Some banks issue chip-and-pin cards which also have a magnetic stripe, but the magstripe is not activated unless you specifically ask for it. And you can do things like activate the magstripe for a specific country for a specific time frame.
That's similar to what was done (mandated by the government) last year where I live. Overseas withdrawals are disabled by default and customers must now opt-in to allow them.
The customer can choose a validity period and per/day withdrawal limit, but I don't think it's possible to enable on a per country basis.
