bank will review your financial background, verify your documents, and assess your eligibility for an international MasterCard. The approval process may take anywhere from a few days to a couple of weeks, depending on the bank’s internal procedures. You will typically receive a notification informing you of the status of your application.
Receive Your Card
If your application is approved, the bank will issue your international MasterCard. You may receive the card via mail, or you might be required to pick it up at the bank branch. Upon receiving your card, you will need to activate it according to the bank’s instructions. This usually involves calling a customer service number or activating the card online.
Set Up Your Card for International Use
Once activated, your international MasterCard is ready to be used. For international usage, make sure your card is enabled for overseas transactions. Some banks require you to notify them before traveling internationally to ensure there are no issues with card usage abroad. Additionally, ensure that your card has sufficient funds or a high enough credit limit to cover your international transactions.
Things to Consider Before Applying for an International MasterCard
Before applying for an international MasterCard, it’s important to consider a few factors:
Foreign Transaction Fees
Many international cards charge foreign transaction fees for purchases made outside Bangladesh. These fees can range from 1% to 3% of the total purchase amount. It’s advisable to check with your bank to see if the card charges these fees and to compare different cards that offer no foreign transaction fees.
Annual Fees and Charges
International credit cards often come with annual fees, which can vary based on the type of card and the benefits it offers. Make sure to evaluate the card’s annual fee in relation to the perks you receive.
Security Features
Since international MasterCards are used globally, ensuring that the card offers robust security features such as fraud protection and two-factor authentication is essential to protect your financial information.
Conclusion
Obtaining an international MasterCard in Bangladesh can significantly enhance your ability to engage in global transactions, travel with ease, and enjoy added security. The process of getting one is relatively simple, involving choosing a suitable bank, understanding the types of cards available, providing necessary documentation, and waiting for approval. Whether you’re opting for a credit card, debit card, or prepaid card, it’s essential to carefully assess the fees, features, and benefits of the card to ensure it aligns with your international financial needs.