FE Report

HSBC Bangladesh is embarking on a three-month long 'Free Remittance Campaign' in the UAE starting from October 25 to promote its OneWorld proposition to NRB (non-resident Bangladeshi) remitters based in the Gulf state.

Under the campaign, the bank would arrange a series of events including the 'NRB Night' concert in Dubai on November 14 where two renowned artistes of Bangladesh will perform, HSBC authority in Bangladesh said Monday.

"Through the campaign, we aim to promote our OneWorld proposition which enables NRBs residing in the UAE to send any remittance totally free of cost from their HSBC UAE Dirham account to HSBC Taka account in Bangladesh", HSBC's Head of Personal Financial Services in Bangladesh Md. Shafquat Hossain said.

"Remitters can use their HSBC Personal Internet Banking (PIB) or ATM machine to use the service and the fund will be received in their home country account within three working days", he added.

Noting the country's high potential as a growing market for legal channeling of remittance, the latest initiative is apparently HSBC's primary move in further consolidating its place in the world's seventh largest remittance destination, as the Bank says that it aims to expand this 'OneWorld'service to the NRBs in other parts of the world in the near future.

As a first step, the bank has apparently set its sight on the remittance market of the UAE, which, apart from being the prime business and financial hub of the Middle East, is the fourth largest source of foreign remittance for Bangladesh.

The campaign would last until January 31 and during the time, three highest remitters who send remittance through OneWorld proposition from UAE will be awarded Dhaka-Dubai-Dhaka air ticket, while all other remitters will also be awarded attractive prizes, the Bank authority said.