DHAKA, Jan 8, 2019 (BSS) – Sonali Exchange Co Inc, USA, a subsidiary of the
state-owned Sonali Bank Limited, made a significant profit last year after
counting a loss in the previous two years as it sent $87.15 million
remittances to Bangladesh in 2018, the highest in the last five years.
“The US-based Bangladesh money transfer company earned $ 19,000 profit in
2018 thanks to confidence of the expatriate Bangladeshis in the exchange
house and sincere cooperation of all concerned,” Acting President and Chief
Executive Officer of the Sonali Exchange M Zahurul Islam told BSS over phone
from New York today.
He said the exchange house counted a loss of $2.27 lakh in 2017 and $66
thousand in 2016, but it bounced back last year as it sent remittances
amounting to $87.15 million in 2018, $2.15 million more than the target.
Zahurul said the number of remitters has increased to 1,22,431 in 2018,
11,000 up from the previous year and the number was the highest in the last
eight years.
“Despite having huge competition in remittance business, this success came
due to sincere efforts, hard labour and improved customer service by all
concerned of the organisation,” he said.
Seeking sincere cooperation from all in the new year, Zahrul expressed his
hope that the exchange house will earn more profit this year.
Zahurul, Jackson Heights Branch Manager of the exchange house, has been
serving as the acting CEO of Sonali Exchange, USA since December 2017 as its
CEO returned home after expiry of his tenure.
Responding to a question, he said Sonali Exchange has achieved the success
by utilizing long experiences in remittance business and encouraging people
with professional attitude, enhanced customer services, sincerity of the
officials, hard work and overall support of the top officials of the Sonali
Bank.
He also informed that the Sonali Exchange has been offering remittance
services to the expatriates in the USA since 1994. It has 10 branches and
booths in five US states.
Zahurul mentioned that Sonali Exchange sent nearly $3 billion to
Bangladesh in the last 24 years.
“Despite the exchange rates are a little less than other organizations, the
state-owned exchange house has achieved a long-term trust and loyalty to the
expatriate Bangladeshis in the USA,” he added.
Zahurul said the exchange house can make more profit by using the trust and
love of expatriates. “Not only profit, but also the amount of remittances and
the number of accounts has also increased during the period,” he added.
He said the beneficiary in Bangladesh does not need to have account in
Sonali Bank Limited branches as Sonali Exchange is capable of delivering
remittances to any beneficiary having account with any branch of any bank in
Bangladesh through its own network.
Through the cash pickup, the beneficiary can receive money immediately from
anywhere in Bangladesh, he added.
For convenience of their valued customers, Zahurul said most of the
branches remain open round the week.
Sonali Exchange is an international money transmitter licensed from states
of New York, Maryland, Georgia , Michigan and New Jersey.
Out of the 10 branches, seven branches are in New York while rest of the
three branches in Atlanta, Michigan and New Jersey.
Zahurul said though there is a negative attitude towards the services of
the government organisations, the Sonali Exchange has become a renowned name
among the Bangladeshi community in the USA due to its enviable
trustworthiness and quality services.