RAKBANK now offers free account transfers to all bank accounts in Bangladesh

RAS AL KHAIMAH, 10th May, 2020 (WAM) -- RAKBANK announced on Sunday the expansion of its 'RAKMoneyTransfer' services into the Bangladeshi corridor by partnering with Bank Asia, a third generation private commercial bank.

In a statement by RAKBANK, the bank’s service now facilitates transfers to Bank Asia accounts and to any other bank account in Bangladesh within 24 hours, and will be offered free to customers until 30th June.

Commenting on the announcement, 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."

The secure RAKMoneyTransfer, RMT, service uses Ripple’s blockchain platform and enables instant transfers made by the beneficiary bank. The transactions can be done selecting the RMT service via RAKBANK’s Digital Banking platform. The comprehensive digital service is available 24X7 and can be accessed anywhere.