BRAC Bank and Visa unveil digital solution for outbound remittances
BRAC Bank has partnered with global digital payments leader Visa to launch Visa Direct for Account, enabling faster, more secure, and cost-effective international money transfers for its customers.
This API-based solution will significantly enhance BRAC Bank's outward remittance capabilities, allowing customers to send funds to over 90 countries quickly and affordably. By bypassing traditional correspondent bank fees, Visa Direct for Account reduces the overall cost of cross-border payments while also curbing foreign currency outflows from Bangladesh.
The new service is designed to address the limitations of conventional international transfer methods. Transactions are processed in near real-time, offering increased reliability and efficiency. BRAC Bank customers can now use this channel for a range of permissible outward remittance purposes, including visa fee payments, overseas education expenses, and medical travel abroad.
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Commenting on the partnership, Md Shaheen Iqbal, CFA, Deputy Managing Director and Head of Treasury & Financial Institutions at BRAC Bank, said, "This collaboration reflects our commitment to redefining global money transfers—making them more accessible, affordable, and secure. It's a major step toward modernising the country's outward remittance ecosystem."
Sabbir Ahmed, Country Manager for Bangladesh, Nepal, and Bhutan at Visa, added, "We are delighted to partner with BRAC Bank to bring Visa Direct to more customers in Bangladesh. This solution streamlines global money movement and provides real benefits—lower fees, faster processing, and greater security."
Shahrear Zamil, Head of Remittance and Probashi Banking at BRAC Bank, along with senior officials from both organisations, attended the official signing ceremony held on June 24, 2025, in Dhaka.
The launch of Visa Direct for Account underscores BRAC Bank's commitment to delivering innovative digital financial services, aligning with the bank's broader mission to support Bangladesh's digital transformation.
