Transfast, LLC and Brac Bank Ltd. of Bangladesh today 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.
"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.
"We are pleased to be the first bank in Bangladesh to partner with Transfast to launch an instant bank deposit service," says Syed Mahbubur Rahman, Managing Director and CEO of BRAC Bank. "Transfast's commitment to serving the Bangladeshi community overseas with products that deliver value, convenience and service is in line with our mission of serving their families and friends in Bangladesh with high-quality and reliable banking services."
Rahman added, "An instant deposit service to beneficiaries in Bangladesh combines the benefits of speed with the convenience of receiving funds directly into a beneficiary's account, further evidence of our commitment to increasing the remittance flow into Bangladesh through new technologies and partnerships."