Electronic money transfer from all post offices starts June 27

The existing electronic money transfer system at post offices using cell phones would be expanded throughout the country from June 27 to ensure swift money transfer to anywhere in Bangladesh, official sources said, reports NewAge.
The present EMTS covers only 450 post offices and the system would be expanded across the country through some 8,500 post offices at the district and Upazila levels, said AKM Shafiur Rahman, additional director general of Bangladesh Post Office.
He also said that the 22 state-owned and private commercial banks would help the government post offices for remitting money from abroad and the mobile phone operator Banglalink would help in providing the connectivity.
The postal directorate would, however, use its own software for the EMTS, the additional director general said.
The ministry of post and telecommunication in new a proposal sent to the finance ministry has set the post office’s commission for the EMTS at Tk 20 for transfer of up to Tk 1,000 and an extra Tk 10 for the following each Tk 1,000. The existing commission is Tk 10 for transfer of up to Tk 1,000.
The proposal is awaiting the finance minister’s nod, ministry sources said.
Currently, international money transfer agencies charge more than 20 per cent on the remitted amount as their fee.
‘Bangladesh became one of the world’s top 10 remittance recipient nations. Remittance from the expatriate workers is not only a major foreign exchange earner, but also helps poverty alleviation and spurs the country’s rural economy,’ said a senior official of Bangladesh Bank.
Last year, some 6.3 million Bangladeshis who work and live abroad sent home $ 10 billion in remittance, accounting for 13 per cent of the gross domestic product.
Earlier, the government introduced EMTS on May 5 using cell phones at post offices across the country to ensure swift money transfer.
The Director General of Post office would fix the highest limit of EMT amount through a circular, official sources said.
The Extra Departmental Delivery Agent of the post offices would pay the recipients from their own fund and collect 30 per cent of commission while the rest 70 per cent of the commission would go to the postal department, according to the proposal.