Brac Bank has launched a digital remittance service for its Visa cardholders. The newly introduced facility will enable customers to receive remittances directly from remitters into their debit and credit cards, said a press release.
This remittance service will initially be available for Bangladeshi citizens residing in Malaysia and Singapore.
They can directly transfer their remittance to their beneficiary's Visa cards using Maybank2u App in Malaysia and InstaReM App (NIUM) in Singapore.
Visa Direct, the intermediary that will enable the cross-border payments, is a VisaNet processing capability that allows safe, convenient, and real-time funds delivery directly to the financial accounts using card credentials.
Head of Retail Banking of Brac Bank, Md Mahiul Islam, said, "Brac Bank is committed to providing the best-in-class experience to the customers. This exciting cross-border fund transfer service will certainly save time, reduce intermediaries, for example, the exchange houses, brokers, etc., and make the remittance service affordable for our invaluable migrants."
Visa will gradually bring more partner global banks to make the service available for Bangladeshis based in other countries.
According to the press release, it will be a new channel of legalized remittance transfers with rigorous KYC (Know Your Customer) and multiple steps of sanction screening abiding by global standards and applicable laws.
Remittance service in Visa cards comes as Brac Bank's journey towards continuous digitization, partnership, and financial inclusion. This service will make life easier for both the migrant remittances and their beneficiaries, concluded the press release.