Expats in S’pore, UK can send money in real time as Prime Bank launches ‘RemitPrime’

Prime Bank has recently launched RemitPrime, a real-time remittance service for Bangladeshi expatriates living in Singapore and the United Kingdom (UK).

This is the first real-time, online platform launched by a Bangladeshi bank abroad, reads a press release.

Through RemitPrime, the expatriate Bangladeshis can transfer remittance in real-time to any account of Prime Bank and to any bKash wallet across the country.

For all other banks, the remittance will be transferred instantly as per the BEFTN transaction cycle, as per terms and conditions set by Bangladesh Bank. Along with the remittance, the new service also ensures payment of 2 percent incentive instantly.

RemitPrime also provides real-time information on the transaction to its users.

The expatriates from Bangladesh, India, and the Philippines, residing in Singapore, can now send money to their respective home countries through RemitPrime services by downloading “Prime Bank App” mobile app from Apple’s App Store and Google’s Play Store or by logging in to www.remitprime.com.

Prime Bank has plans to extend its online remittance payment services to the US, EU, Gulf countries, Japan, Korea, Malaysia and other major remittance corridors.

Acting Managing Director and CEO of Prime Bank Faisal Rahman said, with this new service, customers will enjoy the convenience of receiving remittance at their doorsteps round-the-clock.

“We believe these services will inspire expatriate Bangladeshis to send more money through the legal channel and boost up the flow of remittance into the country. The remitters from other major corridors like KSA, Malaysia, and other countries will also receive similar facilities soon," he said.

Highlighting the capabilities of the RemitPrime mobile applications, Prime Bank's Head of Transaction Banking Shams Abdullah Muhaimin said, “RemitPrime platform is built on a machine learning technology which has automated majority of manual activities. The system can process thousands of transactions in minutes with real-time fund transfer to beneficiary accounts 24x7.”

Prime Bank currently has two remittance subsidiaries. One is in Singapore named Prime Exchange Co Pte Ltd. It has 3 branches located at Desker Road, Jurong East and at Joo Koon.

Another is in the UK named PBL Exchange (UK) Ltd. It has three branches in London, Birmingham and Oldham and 35 agent locations distributed throughout the UK.

This new service has already gained huge popularity among the expatriates in Singapore who are relying on the online service to send money to their near and dear ones in Bangladesh quickly, especially at this time of Covid-19.