Remittances from UAE likely to increase
Friday, 19 September 2008
FHM Humayan Kabir
Bangladesh expects foreign remittances from the United Arab Emirates (UAE) to increase following reduction of transfer charges by Western Union, the world's largest money transfer service provider, recently.
An expatriate in UAE will now be able to remit to Bangladesh through Western Union upto UAE Dirham (Dhs) 1500 (Tk 28,200) at a cost of Dhs15 (Tk282) as service fees and upto Dhs11000 (Tk206, 800) at a cost of Dhs 25 (Tk470), AME info, a UAE-based business website reported Thursday.
For amounts over Dhs11000, customers will be charged an additional fee of Dhs35 for every Dhs1850 sent through Western Union.
Local bankers hailed the decision of the Western Union saying it will boost the inward remittance to Bangladesh and check illegal money transfer from UAE.
"The service charge of the Western Union was comparatively higher than other agencies working in Bangladesh. Now the expatriate will send more money due to reduction of the charges. It will increase inward remittance," Managing director of the United Commercial Bank Ltd (UCBL), a local partner of the Western Union, SM Shahjahan Bhuiyan told the FE.
Of total number of overseas employment secured in the first seven months of FY09, the Bureau of Manpower, Employment and Training official said 252,030 workers were employed in UAE and 117,309 in Saudi Arabia.
Western Union's Agent network in Bangladesh includes AB Bank, Bank Asia, Bangladesh Post Office, BRAC Bank, BRAC, BURO, Dutch-Bangla Bank Ltd., Dhaka Bank, First Security Bank Ltd, National Bank, ONE Bank, Prime Bank Ltd, Rupali Bank Ltd, Southeast Bank Ltd, Shahjalal Islami Bank and United Commercial Bank Ltd (UCBL).
The Western Union money transfer service is available at agent locations in all 64 districts and in 485 out of the 494 upazilas in Bangladesh.
Bangladesh expects foreign remittances from the United Arab Emirates (UAE) to increase following reduction of transfer charges by Western Union, the world's largest money transfer service provider, recently.
An expatriate in UAE will now be able to remit to Bangladesh through Western Union upto UAE Dirham (Dhs) 1500 (Tk 28,200) at a cost of Dhs15 (Tk282) as service fees and upto Dhs11000 (Tk206, 800) at a cost of Dhs 25 (Tk470), AME info, a UAE-based business website reported Thursday.
For amounts over Dhs11000, customers will be charged an additional fee of Dhs35 for every Dhs1850 sent through Western Union.
Local bankers hailed the decision of the Western Union saying it will boost the inward remittance to Bangladesh and check illegal money transfer from UAE.
"The service charge of the Western Union was comparatively higher than other agencies working in Bangladesh. Now the expatriate will send more money due to reduction of the charges. It will increase inward remittance," Managing director of the United Commercial Bank Ltd (UCBL), a local partner of the Western Union, SM Shahjahan Bhuiyan told the FE.
Of total number of overseas employment secured in the first seven months of FY09, the Bureau of Manpower, Employment and Training official said 252,030 workers were employed in UAE and 117,309 in Saudi Arabia.
Western Union's Agent network in Bangladesh includes AB Bank, Bank Asia, Bangladesh Post Office, BRAC Bank, BRAC, BURO, Dutch-Bangla Bank Ltd., Dhaka Bank, First Security Bank Ltd, National Bank, ONE Bank, Prime Bank Ltd, Rupali Bank Ltd, Southeast Bank Ltd, Shahjalal Islami Bank and United Commercial Bank Ltd (UCBL).
The Western Union money transfer service is available at agent locations in all 64 districts and in 485 out of the 494 upazilas in Bangladesh.