Thousands of Bangladeshi migrant workers, often called remittance warriors, have firsthand knowledge of how difficult it is to send money to Bangladesh. It could take up to a month in some cases. The money was usually delivered to the recipients when the need had passed. The more accessible the sending process is, the better for Bangladesh’s remittance fighters and the economy.
Because cross-border payments are often complicated, requiring many payment service providers such as exchange houses, banks, mobile wallets, and so on, the process must be ready to use on an individual basis. Because each country has its payment infrastructure, policy framework, and norms, moving money through too many intermediate procedures can take longer to reach the intended recipient.
BRAC Bank has worked tirelessly over the last decade to build a network of more than 65 partners across the globe, including the Middle East, Southeast Asia, Asia-Pacific, the United States, the United Kingdom, and other European countries, as well as Africa, to make remittance senders’ and their families lives easier.
At this time, any Bangladeshi in any part of the world can send money effortlessly using BRAC Bank. The bank’s partners are pretty helpful. Payment processors like Western Union, MoneyGram, Ria, World Remit, and others have great faith in BRAC Bank. Individuals cannot just transmit money through one of these businesses due to regulations. For money to be disbursed, a bank in Bangladesh must link with a payment operator.
N & P Japan Co. Ltd is a well-known company among Bangladeshis in Japan. However, they could not transfer remittances through them since they lacked a partner bank in their home country. BRAC Bank has partnered with N & P Japan Co. Ltd, and now all Bangladeshis living in Japan can utilize its services to transfer money home. Japan is home to about one lakh Bangladeshi expatriates.
Partnerships, on the other hand, may not be sufficient. Migrants also require remittances to transfer funds more quickly. BRAC Bank uses cutting-edge technologies to solve this problem. With each payment partner, it established an “API Connectivity” that allows two parties to transfer payments without the need for human intervention instantaneously.
This technology has made life easy. Abu Naser from Dubai says, “My brother in Bangladesh has an account at Brac Bank, and I remit from Dubai to his account whenever he needs it, just like a local fund transfer. It is something I could only dream of a few years ago, but thanks to Brac Bank for making our lives easier.”
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