Bangladesh Bank on Monday granted permission to state-owned Sonali Bank for opening taka and dollar accounts required before signing an agreement with PayPal paving the way for starting the global online payment company’s operation in Bangladesh.
The BB issued a letter to Sonali Bank giving it the permission to open the accounts required for settling drawing arrangement so that remitters can send inward remittance to Bangladesh through PayPal.
Sonali Bank principal officer Md Nawab Hossen told New Age on Monday that the central bank had given permission to open taka and dollar accounts to settle foreign transactions through PayPal.
‘The bank will open the accounts by tomorrow (Tuesday) with its wage earners corporate branches in the capital,’ he said.
With the central bank’s permission for opening the accounts, Sonali Bank has successfully completed all procedures on its part.
Sonali Bank will sign an agreement with PayPal within the shortest possible time in San Francisco of the United States after opening a legal channel for transaction, he said.
The bank will start to work for developing software which will be integrated with PayPal, he said.
Sonali Bank managing director Md Obayed Ullah Al Masud earlier told New Age that his bank might sign agreement with PayPal in late April of this year.
The service will help people and businesses transfer their funds including transfer of remittances electronically without any hassle.
Individuals and businesses are allowed to transfer fund electronically using the payment gateway service of PayPal.
An individual or businesses first requires opening a PayPal account with a valid email address to settle their transaction.
A PayPal user will also need a valid credit card or a bank account connected with PayPal to avail its services.
Bangladesh has been facing difficulty for long in receiving remittance earned through outsourcing but the upcoming contract with PayPal will make the remittance inflow easier and faster, a BB official told New Age.
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