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UAE Bank Opens Bangladesh Remittance Corridor Using RippleNet

RAKBANK announced today the expansion of its RAKMoneyTransfer (RMT) services into the Bangladeshi corridor by partnering with Bank Asia, a third generation Private commercial bank. The Bank’s RMT service now facilitates transfers to Bank Asia accounts within minutes and to any other bank account in Bangladesh within 24 hours, and will be offered free to customers until June 30th.

RAKBANK started using RipplNet in 2017 to send live, fast, frictionless cross-border payments.

RAKBANK’s CEO, Peter England said:

We want to bring peace of mind to the Bangladeshi expat community in these challenging times by offering them a unique and comprehensive remittance solution via the Bank’s RMT services. In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates.”

Bank Asia’s President and Managing Director, Md. Arfan Ali said:

“We are happy to partner with RAKBANK to offer this new instant remittance solution to our expats. This solution is going to mark a new chapter in the history of remittance payment in our country. Considering the current COVID-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”

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