Zero balance bank accounts make money transfer to Bangladesh even simpler

27 Aug 2020 - Category: Blog /
send money

Here at Small World we work extremely hard to connect with global partners who can help our customers’ money transfer reach as many people as possible in the quickest time.

Our relationship with Southeast Bank, the Dhaka-headquartered bank that serves Bangladeshi communities across the country, enables us to do just that. Now, the bank has a new zero-balance bank account which will both aid financial inclusion and make it easier to send money to Bangladesh for those living abroad.

The vast network of agents at Southeast Bank means that we can bring important services to villages and rural areas who have previously been left behind by the city-based banks. So, you are now able to support your friends and family no matter where they live in Bangladesh.

A quick introduction to Southeast Bank

Established in 1995 with a dream and a vision to become a pioneer banking institution of Bangladesh and contribute significantly to the growth of the national economy, Southeast Bank is one of Small World’s main partners in the country.

In an attempt to bring banking services to a larger proportion of the population, the bank has recently launched a zero-balance bank account.

Importantly, this has received official approval from the Central Bank of Bangladesh.

Helping those in rural locations with money transfer

Without requiring an opening balance, this account is specifically targeting those living in rural villages who are currently unbanked and would otherwise struggle to open their first account. Once opened, account holders will immediately be able to start saving funds sent from global money transfer.

Available via Southeast Bank’s network of agents, the bank has a plan for the account to be available from 200 different outlets within three years.

Can my beneficiary sign up for a zero-balance bank account in Bangladesh?

Not only is this new account available to a portion of the Bangladesh population who have traditionally struggled to access banks, it is also easy for your beneficiary to open one.

Here are the steps your recipient will need to go through to open their account:

  • Head to the nearest Southeast Bank agent outlet (not necessarily a bank – remember, there are many smaller and easy-to-reach agents of banks) and ask to open a zero-balance bank account
  • Provide the agent with your national ID card or any other form of official photo ID
  • The ID documentation and details will then be verified by a local bank officer through the national database
  • Once verification has taken place, the account will be approved and the customer will be provided with their new account number

Is it a long process?

As long as they remember to bring their ID with them, the whole process of opening a new account should take no longer than ten minutes and can be set up while they wait.

It’s worth repeating that these accounts can be opened with zero balance, meaning that no money needs to be paid in at the start.

Money transfer to a new bank account Once the account has been set up the customer can start using it immediately for their savings. As the sender, this means that you will be able to send money to Bangladesh via bank deposit.

All you need is your recipient’s new account number and you’ll then be able to send money from your Small World account

 There are several different ways that you can make a bank deposit to Bangladesh:

It is through our partnerships, with companies like Southeast Bank, that our customers can support people wherever they live in Bangladesh and we hope their zero-balance account is the next step in making this happen. This is why we work so hard to build relationships and will continue to do so.

The most popular ways to send money to Bangladesh:

- Cash Pick-Up

- Bank Deposit

- Mobile Top-up

Our main partners in Bangladesh are Janata Bank, Agrani Bank, Uttara Bank, National Bank, Dutch-Bangla Bank, Islami Bank Bangladesh, Rupali Bank, Social Islami Bank, Bank Asia, Southeast Bank, Union Bank, SBAC Bank, Al-Arafah Islami Bank, Bank Asia

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