StanChart launches Swadeshi Banking for expatriates

Standard Chartered Swadeshi Banking has recently announced the launch of Swadeshi Banking, a one-stop suite of banking solutions for Non-Resident Bangladeshis (NRBs).

Standard Chartered’s Swadeshi Banking suite provides NRB clients easy banking solutions for sending funds through wire-transfers, investing through remittances, accessing foreign currency accounts abroad and meeting payment obligations at home. 

The suite also offers the Bank’s NRB Priority Banking clients exclusive access to Standard Chartered Priority Centres across the world, along with a whole range of priority benefits & privileges globally. 

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh said this while announcing the launch of the Swadeshi Banking.

Speaking on the occasion, Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh said, “Our NRB community has been a constant partner to our nation and has made notable contributions to the stellar progress of our economy. With Swadeshi Banking, our aim is to deliver convenient banking services for our NRB clients leveraging the strength of our global network and our secure electronic platforms, while helping NRBs invest in Bangladesh from abroad.  We believe such endeavours will help direct a greater proportion of remittance through formal channels, which would be greatly beneficial for our nation.”

Through this, the Bank’s clients can avail easy money transfers. “With our global banking network, clients can remit funds conveniently to their accounts in Bangladesh,” Naser said. 

Besides, clients can buy NRB bonds from offshore. “NRB clients can enjoy tax-free returns by investing in Government Savings Bonds. Clients can choose from USD Investment Bond, USD Premium Bond and Wage Earner’s Development Bond; and invest in these bonds at their convenience from their country of residence,” he further said.

This can help grow foreign currency deposit, said Naser adding: “With Non-Resident Foreign Currency Deposit (NFCD) account, clients can retain their balances and interest income in Foreign currency, and enjoy competitive interest rates.”

Exparts can purchase property at home, he mention detailing: “Clients can purchase a home in Bangladesh with NRB Home Loan, with easy financing solutions - featuring attractive interest rates, a ‘Loan to Value’ ratio of 75% and a tenure of up to 15 years.”

Other facilities include pay tuition fees when moving abroad for studies. “Clients can avail our Student File to easily wire transfer tuition fees and living expenses overseas from their Bangladeshi Taka balances – when relocating abroad for education purposes”. 

“Choose accounts to suit transactional needs,” he mentioned adding clients can choose from a range of accounts [Foreign Currency (FCY) Account, Non-Resident Taka (NRT) Account, Non-Resident Exclusively Remittance-fed (NRX) Taka account and Joint Taka account with a Resident Bangladeshi (JTR)] 

Clients can make digital fund-transfers through logging in from anywhere to check balances & transaction. 

Clients can also transfer funds to any account in Bangladesh from NRX and/or JTR account through Online banking 

They can also enjoy priority banking status beyond borders. Clients get global recognition of their Priority Status and can access Standard Chartered Priority Centres worldwide Family members (Spouse and Children) of Priority clients are also recognized as Priority, and can avail a whole range of Priority benefits & privileges