This document discusses remittance management at Sonali Bank Limited in Bangladesh. It aims to understand Sonali Bank's remittance system, compare remittance amounts from different countries, identify remittance recipients, and provide recommendations. Remittance refers to money sent from migrants to others. While Sonali Bank collects remittances from foreign exchange houses, its website and processes need improvements. The document recommends enhancing services, clarifying terms, improving the website and software, hiring skilled staff, and streamlining remittance processing to increase foreign remittances and benefit Bangladesh's economy.

1. Golam Saroar Parvez
ID: 143-14-1550

2.  To understand the remittance management
system of Sonali Bank Limited.
 To know comparative contribution of
foreign remittance received from various
countries.
 To know remittance received by Sonali
Bank Limited.
 To provide recommendations on the basis of
findings.

3. Remittance means transfer of money from one
to another.
Money sent home by migrants constitutes the
second largest financial inflow to many
developing countries.

4.  Bank collects the remittance from exchange houses of
different foreign countries.
 These exchange houses collect money and information
from the customers then send to the domestic bank by
EFT or SWIFT.
 Bank process these data with the help of customized
software (RMS) which is prepared for processing these
data.

5.  The single largest source (35%) of foreign currency
earner for the country.
 Resolved the foreign exchange constraints.
 Improved the balance of payments.
 Increase the supply of national savings.
 Remittances also constituted a very important source
of the country’s development budget.

7. Foreign Inward Remittances:
 Family remittances - This is money sent by
individual immigrants to family and friends back
home.
 Community remittances - This is money sent by
individual immigrants and by hometown associations
to communities in their home country.

8.  Expatriate Bangladeshis.
 Exporters.
 Visitors.

9.  SBL tries to provide quality services to the known clients.
 The terms and conditions are too lengthy.
 SBL website is not sufficient to provide all documents
required to receive remittance.
 Lack of skilled manpower in remittance sector on this
branch.
 Lack of Internet facility.
 Lack of proper monitoring in remittance sector.
 Problems in software (it is now in the ongoing process)
 Process of receiving remittance is very lengthy. As a
result some of the customers are trying to go another
bank.

10.  SBL should introduce batter services for all customers.
 Terms and conditions to receive remittance should be
specified.
 SBL should rich there website with better information.
 The bank should recruit efficient manpower on this
sector.
 High speed internet facility should be implemented.
 SBL should establish a proper monitoring cell to control
the queries of the customers.
 Problems of software should be managed soon.
 The bank should reduce harassments and take a less time
for the processing to give remittance like NCC Bank.

11. Remittance is very important issue in our economy.
A major portion of GDP comes from this sector. If it
is possible to improve the Remittance Management
System of Sonali Bank Ltd. it may increase the
inflow of foreign remittance.