DBS and Brac Bank partner for real-time, no-fee remittance payments for Bangladesh migrants

Monday 28 March 2022 12:40 CET | News

Singapore-based DBS Bank has announced that Bangladesh migrants working in Singapore can now transfer funds to their home country in real-time with no fees through DBS’ digital banking platform to a Brac Bank account.

DBS Remit will provide guaranteed exchange rates and no service fees for the over 200,000 migrant workers from Bangladesh who now work in Singapore and want to send funds in their home country.  

DBS Remit also ensures real-time automated deposits to Brac Bank accounts and any other bank account in Bangladesh. For remittances deposited to a Brac Bank account, customers can use the mobile app Astha to pay for loan installations, utilities, insurance, credit card and phone bills, as well as transfer funds to any other bank account or mobile wallet in Bangladesh.

To encourage workers to send remittances through legal channels, remittance beneficiaries of migrants receive 2.5% incentives from the Bangladesh Government. 

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Keywords: mobile banking, digital payments, digital banking, remittances, money remittance, money transfer, e-wallet, digital wallet
Categories: Payments & Commerce
Countries: Bangladesh, Singapore
This article is part of category

Payments & Commerce