The New Nation - Internet Edition

Business Report

MoneyGram International is going to launch a campaign - power is in your hand, you can get money within ten minutes from abroad, before to the onset of the festive season.

Harsh Lambah, Regional Director of South Asia, MoneyGram India Pvt.Ltd, recently said this at a press conference at a hotel of the city.

"Bangladesh is a very important market for MoneyGram," said Lambah, " The potential that this market presents, is huge. We have well establish our network in Bangladesh with a sizable base of key bank agents including NCC Bank, Uttara Bank, Eastern Bank, The City Bank, IFIC Bank, Jamuna Bank, Premier Bank, Standard Bank and Mutual Trust Bank that support our network here so that we are present where the customer need us."

Mentioning that Bangladesh has already earned $8 billion remittance in recent year, he said a lot of people leave countries for better opportunities, we want to be there to serve these people.

Claiming MoneyGram as no 2 money transfer organization in the world, Lambah said, choice of receiving money is now on people's hand.

"Our key task in Bangladesh is to help the consumer understand the significance of using a safe, convenient and affordable money transfer service that helps them receive their hard earned money in just a few minutes from anywhere in the world. The consumer now has the option to choose MoneyGram money transfer service to avail of all these benefits and the new campaign attempts to establish just that", he said.

To receive Money via MoneyGram in Bangladesh, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as ten minutes, subject to agent availability and hours of operation.

In response to a question, he answered, it charged comparatively less than other organisations in transferring money and the rate was dynamic. The local bank does not charge money form the receiver he added.

MoneyGram has undertaken various marketing initiatives this year to gain consumer preference in the market. Bangla New Year, which is a key festival in Bangladesh, was celebrated with a consumer promotion in April this year whereby rewarded for using the MoneyGram service.

MoneyGram now has 10,500 agent locations on the Indian Subcontinent. Its money transfer service has been available in Bangladesh for almost 10 years. MoneyGram has recently invested more resource and introduced special pricing on transactions received into country.

With a large number of Bangladeshi in the US, UK, Italy, Canada, Australia and the Middle East, remittances of funds from these countries to their families in Bangladesh is high.

High officials from different banks participated in the conference.