BRAC Bank has introduced the Digital Form C and e-documents platform for commercial inward remittance customers as part of its digital transformation agenda.
Customers sending international remittances worth more than USD 20,000 can now fill out and submit Bangladesh Bank-prescribed Form C declaration electronically along with relevant documents if applicable as per Bangladesh bank guidelines. This will make remittance disbursement faster, leveraging digital technologies, according to a press release.
Freelancers, mariners and non-wage-remittance earning professionals, who usually send large-ticket remittances, will immensely benefit from this digitalisation of remittance service.
Last year, BRAC Bank launched FXPAY, an end-to-end commercial remittance application designed to provide accessible, fast, and secure remittance services to valued customers.
Previously, as per Bangladesh Bank guidelines on commercial inward remittance, customers receiving certain types of remittance were required to visit a branch and submit the relevant documents for receiving the remittance.
Recently, Bangladesh Bank has instructed banks to digitise the Form C process. Accordingly, BRAC Bank has now introduced this facility with additional e-document submission facilities as an added service without needing the beneficiary to visit the branch. Customers who live in faraway places will have the opportunity to get connected with BRAC Bank’s commercial inward remittance team through its online platform. Both facilities have been designed to deliver better customer service and make the process of bringing more remittances to the country easier.
Commenting on the digital remittance service, BRAC Bank’s Managing Director & CEO, Selim R F Hussain, said: “BRAC Bank has always been at the forefront of technological innovation in the banking industry, aiming at enhancing convenience to the customers. This digital service is part of the digital transformation journey and will provide comfort to customers while facilitating big-ticket remittance inflow, contributing to the country’s foreign exchange reserve.”
