Bangladeshi expatriates have sent more than five million remittance transactions over the past ten months through a joint initiative of Pubali Bank and bKash. This service allows expatriates to transfer money quickly, safely, and conveniently to their loved ones.
The service is provided by two of the country’s leading financial institutions and has earned the trust of expatriates and their families. By promoting remittances through legal channels, it also contributes to strengthening the nation’s foreign currency reserves.
A special ceremony was recently held at bKash’s headquarters to celebrate this achievement. Pubali Bank’s Managing Director and CEO Mohammad Ali, along with bKash’s CEO Kamal Quadir and senior officials from both organisations, attended the event. They highlighted the importance of the service and discussed future plans to make remittance transfers even easier and more secure.
These remittances serve as a vital lifeline for the national economy, bolstering foreign exchange reserves and supporting macroeconomic stability. Pubali Bank and bKash have built a robust ecosystem for expatriates, ensuring secure and efficient remittance services.
Currently, expatriates from 33 countries can send remittances through 11 international Money Transfer Operators (MTOs), with funds instantly credited to the recipient’s bKash account. Additionally, a government incentive of Tk 25 per thousand is provided.
Recipients can conveniently cash out remittances from nearby bKash agent points. Families can use the funds for a wide range of purposes, including purchasing goods and services, paying utility bills, mobile recharge, education and government fees, donations, insurance premiums, and microfinance payments, all from the comfort of their homes.
bKash has also reduced cash-out fees. Beneficiaries can now withdraw remittances at a nominal cost of Tk 7 per thousand from approximately 2,500 ATMs of 19 leading commercial banks.
Table: Key Remittance Benefits and Process
| Feature | Description |
|---|---|
| Total transactions | Over 5 million in 10 months |
| Sender | Bangladeshi expatriates |
| Recipient | Loved ones’ bKash accounts |
| Bank involved | Pubali Bank |
| Mobile service | bKash |
| International MTOs | 11 |
| Participating countries | 33 |
| Government incentive | Tk 25 per thousand |
| Cash-out fee | Tk 7 per thousand |
| ATM coverage | Approx. 2,500 ATMs |
AJ