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Remittance Service

Remittance has been playing a crucial role in the economic development of the country. In Bangladesh, remittance is one of the most important economic variables in recent times as it helps to increase foreign exchange reserves, enhance national savings, and increase the velocity of money. The flow of remittance is greater than foreign aid and thus helps in lessening dependence on foreign aid. Remittance growth in recent times in Bangladesh is very significant and is the second largest source of foreign exchange earnings after the garment sector. It has transformed the rural economy by enhancing the quality of life of the dependents of the remitters. The most remarkable contribution of the NRBs is the investing of their hard-earned money for the development of our rural economy in the form of SMEs and investment portfolios as a whole. Remittance has kept our economy strong when others are facing a crisis.

The Premier Bank PLC has a wide network of drawing arrangements with major global money transfer companies and reputed exchange houses all over the world so that NRB can easily send remittances. We have a modern centralized operation system for receiving remittances and a wide network of branches, and sub-branches to ensure smooth remittance service delivery for NRBs and their beneficiaries. Our large global network enables NRB customers anywhere in the world to send Instant Cash Transactions, MFS remittances (Digital wallet), and Account credits. Third-party account credits are settled promptly through BEFTN (Bangladesh Electronic Fund Transfer Network). We can cover the whole of Bangladesh with our wide network. There is a ‘Remittance Help Desk’ in our branches to ensure quick payment of cash remittances, open their accounts, and address any other remittance-related issues. We make the utmost effort to render the best customer service to our NRBs and their beneficiaries to achieve sustainable growth.

We have participated in the “Remitters Festival 2022” in UAE, Powered by the Association of Bankers Bangladesh Limited (ABB). This has enhanced our Bank image, Branding, and visibility in the UAE and the international remittance market. The festival was an annual event to promote remittance through official channels and motivate fellow NRBs to contribute to boosting the national foreign reserve.

We have also undertaken various initiatives to encourage remittance flow and empowerment of NRBs and their beneficiaries.

1. Introduction of Remittance disbursement through MFS.

2. Introduction of API Facilities: This has enabled faster and more secure data transmission.

3. Introduction of Multiple sessions: BEFTN transaction credit facility for the Remittance customer which has enabled faster service.

4. Launching of Premier Remittance Savers Account for Remittance Beneficiary which can be opened with no annual service charge, free debit card, and higher interest rate.

5. We are investing in modern technology so that remittance delivery can be easy, fast, and reliable.

6. Remittance promotion campaigns are being held each year to acknowledge the contributions of NRBs by providing gifts to their beneficiaries and ensuring better customer service.

7. Probashi Palli Mela is held each year to honor NRBs and their families for their contribution to the economy and underscore the importance of sending remittances through legal channels and avoiding Hundi (Illegal Channel).

8. The Bangladesh Government has declared a 2.5% cash incentive to all wage Earners remittances to encourage remittance through legal channels. Premier Bank PLC is assisting customers to receive cash incentives on all wage earners’ remittances.

We will strive to maintain the growth as we believe in the importance of remittance in the development of the country’s economy. With the consolidation of our relations with global partners, we hope to achieve significant remittance growth in 2024. We are empowering remittance beneficiaries through financial inclusion in the banking sector by opening a Remittance Savers Account and also encouraging them to bring remittances through legal channels. All in all, Premier Bank attaches the highest priority to the remittance and its customers.

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