With the traditional payment landscape in Bangladesh not serving students abroad well, Trust Bank, the private commercial bank in Bangladesh and Terrapay, the global money movement company, have partnered to tackle this issue.
Together, Trust Bank and Terrapay are offering students in Bangladesh an alternative to the traditional payment system through a secure, completely digital and frictionless process for international transactions. This also addresses the increasing demand for faster, more efficient cross-border payments.
The partnership aims to reshape how Bangladeshi students pay tuition fees and manage living expenses while studying abroad by providing students and their families a service without the delays associated with traditional processes.
With TerraPay, Trust Bank ensures faster processing times, real-time transaction tracking, competitive exchange rates, and full transparency. The platform empowers users to send tuition fees and living expenses securely to educational institutions and student bank accounts in major destinations like the USA, UK, Canada, Australia, Germany, Japan, and South Korea.
Speaking on this initiative, Ahsan Zaman Chowdhury, managing director of Trust Bank said: “This partnership underscores our commitment to innovation and customer satisfaction. By collaborating with TerraPay, we are not only simplifying the payment process for students but also setting a new benchmark for international banking solutions in Bangladesh.”
Echoing this sentiment, Ani Sane, co-founder and chief business officer at TerraPay stated: “Our partnership with Trust Bank is a testament to the power of collaboration in driving financial inclusion and innovation. We are thrilled to bring our global payment expertise to Bangladesh, enabling students and their families to make education payments abroad with ease and confidence.”
Why the partnership is needed
In 2023, over 52,799 Bangladeshi students studied abroad, according to UNESCO. The number of Bangladeshi students studying abroad has been increasing over the years. Traditionally, these students and their families relied on cumbersome and costly payment transactions.
For Trust Bank, this partnership represents a leap forward in delivering customer-centric services that cater to the modern needs of Bangladeshi families. Through TerraPay’s advanced APIs and web-based platform, banks can monitor real-time transaction statuses 24/7, offering an unparalleled level of transparency and control. In fact, it delivers 90 per cent of payments across the globe within one minute.
Furthermore, the cost-effective model—free from hidden backend charges—allows Trust Bank to provide competitive pricing to its customers while significantly reducing operational complexities.
The significance of this partnership is further highlighted given that this is the first time Bangladesh Bank has approved a partnership between a local bank and a licensed payment service provider (PSP) for processing student-related payments. Fully compliant with regulatory directives, the solution not only ensures secure transactions but also facilitates financial inclusivity by making digital payments accessible to all.
