UAE-based RAKBANK has partnered with Bank Asia to launch it real-time money remittance service for Bangladeshi expatriates.

Dubbed RAKMoneyTransfer (RMT), the remittance service will now facilitate fund transfers to Bank Asia accounts within a few minutes. However, it will take up to 24 hours to be deposited into any other bank account in Bangladesh.

The service, according to the UAE-based bank, will be offered free to customers until the end of June this year.

The instant remittance platform leverages RippleNet blockchain technology.

The bank claims that the service will facilitate instant fund transfers at ‘competitive rates’ with no hidden fees or deductions.

The digital service can be availed by the customers 24X7 on the go.

RAKBANK CEO Peter England said: “In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates.”

Bank Asia president and managing director Md. Arfan Ali said: “This solution is going to mark a new chapter in the history of remittance payment in our country. Considering the current Covid-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”