Prime Bank announces new remittance offer for customers


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • RemitPrime is a new service now being offered by leading Bangladeshi financial services institution Prime Bank, and will allow customers in various key global markets to make instant online money transfers – and also receive a bonus.
  • The service is set to be expanded in the coming years, with customers in countries such as the US due to benefit soon.
  • A senior figure at Prime Bank celebrated the development, and said that it would deliver convenience and ease to clients.

One of Bangladesh’s leading financial services institutions has announced the launch of a new online money transfer service.

Prime Bank said that it has set up ‘RemitPrime’ for clients of its subsidiary companies in the major markets of Singapore and the UK.

RemitPrime has made history as the first ever internet-based, real-time cash transfer platform to be offered to the international market by a bank from Bangladesh.

Bangladeshi citizens living abroad will be able to send the money from one account to the next, provided that the recipient is a Prime Bank customer.

Citizens of two other major remittance corridor countries, the Philippines and India, will also be able to use the service.

They will also be able to send money abroad to any e-wallet operated by bKash, which is a well-known financial services provider in the country.

Transactions will be routed along the Bangladesh Electronic Funds Transfer Network (BEFTN).

It will mean that customers can receive a bonus of 2% of the transaction’s value – again in real time.

It is possible to access the service by downloading the Prime Bank app, or going to the organisation’s website.

In a statement, a leading name at Prime Bank explained more about how the new system will work.

“Our customers maintaining account with Prime Bank will enjoy real-time fund transfer against their remittance from abroad,” said Faisal Rahman, who is the acting managing director and chief executive officer of Prime Bank.

“We can also make a transfer to bKash accounts in real-time with RemitPrime.”

He also promoted the benefits that end users would receive – especially in terms of ease of use and the 24-hours-a-day delivery policy.

He added: “With this new service, our customers are enjoying the convenience of receiving remittance at their doorsteps round-the-clock.

“We believe these services will inspire expatriate Bangladeshis to send more money through legal channel and boost up the flow of remittance into the country.”

It is believed that Prime Bank intends to expand the geographical scope of the service in the future.

It is planning to take the service to other key global destinations for cash transfers, such as the EU and the US.

Prime Bank’s UK subsidiary is called PBL Exchange (UK) Ltd.

Its equivalent in Singapore is called Prime Exchange Co. Pte Ltd.

If you would like to become more knowledgeable and informed about the international money transfers industry, just read some of our provider reviews.

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