Major Strengths of Prime Bank Foreign Remittance Service
a. Remittance Distribution Network
Prime Bank’s existing network of 122 locations throughout the country [105 branches and 17 SME branches]. We have arrangement with Uttara Bank Ltd which has 211 branches.
Under a sub-representative agreement with Prime Bank 500 branch locations of BURO Bangladesh are making instant cash payment of remittances to the beneficiaries
Strong Agency arrangement with a host of local banks for distribution of foreign remittance
b. Remittance Processing Strength
Real time online connectivity with all the Branches of Prime Bank through Core Banking Software allowing instant account-to-account credit, over the counter cash payment of Instant cash remittances & credit of proceeds of foreign TTs to customer accounts.
Batch processing of payment orders for third bank credit within the same clearing zone
Automated Centralized Foreign Remittance Center (CFRC) at Head Office for faster processing of remittances. Automation has increased the efficiency of CFRC and reduced the lead-time.
c. Alternative Delivery Channel
With our wide ATM network infrastructure and switching system, we have access to 1200 shared network of other banks spread over the country. Recently, initiative has been taken to install POS to supplement the existing alternative delivery channel, which is expected to be in service within a short period.
Prime Bank Ltd. and Dipon Consultancy Services jointly brings a banking service, a Biometric Smart Card based alternate banking service in the brand name “Prime Cash” for the un-banked rural and urban people to address banking needs and payment needs of the broader Bangladesh community. Most importantly, it will provide a fast, safe and simple mechanism for the un-banked men/women across Bangladesh in all municipalities and upazilas.
d. Speedy Delivery of Remittance
Prime Bank ensures faster delivery of foreign remittance as per the following turn-around time:
Prime Bank’s customer (more than 122 branches) : Instant A/C credit
BURO Bangladesh (500 outlets) : Same working day
Third Bank’s customer : 24 Hours through BEFTN
e. International Banking Relationship
Prime Bank has established a good correspondent banking network throughout the world.
At present, the Bank has correspondent relationship with 516 branches of 198 banks located in 87 countries.
Prime Bank maintains 34 NOSTRO accounts in 9 different currencies with 25 banks to facilitate payments and receipts in foreign currencies.
f. Strength in Sourcing Inward Remittance
Prime Bank has a wholly owned subsidiary in Singapore for handling remittances of non-resident Bangladeshis living in Singapore and other nationals
Prime Bank has a wholly owned subsidiary in UK (3 branches in London, Birmingham and Manchester)
Drawing arrangement with 32 exchange companies & banks of around the globe for sourcing inward foreign remittance
Marketing representatives in overseas locations for sourcing remittance, account opening and cross selling of NRB products