JAKARTA - Bangladesh-based BRAC Bank crossed $2 billion in remittance inflows this year, marking a sharp rise in the country’s money transfer market. The bank jumped from 17th to 4th place nationally over the past five years.

The growth has been steady. In 2020, BRAC Bank handled $427 million in remittances. By 2024, that figure reached $1.6 billion. The bank attributes much of this expansion to instant digital account opening through eKYC technology, which lets Bangladeshis abroad set up accounts without visiting a branch.

Just like in Southeast Asia, remittances play a crucial role in Bangladesh's economy, supporting foreign currency reserves and millions of households across the country. More than 10 million Bangladeshi citizens work abroad and send money home, with women making up 60 percent of recipients and most living in rural areas.

BRAC Bank built its remittance infrastructure around Astha, its digital banking platform. Through the app, users can handle deposits, transfers to banks and mobile wallets, bill payments, and other financial services from one interface.

This year, the bank partnered with 10 new international exchange houses in Australia, Malaysia, Japan, Singapore, Canada, the United States, and the United Kingdom. These partnerships expand the network for workers sending money back to Bangladesh.

For families receiving remittances, BRAC Bank offers two savings products. The Probashi Poribar account provides 3 percent annual interest and life insurance coverage up to 5 lakh taka. The TARA version offers 3.5 percent interest, life insurance up to 2 lakh taka, and annual health insurance benefits up to 50,000 taka.