RAKBank Expands Ripple-Powered ‘RAKMoneyTransfer’ to Bangladesh
Trishaw operators waiting for customers in Dhaka, Bangladesh. Image Courtesy: Unsplash
  • Bank Asia partners with UAE’s RAKBANK to offer instant money transfer to Bangladesh.
  • Using its latest technology, the service will provide quick transfers and is complimentary until 30 June 2020.

In an age where trade is escalating around the globe, it’s important to have instant money transfers. Apart from business transactions, the ongoing health crisis which is Coronavirus has caused the urgency for banks to provide quick money transfers around the globe.

The newest firm to facilitate real-time money remittance services is Bank Asia which has teamed up with RAKBank also known as the National Bank of Ras Al Khaimah. 

The instant remittance platform which capitalizes RippleNet blockchain technology, has been a RippleNet member since November 2017. Deemed as RAKMoneyTransfer (RMT), the service enables instant transfers. The transactions can be done through RakBank’s Digital Banking platform which is accessible 24/7.

The service will allow money transfer to Bank Asia accounts within minutes and any other bank in Bangladesh within 24 hours. This instant payment solution to Bangladesh will be free of charge until the end of June this year.

Commenting on the new collaboration, RakBank’s CEO Peter England said:

“We want to bring peace of mind to the Bangladeshi expat community in these challenging times by offering them a unique and comprehensive remittance solution via the Bank’s RMT services.

“In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates.”

Stressing on the importance of quick money transfers, Bank Asia president and managing director Md. Arfan Ali said:

“This solution is going to mark a new chapter in the history of remittance payment in our country. Considering the current Covid-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”