Probashi Banking Service of BRAC Bank

Remittance service is one of the core business areas of BRAC Bank. The Bank has introduced a highly secure, innovative and quality Remittance service based on advanced technology. Through this service any one can send money to his/her relatives from abroad even to the remotest area of the country within maximum of 72 hours. At present BRAC Bank is considered one of the top most leading Banks in serving Probashi Bangladeshis. No other banks in Bangladesh have offered such a wide range of products and quality service to the NRB segment so far. These wide ranges of product and service are backed by a very dynamic IT security and business support team of BRAC Bank. BRAC Bank’s Probashi Banking Service is also pioneering investment opportunities for NRBs into Bangladesh.

At the beginning, remittance business of BRAC Bank was only involved in the process of channelizing the remittance of the remitter to the beneficiaries with offering them a few deposit products. However, BRAC Bank has recently introduced a full-fledged Probashi Banking Service to facilitate the NRBs. On January 2008, the Secure Remittance Service of BRAC Bank has been renamed as “Probashi Banking Service” by enhancing its function and expanding its footprint in the international business more. Now, Probashi Banking Service will ensure the proper disbursement of the remittances as well as offer the NRBs and their respective beneficiaries One Stop Banking Solution. Simultaneously, it will provide an opportunity for BRAC Bank to serve the untapped and very potential NRB market all over the world. In addition to that, by providing the NRBS a secure channel, it will encourage them to invest more in the country to play an important role in the economy.

BRAC Bank Remittance Network

In order to disburse the remittances efficiently, BRAC Bank is using 32 branches, correspondence banks and especially BRAC field offices. BRAC field Offices all over Bangladesh provides the backbone of BBL remittance network. By using the BRAC field offices, BBL has now over 1200 payment outlets all over the country.

Currently, BBL has remittance arrangement with 30 partners worldwide. It has remittance drawing arrangement with exchange houses in USA, Canada, UK, Italy, Greece, Saudi Arab, Kuwait, Bahrain, UAE, Oman, Qatar and many more countries all over the world. BRAC Bank has a very experienced and capable team for the processing of all different types of Remittances.

In addition to these, at this moment BRAC Bank is considered as the Market Leader in terms of Western Union payouts with approximately 50000 transactions per month among 13 agents and subagents in Bangladesh. This has honored BRAC Bank as one of the three largest WU agents in the whole south Asian region. BRAC Bank is also a Western Union agent with the largest Western Union distribution network in Bangladesh. Last year, Gulshan Branch of BBL, has been included in the Western Union Club 500 for its outstanding performance in processing Western Union transactions. Recently, BRAC Bank has made strategic alliances with two other private banks – Dhaka Bank and First Security Bank Limited. These two Banks will work as BRAC Bank's subagents for processing WU transactions.

In addition to the above, currently BRAC Bank has offered TT to the clients through the correspondent banks in Bangladesh. Furthermore, it has also arranged the draft drawing facility with many correspondent banks, which has obviously added the option in making the fastest Remittance in Bangladesh.