Transfast-BRAC Bank launches instant bank deposit service
Thursday, 2 April 2015
FE Desk
Transfast, LLC and BRAC Bank Ltd. of Bangladesh recently announced that they have partnered to enable Transfast customers to make instant bank transfers into accounts at BRAC Bank - the first-ever instant bank deposit service to Bangladesh by a global money transfer company.
Transfast CEO and President Mr Samish Kumar, Transfast Director, Asia and Africa Mr Samir Bidhate and Country Head in Bangladesh Mohammad Khairuzzaman launched the service.
Besides, BRAC Bank's Head of Retail Banking Mr. Firoz Ahmed Khan and Head of Communications and Service Quality Zara Jabeen Mahbub, and Head of Retail Sales, Remittance and Payroll Mr Mamur Ahmed, were present.
"BRAC Bank is one of the leading banks in Bangladesh and a pioneer in sophisticated technology in serving all its clients, and we are excited to offer our customers the ability to deposit money instantly and securely there," says Samish Kumar, CEO of Transfast. "We know that our customers who send money to accounts held at BRAC Bank will enjoy this added convenience."
Transfast customers can send money online, via mobile or through agent locations around the globe to their friends and family in Bangladesh. Friends and family can receive money direct to their bank accounts, or pick up the money within minutes at thousands of convenient locations throughout Bangladesh.
In addition to direct-to-bank deposits, Transfast customers can pick up cash from any of BRAC Bank's 166 branches, 50 SME Unit Offices and more than 100,000 bKash agents.
According to the World Bank, Bangladesh saw some $15 billion in remittances flow into the country in 2014, making it the world's eighth-largest remittance corridor. In its Migration and Development Brief of October 2014, the World Bank says that average remittances to receiving households in Bangladesh are worth twice per capita income and equivalent to almost 80 percent of receiving household's income, evidence of the vital importance of remittances to Bangladesh's economy.
BRAC Bank currently accounts for almost four percent of the total remittances to Bangladesh.