About Us

A Brief Description

Sonali Exchange Co. Inc. (SECI) is an MSB licensed from New York, New Jersey, Michigan, Maryland, Georgia, and Florida. The Corporate Office of the Company is in New York, with ten (10) branch locations in these states. SECI started its operation back in December 1994. Since then, SECI has become a household name among the Bangladeshi community in the USA due to its enviable trustworthiness and quality of services.

SECI is owned by Sonali Bank PLC Bangladesh.

The main strength of the company is the trustworthiness of its customer base all over the States, and we always prioritize their satisfaction by providing a faster, more reliable, and more secure service.

Corporate Profile of Sonali Exchange Company Inc. (SECI)

Name	Sonali Exchange Company Inc.
Chairman	Mr. Mohammad Muslim Chowdhury
Board of Directors	Mr. Mohammad Muslim Chowdhury - Chairman (Chairman, Sonali Bank PLC Bangladesh) Mr. Md. Shawkat Ali Khan - Director (CEO and MD, Sonali Bank PLC Bangladesh) Mr. Md. Ataur Rahman - Director (Ex-General Manager, Sonali Bank PLC Bangladesh) Mr. Mohammad Mohsin Kabir - Director (Ex-officio) (President and CEO, Sonali Exchange Company Inc.)
President and CEO	Mr. Mohammad Mohsin Kabir
Legal Status	Corporation
Date of Incorporation	22 December 1993
Registered Office	336, E 45 Street. 8th Floor. New York-10017, USA
Ownership	Sonali Bank Limited, Bangladesh.
Authorized Capital	$2,000,000.00
Paid up Capital	$1,150,000.00
Number of Employees	17
Number of Branches	10
Phone Number	202-808-0790
Fax Number	202-808-0791
Email	sonali@sonaliexchange.com
Website	www.sonaliexchange.com

 

Vision: To serve the community by channeling the Foreign Remittance to the desired destination of the sender legally.

Slogan: Secured, Fast, Reliable

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Mr. Mohammad Muslim Chowdhury (Chairman, Sonali Bank PLC and Sonali Exchange CO. INC. USA)

Mr. Mohammad Muslim Chowdhury has joined at state owned Sonali Bank PLC as Chairman on 05 September, 2024. He was the former Finance Secretary and served as the 12th Comptroller and Auditor General of Bangladesh.

Mr. Mohammad Muslim Chowdhury holds a Master of Science (MSc) in Finance and Accounting with distinction from the University of Birmingham, UK. He graduated with a Bachelor degree in Commerce with Honours and Master of Commerce in Accounting from the University of Chittagong, Bangladesh.

Professional Experience:

Mr. Mohammad Muslim Chowdhury is a highly accomplished person, had an illustrious career in the civil service spanning over 33 years before taking Oath as 12th Comptroller and Auditor General (CAG) of Bangladesh. Having an in-depth and broad-based knowledge and experience on matters of Public Financial Management, Administration and Governance, he was a member of Bangladesh Civil Service (Audit and Accounts Cadre) 1984 batch. Prior to assuming the office of Comptroller and Auditor General of Bangladesh on 17th July, 2018, Mr. Chowdhury was Finance Secretary. Before his elevation to the position of Secretary to the Government of Bangladesh, he had served as Deputy Secretary, Joint Secretary and Additional Secretary in the Finance Division, Ministry of Finance. He had also held various positions under the Office of the Comptroller and Auditor General, Controller General of Accounts and Controller General Defence Finance.

During his long and illustrious career in the civil service, Mr. Chowdhury had pioneered the Public Sector Financial Management Reform and was awarded the “Jana Prashashan (Public Administration) Award, 2017” for his contribution to the improvement of Public Service delivery system. He was passionate about introducing eGovernance in Finance and engaged in a supervisory role at the IFMIS (iBAS++) development and implementation process. He led from the front in the development of "Government Pensioners Database" and "Government Employees Database" which brought discipline in the Government Pension and Salary management. He was actively involved in the initial formulation and implementation of PPP Framework in Bangladesh and drafted the PPP Strategy and Policy issued by the Government of Bangladesh. He had steered the formulation of New Budget and Accounting Classification System (BACS) in the Government planning, budgeting and accounting from Fiscal Year 2018-19.

Mr. Chowdhury was instrumental in streamlining the Public Debt Management System and had played an active role in designing 5,10,15,20 Years Treasury Bond (G-Sec) that brought discipline in the Long term budget financing and paved the way for Debt Market Development. Mr. Chowdhury had initiated the process of transferring money directly to various safety net beneficiaries’ accounts including government pension payments through G2P mode that brought revolutionary improvement in the public service delivery system. He had steered the process of formulating the draft of the Financial Reporting Act, 2015, an Act promulgated to streamline the process and bring discipline in the Financial Reporting and Auditing practices of Public Interest Entities (PIEs).

