Foreign Remittance plays an important role for the banks in Bangladesh to earn foreign currency which plays a vital role for economic development of the Country. Bangladeshi nationals residing abroad can send their earned foreign currency very easily and directly to their own bank accounts maintained in Bangladesh or to their nominated person’s / relative’s bank accounts in Bangladesh.

In Broad sense, wage earners’ inward foreign remittances are channeled to Bangladesh from abroad in two ways:

• Bank to Bank through wire transfer
• Through Money Transfer Companies (MTOs) i.e Exchange Houses

To facilitate inward foreign remittance for wage earners’ foreign remittance IFIC Bank has a separate Remittance Processing Department under International Division at Head Office. Remittance Processing Department at Head Office deals with inward foreign remittance channeled through Money Transfer Companies having arrangement with IFIC Bank. Bank to Bank Transfer through SWIFT/ Wire Transfer is handled by Trade Service Centre, Head Office.

For catering Inward Remittance from abroad at present, IFIC Bank has remittance arrangement with following Exchange Houses 12 (twelve) including Bank’s own and joint venture Exchange Houses.

List of Exchange Houses having Drawing Arrangement:
 

SL	Exchange House	Country based
1	Oman Exchange LLC	Oman
2	IFIC Money Transfer (UK) Limited (Fully owned by IFIC)	UK
3	Western Union	USA
4	Ria Money Transfer	USA
5	Placid NK Corporation NY	USA
6	TransFast (Mastercard) Remittance LLC	USA
7	Money Gram Payment System	USA
8	National Exchange Company, Italy	Italy
9	NEC Money Transfer Limited	UK
10	Sigue Global Services Ltd.UK	UK
11	Xpress Money Services Ltd.	UK
12	Multinet Trust Exchange LLC	UAE