Financial Products We Offer
Agrani offers an overseas remittance service to its customers in Australia to transfer to third parties in Bangladesh and other countries. Agrani Remittance House Canada Inc. mainly offers this service to customers located in Canada to send remittance to Bangladesh. As part of the remittance transaction, you may need to enter into a spot foreign exchange contract.
Overseas remittance are the transfer and payment of funds in accordance with the remitter's instructions from Australia to Bangladesh and other countries. Agrani acts as a remitting service provider for Agrani Bank Limited, which is a Bangladeshi state owned bank with 877 branches strategically located throughout Bangladesh. Agrani also acts as remittance service for other correspondent banks in accordance with the payment instructions of the remitter. If the beneficiary of the remittance does not maintain an account with Agrani Bank, payment will be sent to a third party bank.
Agrani uses two methods of remittance: remittance by PIN number or remittance by bank account.
Remittance by PIN number
When Agrani Exchange receives remittance order from the remitter, Agrani will provide a PIN number to the remitter. The remitter then sends the PIN to the beneficiary. The beneficiary must then visit any of the 877 branches of Agrani Bank in Bangladesh and other countries and produce the PIN and valid identification to receive remittance. In the execution of this transaction a spot contract between Agrani and the remitter is formed.
Remittance by Bank Account
When Agrani receives a remittance order for bank transfer, Agrani will send the remittance direct to the beneficiary's bank account. The funds are then credited into the beneficiary's account. Once again this transaction involves a spot foreign exchange contract to take into account the different currencies.
In all cases you must deliver to us the full amount of the funds you are exchanging. We simply transmit money. We do not facilitate any type of margin or leveraged foreign exchange transaction (i.e. where you are able to speculate on future exchange rate movements by putting down a deposit and trading a multiple of that deposit).