State-owned Rupali Bank has taken a move to attract remittance from Japan through proper banking channel.
“Under the move Rupali Bank Sunday inked a deal with Japan Remit Finance Co Ltd (JRF) on remittance drawing arrangement at JRF Head Office in Tokyo,” said a statement of Rupali Bank.
Banking insiders said though Bangladesh earns most of its remittance from middle-east countries, other countries like Japan could also be an important remittance market with establishment of a proper banking channel.
According to a Rupali Bank source, nearly 20,000 Bangladeshis are working in Japan and they earn more than their countrymen working in Europe, Middle East and Malaysia etc.
The minimum wage in Japan is $5,000 a month.
Per transaction will cost 2,500 Japanese yen ($25), an amount less than half of the cost charged by money transfer companies, a source in the state-owned bank said.
Earlier, an agreement was signed between NCC Bank and Itaú Unibanco SA, a Brazilian bank in Japan in mid-2010 on sending remittance from Japan.
Managing Director & CEO of Rupali Bank Limited Md. Ataur Rahman Prodhan and President of Japan Remit Finance Co., Ltd (JRF) Sarwar Sunny Hossain, signed the agreement on behalf of their respective organisation.
Chairman of the Board of Directors of Rupali Bank Limited Monzur Hossain, DGM of Remittance Division Md. Fayaz Alam, Director of JRF Masahiko Watanabe and high officials of JRF were present on the occasion.
JRF is an International Money Transfer Company established in 2011.
Bangladeshi expatriates can easily send their foreign remittance from Japan & other countries of the world through JRF outlets/agents to their beneficiaries’ accounts maintained with 563 branches of Rupali Bank Ltd & also other banks of Bangladesh. The expatriates can also send spot cash remittance with secured PIN number through JRF to their beneficiaries in Bangladesh and beneficiaries can collect foreign remittance from any branches of Rupali Bank Ltd, the statement added.