UAE Rakbank offer its RAKMoneyTransfer to Bangladesh using Ripple

RAK Bank has expanded its RAKMoneyTransfer services to Bangladesh corridor by partnering with Bank Asia. The transfers can now be carried out in minutes leveraging RippleNet blockchain technology. The new remittance solution will be free during the Covid-19 times and until June 30^th 2020 

RAKBank press release discusses the seucrity of RMT services which uses Ripple Blockchain platform and enables instant transfers at competative rates with no hidden fees or dedutions made by the beneficiary bank.

Peter England CEO of RAKBANK states, “ We want to bring peace of mind to the Bangladeshi expat community in these challenging times via the bank RMT services, this solution via Bank RMT services empowers Bagladesh expats to instantly and securely send money bank home in just few simple clicks.

This is not the first time RAKBank uses Ripplenet for remittances. It has used Ripplenet for remittances with Phillipines. It has also offered this service to SriLanka as well as India.