Industry Desk: 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 over phone from New York yesterday.
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.