On 20th November 2017, in a significant step toward enhancing remittance services between Italy and Bangladesh, National Exchange Company S.R.L. signed a Remittance Drawing Agreement with Social Islami Bank Limited (SIBL), one of Bangladesh’s most reputable private banks.
This landmark agreement was formalized in the presence of Mohammed Idrish Farazy, Honorable Chairman of National Exchange Company, Dr. Anower Farazy, Respected Director, and senior officials of Social Islami Bank Ltd.. This collaboration marks a new milestone in our ongoing mission to provide secure, fast, and smooth money transfer services for Bangladeshi expatriates across Italy.
What Is a Remittance Drawing Agreement?
A Remittance Drawing Agreement is an official partnership between a money transfer operator and a receiving bank in the destination country. This agreement enables the smooth, secure, and legal transfer of remittances from sender to receiver, ensuring that both parties benefit from a more efficient and trustworthy process.
Under this new agreement:
- National Exchange can now send remittances directly to Bangladesh through SIBL.
- Customers in Italy can choose SIBL as the payout bank when sending money.
- Receivers in Bangladesh can collect the money in cash or directly into their bank account.
This agreement means faster service, better rates, and more options for both senders and receivers.
Words from Our Leadership
Speaking at the official signing ceremony, Mohammed Idrish Farazy, Chairman of National Exchange Company, expressed his pride and excitement:
“This partnership with Social Islami Bank is a big step forward. We are proud to create a bridge between Italy and Bangladesh. Every hardworking migrant deserves an honest, secure, and easy way to support their family. This agreement will help us fulfill that mission even better.”
Dr. Anower Farazy, Director of National Exchange, added:
“At National Exchange, our customers are always at the center of everything we do. Collaborating with a trusted bank like SIBL ensures that each transaction is not only fast but also highly secure and dependable.”
Officials from SIBL also emphasized their optimism about this new relationship, praising the long-standing reputation and service quality of National Exchange Company. They noted that this agreement aligns perfectly with SIBL’s mission to expand remittance services and reach more beneficiaries in Bangladesh.
Key Benefits of the Partnership
The National Exchange and SIBL agreement brings a host of benefits to both remitters and recipients, particularly for the Bangladeshi diaspora in Italy. Here’s how this partnership stands out:
Faster Money Transfers
Money sent from Italy through National Exchange can now be delivered within minutes through SIBL’s efficient remittance system. This ensures urgent needs can be met without unnecessary delays.
Secure and Compliant Transactions
Both National Exchange and SIBL adhere to international best practices and stringent AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations. This ensures every transaction is legitimate, safe, and transparent.
Affordable Transfer Fees
Thanks to the direct connection established by this agreement, customers can enjoy competitive exchange rates and lower service charges, getting more value with every transaction.
Wide Coverage Across Bangladesh
SIBL has an extensive network of branches, sub-branches, and agent outlets across urban and rural areas in Bangladesh. Even people in remote villages can now easily receive funds, either in cash or via bank deposit.
Direct Bank Deposits
Receivers no longer need to visit a branch to collect their remittance. Funds can be sent directly into a SIBL bank account, making the process convenient, efficient, and completely contactless if desired.
Empowering the Bangladeshi Community in Italy
Over 2,00,000 Bangladeshi expatriates are living in Italy, many of whom send money home every month to support their families, invest in property, pay for education, or fund local businesses. These remittances are a lifeline for the economy of Bangladesh.
This partnership between National Exchange and Social Islami Bank directly empowers this community by offering them a reliable, fast, and affordable channel to send money home.
Final Thoughts
The Remittance Drawing Agreement between National Exchange Company S.R.L. and Social Islami Bank Ltd. is more than just a formal business arrangement—it is a step toward a stronger, safer, and smarter remittance future.
With the leadership of Mohammed Idrish Farazy National Exchange Company continues to build meaningful partnerships that bring value to the people we serve. And with SIBL’s strong infrastructure and customer base, this partnership is set to make a big impact on Bangladesh’s remittance sector.