Major Strengths of Prime Bank Foreign Remittance Service
a. Remittance Distribution Network
Prime Bank's network of 146 branches are strategically located throughout the country.
Under a sub-representative agreement with our parent bank, Prime Bank, 500+ branch locations of BURO Bangladesh can deliver instant cash to the beneficiaries.
As Prime Bank is member of BEFTN and NPSB, our remittance orders can be channelized to any third bank within shortest possible time, withdrawn by beneficiary anytime 24x7x365 from thousands of ATM booths of Prime Bank and NPSB member Bank's ATM terminals located all over the Bangladesh.
b. Remittance Processing Strength
Real time online connectivity within branches of Prime Bank through Core Banking Software allows instant account credit, over the counter cash payment of PIN based transaction orders.
Batch processing of payment orders for third bank credit through BEFTN allows speedy disbursement of remittance.
Automated centralized NRB Department at Head Office has increased the efficiency of NRB Department and reduced the lead-time.
c. Alternative Delivery Channel
Prime Bank Ltd. has always been striving to introduce technology based solutions to reach out the un-banked rural and urban people addressing their banking needs and payment needs. Accordingly it is going to launch mobile application based distribution channels/mobile wallets to cover remotest areas in Bangladesh.
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 146 branches) : Instant A/C credit
BURO Bangladesh (500+ outlets): Same working day
Third Bank's customer: Shortest possible time through BEFTN. API implementation is underway.
e. International Banking Relationship
Prime Bank has established good correspondent banking network throughout the world.
Correspondent network of Prime Bank includes 672 members, covering 255 banks spread across 69 countries.
Prime Bank maintains 32 NOSTRO Accounts in 9 major currencies with reputed international banks around the world in all the important global financial centres which facilitate payments and receipts of remittance smoothly.
f. Strength in Sourcing Inward Remittance
In addition to PBL Exchange (UK) Ltd., Prime Bank has another wholly owned subsidiary in Singapore for handling remittances of non-resident Bangladeshis, and few other countries nationals living in Singapore.
Drawing arrangement with more than 30 exchange companies and banks around the globe are other major source of inward foreign remittance.
Participation in different marketing programs in overseas locations help sourcing remittance, account opening and cross selling of NRB products.