City Bank announces 2% addl incentive

Now non-resident Bangladeshis working in Malaysia can get an additional 2% incentive on top of the government’s given 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 ‘City Remit’ Mobile Remittance App of CBL Money Transfer, said the bank in 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 by Mashrur Arefin, Managing Director & CEO of City Bank and Farooq Sobhan and Dato Gurcharan Singh, both Directors of CBL Money Transfer Sdn Bhd. Hundreds of Bangladeshis attended the event along with people from press and media.

The announcement of City Bank taking up 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 in the shortage of dollars scenario.

The extra 2% incentive to be paid by the bank will be effective from next Sunday, 23 October and will continue for 3 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 on curbing illegal money transfer. 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 his Malaysian Bank account to his country.