BRAC Bank has partnered with Visa, a global leader in digital payments, to launch Visa Direct for Account, enabling customers to enjoy a faster, more reliable, and cost-effective way for outward international money transfers.
This strategic collaboration is expected to revolutionise BRAC Bank’s outward remittance capabilities, providing customers with more options for sending funds internationally in a secure way.
The customers will now be able to instantly send out funds to 90+ countries in the world, securely and at very low costs. By bypassing the substantial correspondent bank fees required for conventional payment method, this new channel will also reduce the country's foreign currency outflow.
The introduction of Visa Direct for Account effectively addresses the limitations of traditional cross-border payment methods, offering substantial benefits to BRAC Bank customers.
As an API-based solution, Visa Direct for Account enables safe, efficient, and near-real-time global payments. Compared to the conventional channel, transactions through Visa Direct for Account are significantly faster and more cost-effective due to its streamlined processing.
