Credit card spending by Bangladeshis in India has been falling, while such expenditures in USA, Thailand and Singapore have been rising, according to central bank data.
Industry insiders attribute this shift to India鈥檚 restricted visa issuance, which has reduced the number of Bangladeshi patients and tourists visiting the country.
In December 2024, Bangladeshi credit card spending in India fell to Tk 40 crore from Tk 47.2 crore in November.
In contrast, Thailand and Singapore saw substantial increases.
Spending in Thailand reached Tk 64.8 crore in December, up from Tk 42 crore in September, making it the second-largest destination for Bangladeshi credit card transactions abroad.
Similarly, spending in Singapore rose to Tk 41.2 crore in December from Tk 30 crore in September.
Historically, India had been the top destination for Bangladeshi credit card spending abroad. From March 2023 to June 2024, India consistently held the top spot.
However, with the student quota reform protests in July鈥攅ventually turning into the movement that led to the fall of the Awami League-led government on August 5鈥攖he United States overtook India as the leading destination.
In July 2024, Bangladeshis spent Tk 79 crore in the USA, surpassing India鈥檚 Tk 73.2 crore.
By December 2024, the USA maintained the top position with Tk 74.3 crore in transactions, followed by Thailand (Tk 64.8 crore), Singapore (Tk 41.2 crore), and India (Tk 40 crore).
India鈥檚 share of total overseas credit card spending by Bangladeshis dropped from 19.95 per cent in December 2023 to just 8.13 per cent in December 2024.
India has traditionally been the most popular outbound destination for Bangladeshis, accounting for around 40 per cent of total travellers due to cultural ties, proximity, and easy visa access.
Following the political transition in August and the formation of the interim government, India scaled down its visa operations in Bangladesh, approving only medical and emergency cases under certain conditions.
As a result, many Bangladeshis seeking medical treatment or travel options have shifted to Thailand, Malaysia, and Singapore.
Tourists who previously visited Kolkata are now opting Thailand, Singapore, and Nepal instead.
Meanwhile, domestic credit card transactions in Bangladesh rose by 15.10 per cent in December, reaching Tk 3,215 crore from Tk 2,793 crore in November.
International credit card transactions also increased by 13.98 per cent, amounting to Tk 491.5 crore in December compared to Tk 431.2 crore in November.
Additionally, transactions involving foreign-issued credit cards used within Bangladesh saw an 18.90 per cent rise, climbing to Tk 240.9 crore in December from Tk 202.6 crore in November.