Bangladesh – Bangladesh-based private commercial bank BRAC Bank has partnered with Singapore’s consumer bank DBS, aimed at allowing Bangladeshi migrants working in Singapore to easily transfer their hard-earned income to their families back home, with minimal fees and in real-time using DBS Remit, a remittance service integrated within the digital banking platform, DBS digibank.
The new partnership will enable DBS and POSB customers in Singapore to remit funds to any of BRAC Bank’s 187 branches and more than 700 agent banking outlets across Bangladesh. Furthermore, customers can credit their remittances via DBS Remit to any bank account in Bangladesh. By the end of 2022, customers will also be able to use DBS Remit to transfer funds to Bangladesh’s mobile wallet bKash, a subsidiary of BRAC Bank.
For remittances to Bangladesh, DBS Remit has no service fee charges, provides guaranteed exchange rates, as well as real-time automated deposits to any bank account there. BRAC Bank’s extensive network also allows recipients in Bangladesh to easily collect funds in cash if they prefer. For remittances deposited to a BRAC Bank account, BRAC Bank customers can use the bank’s app, Astha, to pay for utilities, insurance and loan installations, credit card and phone bills, as well as transfer funds to any bank account or mobile wallet in Bangladesh. They can also withdraw their cash at any ATM around the nation.
Rhidoi Krishnakumar, the regional head of DBS Remit, commented that they are very pleased to partner with BRAC Bank, one of the most innovative financial institutions in Bangladesh, to enhance their DBS Remit capabilities and provide more accessible, affordable and secure remittances for their customers.
“We also look forward to enabling remittances to bKash wallet by the end of this year so customers can remit to even more touchpoints across Bangladesh,” said Krishnakumar.
Meanwhile, Selim R.F. Hussain, BRAC Bank’s managing director and CEO, shared that inward foreign remittance is one of the backbones of the economy, and they are always working hard to facilitate its continuous growth.
“We joined hands with DBS Bank, the leading digital bank in the world because they, like us, offer their customers the best service experience, backed by the most advanced technologies,” said Hussain.