Sherab Lhamo

Bhutan National Bank (BNB) is offering a six month special deal— charging only AUD 5.5 for each transaction when you send money from Australia to Bhutan.

BNB customers will have the option to open accounts in Australia and transfer money to these accounts. Once they have Australian accounts, they can send and receive Australian dollars to and from Bhutan.

Sonam Tobgay, the CEO of Bhutan National Bank, said he sees it as a big step forward to bring creative financial solutions to their customers.

With BNB Remit, the Bank’s intention is to make sending money from Australia to Bhutan easier, faster, cheaper, and ensure it’s done quickly, safely, and affordably, he said.

Dorji Namgyal Rinchhen, the BNB’s director of Customer Experience, highlighted the benefits of using BNB Remit.

Users can enjoy the advantage of a low transaction fee, making it cost-effective.

Additionally, the process is faster, with money transferred from Australia to a BNB account reaching its destination within the same day.

BNB, he said, has invested in ensuring a highly secure banking system.

The remittance process is also automated, further ensuring that customers can send money safely and securely.

Dorji Namgyal Rinchhen said that when transferring funds to and from other banks using BNB, it might take longer because it depends on the other banks’ processes.

Specifically, for first-time transfers, there’s an extra day added due to a compliance check required by the Australian government. This check ensures that the transfer follows all necessary regulations and standards.

Dorji Namgyal Rinchhen said that unlike other banks, which undergo compliance checks after reaching AUD 5,000 in transfers, BNB benefits from its partnership with iPay, a registered company in Australia.

This partnership allows BNB users to undergo compliance checks after reaching AUD 7500 in transfers. Consequently, BNB users can transfer larger sums of money, up to AUD 100 thousand per month, compared to the AUD 20,000 limit imposed by other banks.

In June, BNB will expand its services to include the United States and Canada. Additionally, by the end of this year, they plan to open in the Middle East and Japan, broadening their reach to serve customers in these regions as well.