It is basically a US based company, they do expatriate income collection in countries where expatriate income is prevalent. The top banks that have an agreement with this institution are Islami Bank, Social Islami Bank, Union Bank, South Bangla Bank, Southeast Bank, Dutch-Bangla Bank, Pubali Bank and BRAC Bank. Similarly, TapTap Send has announced to pay 122 rupees per dollar to send money to Bangladesh. Western Union shows a price of 112 rupees per dollar. Along with this, there is a two and a half percent incentive from the government.
Officials associated with the bank’s purchase of expatriate income say that all remittance houses are now offering to sell dollars at a price of Tk 122-123. Some have announced publicly, while others are doing it secretly. Apart from this, those whose income is coming through services like Bikash, Rocket, are getting slightly lower prices.
Masrur Arefin, Vice Chairman of ABB and Managing Director of City Bank Prothom-aloK said, ‘Foreign exchange companies are asking for a dollar price of 122-123 taka 50 paisa. At what price will I buy the dollar and sell it to whom? So I kind of stopped buying dollars. I don’t understand why the price suddenly increased so much. We will seek advice from the top level of the central bank to decide what to do about it.’
Meanwhile, the official selling price of dollar to importers is 111 taka, but now it is being sold at 123-124 taka. Some banks are mentioning 111 taka in documents, but in reality they are taking 12-13 taka more.