Western Union in Bangladesh
69Anybody can send his money to Bangladesh through Western Union from United Arab Emirates. Western Union's expansive network established in cooperation with banks, NGOs and post offices, helps to serve both the furthest sub-urban and rural corners of Bangladesh.
Money transferred via Western Union is available for pick-up within minutes from the over 3000 Western Union Agent locations across Bangladesh. The Western Union Money Transfer service is available at Agent locations in all 64 districts and in 485 of the 494 Upazilas in the country. It has a large Agent network in Bangladesh includes Arab Bangladesh Bank (AB Bank), Bank Asia (B Asia), Postal department of Bangladesh, BRAC Bank, BRAC, BURO, Dutch-Bangla Bank, Dhaka Bank, First Security Bank, National Bank, ONE Bank, Prime Bank, Rupali Bank, Southeast Bank, Shahjalal Islami Bank and UCBL.
In the United Arab Emirates, the Western Union Money Transfer service is available in more than 400 Agent locations operating through the following financial institutions: Al Ansari Exchange, Al Fuad Exchange, Al Ghurair Exchange, Al Razouki International Exchange, Alukkas Exchange, Emirates India International Exchange, Emirates Post, Habib Exchange, Lari Exchange, National Exchange, Orient Exchange, Travelex Emirates, UAE Exchange, Wall Street Exchange, and Redha Al Ansari Exchange.
Non-resident Bangladeshis can send money to Bangladesh by Western Union from UAE charged Dhs15 for money transfers of amounts up to Dhs1500, and Dhs25 for amounts above Dhs1500 and up to Dhs11000. For amounts over Dhs11000, customers will be charged an additional Dhs35 for every Dhs1850 sent. Consumers are able to benefit from the new rates since September 2008.
Bangladesh is an emerging market for Western Union. They have embarked on a 'massive expansion plan' in Bangladesh to tap into the country's flow of remittance. Bangladesh's more than 6.3 million migrants sent home around $ 9 billion alone in 2008, up from $6.57 billion in the preceding year.
Western Union has the platform to reach every pocket of Bangladeshi migrants as it has a presence in 200 countries across the world with 375,000 outlets, while they are planning to set their outlets almost every union in the country. They had only 500 outlets in Bangladesh even a few years back. But it has now 3,900 outlets and growing every week.
They have started working with Bangladesh postal department last year. Initially BPO will provide the service through 450 out of about 10,000 post offices of the state owned organization across the country, however, more post offices will be brought under these services in the future, and the launching ceremony was told. Under the services provided, the selected post office will distribute remittances of the Western Union, that is, the money the expatriates send from different parts of the world through Western Union.
Western Union's concerted efforts more
non-resident Bangladeshis (NRBs) are now shifting to formal channels to avoid
uncertainty and money laundering charges.
Officials said only 13 per cent of Bangladesh's 144 million people have access
to banks and financial institutions, meaning they have to rely on unofficial
channels such as hundi to receive money remitted by their relatives.
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