Now non-resident Bangladeshis working in Malaysia can get an additional 2% incentive on top of the government giving 2.5% incentive while sending money through City Bank’s fully-owned subsidiary remittance company CBL Money Transfer Sdn Bhd to City Bank in Bangladesh.
They can also remit money from their workplace or home by using the ‘City Remit’ Mobile Remittance App of CBL Money Transfer, according to a press release.
Bank’s Chairman Aziz Al Kaiser made the announcement at the app launching event last night in Kuala Lumpur where Md Golam Sarwar, High Commissioner of Bangladesh to Malaysia was present as the chief guest.
The event was attended also by Mashrur Arefin, managing director and CEO of City Bank and Farooq Sobhan and Dato Gurcharan Singh, both Directors of CBL Money Transfer Sdn Bhd.
The announcement of City Bank taking up an extra 2% cost and giving that to remitters in the form of incentives came on the heels of slowing down of remittance inflow into Bangladesh, which is contributing further to the shortage of dollar scenario.
The extra 2% incentive to be paid by the bank will be effective from October 23 and will continue for three months, the bank chairman told the crowd.
‘City Remit’ is an online money transfer service that will allow migrant wage-earners to transfer money from Malaysia to Bangladesh, India, Nepal, Pakistan, Indonesia, Philippines, Sri Lanka and Vietnam.
Md Golam Sarwar, high commissioner of Bangladesh to Malaysia in his address lauded the 2% incentive announcement from City Bank and emphasised curbing illegal money transfers.
He also expressed his hope that the ‘City Remit’ mobile app will be a very useful tool since it will allow non-resident customers to get the convenience of sending money instantly and securely from their Malaysian Bank account to their country.
To use City Remit, customers need to install the app on their mobile and need to do face-to-face verification only for the first time.
Thereafter, money can be sent to the home country from anywhere in Malaysia in just a few minutes, avoiding the hassle of travelling to remittance company branches.
CBL Money Transfer Sdn Bhd is a licensed Money Service Business Company in Malaysia and specialized in cross-border remittances.