Bangladeshi migrants working in Singapore will now be able to easily transfer their hard-earned income to their families back home, with minimal fees and in real-time using DBS Remit, the bank’s remittance service integrated within its digital banking platform, DBS digibank. With the launch of DBS’ partnership with BRAC Bank, one of Bangladesh’s largest banks, all DBS/POSB customers in Singapore can now remit funds to any of BRAC Bank’s 187 branches and more than 700 agent banking outlets across Bangladesh. Customers can also credit their remittances via DBS Remit to any bank account in Bangladesh.
By the end-2022, customers will also be able to use DBS Remit to transfer funds to Bangladesh’s leading mobile wallet bKash, a subsidiary of BRAC Bank. With bKash estimated to be used by 22% of Bangladeshi adults, customers here will be able to access an even wider network in Bangladesh.
Today, there are more than 200,000 Bangladeshi migrants working in Singapore. Most of them are blue-collar professionals who struggle to send money home regularly and conveniently. Challenges include high remittance fees (due to fluctuating exchange rates and/or multiple transaction fees), which can sometimes drive them towards informal channels with higher risks to reduce costs. With DBS Remit, customers now have access to safe, affordable, and real-time automated digital remittance facilities to Bangladesh, allowing them to easily remit funds anytime, anywhere.
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 Astha (the bank’s app) to pay 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.
Said Rhidoi Krishnakumar, Regional Head of DBS Remit, “We are very pleased to partner BRAC Bank, one of the most innovative financial institutions in Bangladesh, to enhance our DBS Remit capabilities and provide more accessible, affordable, and secure remittances for our 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.”
“Inward foreign remittance is one of the backbones of our economy, and we’re 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 Selim R.F. Hussain, MD & CEO of BRAC Bank.
Source: DBS Bank