Western Union has launched Outbound Remittance Service for the first time in Bangladesh, in collaboration with Bank Asia Ltd and Social Islami Bank Ltd.
The launching ceremony was held at The Westin Dhaka, recently, read a press release.
The event was graced by the presence of Humayun Kabir, executive director (FEPD) of Bangladesh Bank; Md Arfan Ali, president and managing director of Bank Asia Ltd and Zafar Alam, managing director of Social Islami Bank Bangladesh Ltd.
Gaurav Yadava, country director of Western Union and SS Ramanathan, senior country manager of Western Union attended the event virtually.
SM Iqbal Hossain, deputy managing director of Bank Asia Ltd; Md Yeahia, additional managing director of Social Islami Bank Ltd; Noor Elahi, country manager of Western Union; Shihab Hasan, operation manager of Western Union; Golam Gaffar Imtiaz Chowdhury, senior vice president of Bank Asia Ltd and Akmal Hossain, executive vice president of Social Islami Bank Ltd, were present at the event among others.
Western Union has become the first money transfer operator to offer such a service in the country. Bangladeshi citizens can now send money for student and medical payments overseas, while expatriates can send back their earnings home.
Transfers can be made from their Bank Asia or SIBL accounts into billions of bank accounts, including digital wallets, across over 125 countries and territories, and in cash to more than 200 countries and territories.
As part of the celebrations, a promotional price of Tk500 per transaction of any value is also being offered to customers until 30 June 2022.
The announcement executes upon Western Union's strategy to expand its services and open new growth areas as the company leverages its core cross-border assets.
This launch represents a significant milestone in Bangladesh as it marks the first time outbound international money transfers will be available to international workers and citizens through a money transfer operator such as Western Union.
Customers in Bangladesh will now be able to send money from Bank Asia and SIBL locations across the country. They can fund their transactions from their respective Bank Asia and SIBL accounts, with the capability to payout into billions of bank accounts, including wallets and cards, across more than 125 countries and territories, with real-time capabilities in 100 of these countries. Additionally, customers will also be able to choose payout in cash in approximately 600,000 agent locations in more than 200 countries and territories.
"Western Union is a part of the fabric of Bangladesh," said Gaurav Yadava, India and South Asia Country Director of Western Union.
"We are an important financial link for millions of people on the move. Today, with Bank Asia and SIBL, we are extremely proud to announce another major milestone in the country, offering our new outbound money transfer option, empowering citizens and residents alike to create a borderless world through the ease of global money movement."
"I am excited to be a part of this momentous milestone launching outbound money transfer services in Bangladesh," said Mohd Humayun Kabir, executive director (FEPD) of Bangladesh Bank.
"Western Union is a highly recognized brand used by consumers worldwide and I am glad they have come together with SIBL and Bank Asia to facilitate international money transfer from Bangladesh to the world," he added.
Western Union has been operating in Bangladesh for more than 25 years, offering inbound money transfer services via both digital and retail service options to customers in the country. Today, with the launch of outbound services, Western Union now facilitates easy education payment solutions for Bangladeshi students studying overseas, medical payments of Bangladeshi nationals overseas and also seamless money transfers for international workers supporting their loved ones back home.
"We are delighted to launch outbound money transfer services with Western Union, offering a high level of convenience and connectivity for customers," said Zafar Alam, managing director of SIBL.
"Customer needs are evolving and we are excited to leverage our joint capabilities, enabling an avenue to transfer money internationally in a way that is smooth, fast and serving a customer base with diverse preferences," he said.
"Our goal is to deliver a better customer experience and we are happy to achieve that with our collaboration with Western Union," said Arfan Ali, managing director, Bank Asia.
He added, "We are pleased to come together to play a significant role in moving money from Bangladesh to the rest of the world, expanding opportunities for a globally connected future and enriching customers lives."