Non-resident Bangladeshis working in Malaysia can get an additional 2pc incentives on top of the government giving 2.5pc incentive while sending money through City Bank’s fully-owned subsidiary remittance company CBL Money Transfer Sdn Bhd to City Bank in Bangladesh.
They can also remit money from their workplace or home by using ‘City Remit’ Mobile Remittance App of CBL Money Transfer, read a press release.
Bank’s Chairman Aziz Al Kaiser made the statement at the app launching event Sunday night in Kuala Lumpur where Md Golam Sarwar, high commissioner of Bangladesh to Malaysia was present as the chief guest.
The event was also attended by Mashrur Arefin, managing director and chief executive officer of City Bank and Farooq Sobhan and Dato Gurcharan Singh, both directors of CBL Money Transfer Sdn Bhd. Hundreds of Bangladeshis attended the event along with people from the press and media.
The announcement of City Bank taking up extra 2pc cost and giving that to remitters in the form of incentives came on the heels of slowing down of remittance inflow into Bangladesh, which is contributing further to the shortage of dollars scenario.
The extra 2pc incentive to be paid by the bank will be effective from next Sunday, October 23 and will continue for 3 months, the bank chairman told the crowd.
‘City Remit’ is an online money transfer service that will allow migrant wage-earners to transfer money from Malaysia to Bangladesh, India, Nepal, Pakistan, Indonesia, Philippines, Sri Lanka and Vietnam.
Md Golam Sarwar, high commissioner of Bangladesh to Malaysia in his address lauded the 2pc incentive announcement from City Bank and emphasized curbing illegal money transfers. He also expressed his hope that the ‘City Remit’ mobile app will be a very useful tool since it will allow non-resident customers to get the convenience of sending money instantly and securely from their Malaysian Bank account to their country.
To use City Remit, customers need to install the app on their mobile and need to do face-to-face verification only for the first time. Thereafter, money can be sent to home country from anywhere in Malaysia in just a few minutes, avoiding the hassle of traveling to remittance company branches. CBL Money Transfer Sdn Bhd is a licensed Money Service Business Company in Malaysia and specialized in cross-border remittances.
Orthosongbad/NR
