bKash and Pubali Bank Facilitate Record Expat Remittances: Over 5 Million Transactions in 10 Months

Bangladeshi expatriates have completed more than five million remittance transactions in the past ten months through a collaborative initiative between Pubali Bank and bKash. This service ensures an easy, secure, and rapid way for expatriates to send money to their loved ones.

The joint service is provided by two leading financial institutions in Bangladesh and has earned the trust of both expatriates and their families. By promoting remittances via legal channels, it also strengthens the country’s foreign exchange reserves.

A special ceremony was held at bKash headquarters, attended by Pubali Bank’s Managing Director and CEO Mohammad Ali, bKash CEO Kamal Quadir, and senior officials from both organisations. The event highlighted the significance of the service and future plans to make remittances even safer and more accessible.

Remittances serve as a vital lifeline for the country’s economy, increasing foreign currency reserves and contributing to macroeconomic stability.

Currently, expatriates from 33 countries can send remittances through 11 international Money Transfer Operators (MTOs), with funds instantly credited to recipients’ bKash accounts. Recipients also receive a government incentive of Tk 25 per thousand.

Recipients can conveniently withdraw funds from nearby bKash agent points. Families can utilise the remittances for purchasing goods and services, paying utility bills, mobile recharges, education and government fees, donations, insurance premiums, and microfinance payments, all from home.

bKash has reduced cash-out fees, allowing beneficiaries to withdraw remittances at a nominal cost of Tk 7 per thousand from approximately 2,500 ATMs of 19 leading commercial banks.

Table: Expat Remittance Statistics and Benefits

AJ