Mobile Union and BRAC Bank launch mtxpress UK to Bangladesh online money transfer service

Mobile Union and BRAC Bank launch mtxpress UK to Bangladesh  online money transfer service

Mobile Union Ltd announces mtxpress, a low-cost and convenient way to send money to family and friends in Bangladesh. Launching this week in association with BRAC Bank, one of the leading banks in Bangladesh, and capitalising on the ubiquitous reach of mobile phones throughout Bangladesh, the mtxpress secure SMS based remittance platform enables the instant availability of money transfers in Bangladesh.

The mtxpress service allows people to send money safely and securely from the convenience of their home or workplace without the need to visit a retail location. After registration online, with a simple user-friendly interface, customers can then send money securely using their debit card. Within seconds, the recipient is notified by SMS message that their money is available for collection at any one of BRAC Bank’s many locations across Bangladesh. There is no requirement to have a BRAC Bank account to receive money, making the service fully accessible to a population where 87% of people are unbanked. However, it is also possible to credit accounts maintained at BRAC Bank.

mtxpress expects this easy to use service to gain popularity quickly, particularly as it offers a foreign exchange rate that is linked to the official exchange rate and a competitive and affordable fee structure aimed at people wanting to send smaller amounts of money. Speaking about the service, Randall Harper, CEO for mtxpress commented: “We understand the reasons why Bangladeshis send money to family and friends and that’s why our service is great value especially for those sending smaller sums. With our global technology platform, working in tandem with BRAC Bank and its extensive branch network, money is available in seconds at the heart of rural communities across Bangladesh. With Transaction Fees starting at £2, our objective is to establish mtxpress as the provider of choice for people to send money home to Bangladesh.”

Speaking about BRAC Bank’s association with mtxpress Syed Mahbubur Rahman, Deputy Managing Director said: “Our association with mtxpress gives Bangladeshis in the UK a convenient, cost-effective and safe way to put money into the hands of their loved ones, helping to drive tangible social change. Bangladesh is one of the world’s top receivers of remittances and with the number of active mobile phone subscribers exceeding 51 million, there is a strong business and social case for using technology to increase financial freedom amongst the underserved.”
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