RemitBhutan is a digital platform launched by the Royal Monetary Authority of Bhutan to enable Bhutanese Living Abroad (BLAs) to open foreign currency accounts, transfer money home, and invest in Bhutanese securities without visiting a bank in person. It surpassed its first-year deposit target of US$1 million within eight months of launch.
RemitBhutan is a digital financial platform launched by the Royal Monetary Authority of Bhutan (RMA) to serve the growing population of Bhutanese Living Abroad (BLAs). The platform enables non-resident Bhutanese citizens to open foreign currency accounts with authorised Bhutanese banks, transfer funds to Bhutan, and access investment services — all without the need for a physical visit to a bank branch. By integrating banking, remittance, and securities trading into a single online portal, RemitBhutan represents a significant step in Bhutan's efforts to harness the economic potential of its diaspora.[1]
Launched by the RMA, RemitBhutan achieved its first-year deposit target of US$1 million within just eight months of operation, demonstrating strong demand among the Bhutanese diaspora for accessible and affordable financial services connecting them to their home country.[2]
Background
Bhutan has experienced significant outward migration in recent years, particularly to Australia, the Middle East, and other parts of Asia and North America. As of the early 2020s, remittances from BLAs had become an increasingly important component of the Bhutanese economy. In 2020, Bhutan received an estimated Nu. 8.3 billion (approximately US$111.2 million) in remittances, equivalent to 39.2 per cent of total official development assistance (ODA) received in the same year. This growing flow of funds underscored the need for a dedicated digital infrastructure to facilitate and formalise remittance channels.[3]
Prior to RemitBhutan, many BLAs relied on informal or expensive commercial channels to send money home. The platform was conceived as a means of reducing transaction costs, improving transparency, and channelling diaspora savings into productive investment within Bhutan.
Services and Features
RemitBhutan offers BLAs three principal types of accounts: a Foreign Currency Account, a Ngultrum (domestic currency) Account, and an Investment Account. Account opening is conducted entirely online through an electronic Know Your Customer (e-KYC) process, eliminating the need for in-person verification. The platform is integrated with the Bank of Bhutan Limited (BOBL) and the Bhutan National Bank Limited (BNBL), the country's two largest commercial banks.[1]
In addition to basic banking, RemitBhutan has been integrated with the Royal Securities Exchange of Bhutan (RSEB) to provide BLAs with a direct trading facility for Bhutanese equities. Through the RSEB's mCaMS mobile trading application, diaspora Bhutanese can open a Central Depository (CD) account and trade stocks listed on the Bhutanese stock exchange from their country of residence. RemitBhutan also extends loan products, including loans against fixed deposits and home loans offered to BLAs at preferential interest rates.[4]
Remittance Channels
RemitBhutan partners with several international money transfer operators to facilitate fund transfers. These include Xpress Money (through BOBL), Ria (through both BOBL and BNBL), MoneyGram (through BNBL), TPayRemit (through T Bank), and Western Union (through BhutanPost). This network of partners ensures that BLAs in a variety of countries can access affordable transfer services.[1]
In parallel, the Bhutan National Bank launched BNB Remit, a complementary mobile and web application designed specifically for person-to-person money transfers from Australia to Bhutan. BNB Remit allows transfers of up to AUD 100,000 per month at a flat transaction fee of AUD 5.50, with funds deposited directly into the beneficiary's account at BNB or other Bhutanese banks. The service reflects the concentration of Bhutanese migrants in Australia, which has become one of the largest destination countries for BLAs.[5]
Government Incentives
To encourage the use of formal remittance channels, the Royal Government of Bhutan and the RMA have introduced incentive programmes, including a one per cent bonus on inward remittances sent through authorised banking channels. The Ministry of Foreign Affairs and External Trade has promoted these incentives among diaspora communities as part of a broader strategy to leverage remittances for national economic development.[6]
Significance
RemitBhutan is part of a wider trend across developing countries to formalise and digitise remittance flows, reducing reliance on informal hawala-type systems and expensive commercial operators. For Bhutan, the platform serves a dual purpose: it strengthens the financial inclusion of the diaspora while channelling foreign currency into the domestic banking system and capital markets. As the Bhutanese diaspora continues to grow, platforms such as RemitBhutan are likely to play an increasingly important role in the country's economic architecture.
References
- RemitBhutan. Official website.
- "RemitBhutan attracts US$1M deposits in 8 months." BBS, 2023.
- "Leveraging remittances to boost Bhutan's economy." Kuensel.
- Royal Securities Exchange of Bhutan. Official website.
- "Bhutan National Bank introduces BNB Remit for Bhutanese in Australia." BBS.
- "Incentive on Remittance." Ministry of Foreign Affairs and External Trade, 2021.
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