Bangladeshi expatriates have sent remittances to local bKash accounts more than five million times within 10 months via Pubali Bank.
This hassle-free and secure service, offered by the mobile financial service (MFS) provider bKash, has earned the trust of expatriates and their families, encouraging sending remittances through legal channels, strengthening the country’s foreign currency reserves.
Recently, a ceremony was held at bKash’s headquarters to celebrate this achievement where Pubali Bank’s Managing Director and CEO Mohammad Ali and bKash’s CEO Kamal Quadir, along with senior officials from both organisations were present.
They highlighted the significance of this joint service and pledged to make remittance services even easier and safer for users.
As a vital lifeline for the country's economy, these hard-earned remittances from expatriates are boosting the country's foreign exchange reserves and contributing to macroeconomic stability.
To facilitate this, Pubali Bank and bKash have created a robust ecosystem for expatriates, to send remittances easily and securely.
Currently, expatriates from 33 countries can send remittances through 11 international Money Transfer Operators (MTOs), which are settled instantly in the recipient's bKash account through Pubali Bank.
Besides, recipients receive a government incentive of Tk 25 per thousand.
They can easily cash out the remittance from nearby bKash agent points. Moreover, Families of the expatriates can utilise remittance to take various services through their bKash accounts, including paying for products and services, utility bills (gas, electricity, water), sending money, mobile recharge, paying educational and government fees, donations, insurance premiums, microfinance payments and many other services from the comfort of their homes.
In addition to offering convenient, instant and secure remittance transfers, bKash has lowered cash-out fees. Beneficiaries can now withdraw remittances at a minimal cost of Tk 7 per thousand from approximately 2,500 ATMs of 19 leading commercial banks.