Steps Taken for Remittance Process Improvement:
Government
as
well as private sector has undertaken various strategies to make
remittance transfer easier
and
hassle free. Now, the Nationalized Commercial Banks (NCBs) have
some overseas branches/remittance wings for transferring remittances. The private commercial banks (PCBs) also become aggressive in transferring remittances
by providing quick and reliable services. Some of the PCBs
also
have
established oversees branch or
correspondence
relationship with
Banks/Exchange Houses. Although the nationalized and private commercial banks
have taken various marketing strategies to transfer remittances, but even today,
the
choice of remittance channel is 46% formal and 54% informal.
Recently, illegal transfer of money slid down drastically, as Bangladesh Bank (BB)
has stepped up monitoring of such transactions at home. BB so far gave license to
660 exchange houses to set up offices abroad to facilitate remittance. Local banks are now able to deliver money to recipients in weeks.