As Bangladesh’s economy continues to rely on remittance inflows as a key driver of growth, banks are racing to make money transfers faster, safer, and more rewarding for millions of expatriates. BRAC Bank has positioned itself at the forefront of this transformation, harnessing technology, forging global partnerships, and tailoring products for the Bangladeshi diaspora.

In this interview, BRAC Bank Managing Director and CEO Tareq Refat Ullah Khan shares how the bank is reshaping the remittance experience — from expanding its global footprint to introducing eKYC-enabled accounts, digital payment solutions, and special products for female expatriates. He also addresses the challenge of the 'hundi' system and outlines strategies to boost foreign currency inflows through legal banking channels.

Below is the full interview:

Q1. From how many countries does BRAC Bank currently collect remittances from Bangladeshi expatriates? Where is your presence the strongest?
Remittances flow into Bangladesh from around 150 countries, reflecting the global footprint of Bangladeshi migrant workers. In the past six months, we have collected remittances from over 130 countries.
Majority of our inflows come from the Middle East—particularly Saudi Arabia, the United Arab Emirates, Oman, Bahrain, Kuwait, and Qatar. We also receive significant volumes from the United Kingdom, United States, Malaysia, Singapore, South Africa, France, Australia, Italy, Canada, the Maldives, and Mauritius.

Q2. Which of your remittance and investment products are most popular among expatriates?
We offer a comprehensive range of dedicated solutions for expatriates, including Probashi Savings Accounts, Probashi Virtual Savings Accounts, and Probashi Current Accounts—all of which can be opened from anywhere in the world via eKYC. Once opened, customers can transact instantly through our Astha app, enjoying benefits such as free life insurance, monthly interest, and other exclusive facilities.
In addition, we provide Probashi Fixed Deposits, Probashi DPS, and foreign currency offshore accounts which allow expatriates to open our Bondhon Fixed Deposit with attractive interest rates. Customers investing USD/GBP/EUR 50,000 or more can unlock premium banking benefits such as airport lounge access and pick-and-drop services. Expatriates also have access to other investment options including Wage Earner Development Bonds, Dollar Bonds, and capital market investment opportunities.

Q3. How has technology enhanced your remittance services?
Technology is at the heart of our remittance operations. eKYC enables expatriates to open accounts quickly from abroad. Our Probashi Virtual Savings Account, paired with a virtual debit card, allows seamless global access to banking via the Astha app—covering fund transfers, bill payments, FD/DPS management, and account monitoring.
We work with over 80 global partners, including fintechs and app-based exchange houses, using advanced API technology to credit remittances to accounts within seconds. The NPSB network enables instant transfers to other banks in Bangladesh.

Q4. Beyond the government’s 2.5% incentive, what additional benefits does BRAC Bank offer to attract expatriates? Are there special initiatives for female expatriates or new markets?
Alongside the government incentive, BRAC Bank offers year-round promotional campaigns with attractive prizes and gifts to encourage legal remittance transfers.
We have introduced the Probashi Family Account and the TARA Probashi Family Account for female family members—both offering free life insurance, monthly interest, and additional benefits. Female customers also receive complimentary health and maternity insurance. We are developing a new account tailored specifically to female expatriates’ needs.
To tap into new markets, we are forging partnerships with local exchange houses and fintech firms abroad. We have also set up a dedicated expatriate helpdesk for direct support via phone or email.

Q5. What are BRAC Bank’s plans over the next year to boost foreign currency inflow?
Our strategy includes:
• Expanding partnerships with global exchange houses and banks for greater accessibility.
• Scaling up our digital remittance platforms for wider reach and ease of use.
• Directly engaging with expatriates through overseas community events and fairs.
• Running global promotional campaigns with attractive offers for remitters.

Q6. What additional measures can the central bank take to promote remittance through legal channels?
We recommend:
• Allowing eKYC account opening with passports for expatriates without NIDs.
• Removing the Beneficial Owner requirement for dependent family members without personal income.
• Enforcing standardised remittance transaction codes for BEFTN and NPSB transfers.
• Introducing fully digital applications for expatriate investment products and government bonds.
These measures would encourage more overseas Bangladeshis to use official banking channels.

Q7. The hundi system remains a challenge. How is BRAC Bank addressing it?
BRAC Bank makes it easy and fast for expatriates to send remittances legally from anywhere in the world. To encourage use of banking channels, our accounts for expatriates and their families offer greater benefits than regular accounts.
We also provide personal loans for expatriates and SME loans for remittance receivers, assessed based on the remittance sent through banking channels.
Through global partnerships with exchange houses, year-round offers and gift campaigns, awareness programmes on the risks of hundi, and prize-based remittance competitions, more expatriates are choosing BRAC Bank’s legal channels.
In rural areas, we regularly hold courtyard meetings to show that hundi is a crime and to highlight how legal remittances strengthen Bangladesh’s economy.

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