Mr. Chowdhury has introduced the innovative idea of Automated Challan (A-Challan), a Web Portal for receiving government receipts (Tax & Non-tax) through any bank/any branch, online or through Mobile Financial Service (MFS). For government payments, EFT/MICR cheques are being used across the board under his able leadership and guidance. These innovations have created a great comfort zone for Taxpayers in terms of hassle free service, saving time and energy. Now, all government receipts and payments hit the Treasury Single Account (TSA) maintained with Bangladesh Bank almost on a real time basis that brought a profound improvement in the overall PFM, specifically in the area of Cash Management, Fiscal Reporting, Financial Reporting, Internal and External Audit.

His departure from the Finance Ministry in the wake of his taking Oath as Auditor General marked with a Cabinet Resolution passed by the Cabinet in its meeting acknowledging and thanking him for his sincere and dedicated service to the Nation spanning over 32 Years which was published through a notification in the Official Gazette on July 16, 2018.

As a Consultant, Mr. Chowdhury worked in the PFM reform area with World Bank and DFID funded projects. In the past, he worked as Director on the Board of Directors of Bangladesh Bank, Bangladesh Krishi Bank, Sonali Bank Ltd. (also was acting Chairman), Bangladesh Biman, Titas Gas Transmission and Distribution Company Ltd., Eastern Refinery Ltd., Infrastructure Development Company Limited (IDCOL) and Dhaka BRT Company Ltd. He was also a member of Judicial Service Commission (JSC), Council Member of ICMAB and National Heart Foundation. He was the first MD and CEO of the Government-owned largest Infrastructure Financing Company, BIFFL. He worked as Director to the Board of Directors of SAARC Development Fund (SDF), Headquartered in Bhutan. He was also a Deputy Chairman of the Saudi Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO) and Vice-Chairman of Islamic Development Bank-Bangladesh Islamic Solidarity and Educational Wakf (IsDB-BISEW).

He is a widely travelled person and has visited countries like USA, UK, Canada, Belgium, Denmark, France, the Netherlands, Sweden, India, Pakistan, Malaysia, Indonesia, Sri Lanka, Cambodia, Nepal, Japan, Bhutan, Singapore, the Philippines, Saudi Arabia, UAE, China, Hong Kong, Myanmar, Kenya, Morocco, Peru, Germany, Austria, Fiji, Australia, Thailand, Kuwait, Vietnam, Russia, Ethiopia and Turkey.

Mr. Chowdhury was born in a respected noble Muslim family of Chittagong. In his personal life, he is married. His wife Mrs. Sabina Haque is a teacher by profession. They are blessed with two daughters.

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Md. Shawkat Ali Khan (CEO and MD, Sonali Bank PLC and Director, Sonali Exchange CO. INC. USA)

Md. Shawkat Ali Khan has officially joined Sonali Bank PLC as its CEO and Managing Director. His appointment was formalized by the Financial Institutions Division of the Ministry of Finance through a letter dated October 21, 2024. Before this role, he served as the Managing Director of Bangladesh Krishi Bank and held the position of Deputy Managing Director at Rupali Bank PLC.

With 26 years of banking experience, Md. Shawkat Ali Khan brings expertise across various departments, including Administration & HR, Industrial Credit, General Credit & SME, Agro and Rural Credit, Micro Credit, Foreign Trade Finance, Home Loan, Anti-Money Laundering, ICT, and Legal Affairs. His leadership roles have included serving as CAMLCO, CFO, and CRO within these departments.

He began his career as a Senior Officer in Rupali Bank PLC in 1998, selected by the Bankers' Recruitment Committee (BRC). Khan holds a BSc (Honours) and MSc in Chemistry from Jahangirnagar University and an MBA in Banking from the University of Dhaka. Among his achievements, he was recognized with a letter of appreciation for his significant contributions to formulating the home loan policy for government employees under the Ministry of Finance.

Throughout his career, he has actively participated in various seminars, training programs, and symposiums, both domestically and internationally. Md. Shawkat Ali Khan hails from a respected Muslim family in Sakhipur upazila, Tangail district.

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Mr. Md. Ataur Rahman (Director, Sonali Exchange CO. INC. USA)

Mr. Md. Ataur Rahman joined in Sonali Bank PLC in 1984. During his career with Sonali Bank, he held many responsibilities in different Divisions of the Head Office of the Bank and also in the Regional Offices. He has served in Sonali Bank UK Limited from 1991 to 1993 and was the President and CEO of Sonali Exchange Co. Inc. USA from 2007 to 2011. He retired from Sonali Bank PLC as a General Manager in 2017 and resided in New York, USA. The authority of Sonali Bank PLC has appointed him as a local director of Sonali Exchange Co., Inc., in 2020. Mr. Ataur was born in a respected noble Muslim family in the district of Kurigramr, Bangladesh. He is blessed with one son and one daughter.

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Mr. Mohammad Mohsin Kabir (President and CEO, Director (Ex-officio), Sonali Exchange CO. INC. USA)

Mr. Mohammad Mohsin Kabir joined Sonali Bank PLC in 2009 as a senior officer, selected by the Bankers' Recruitment Committee (BRC-2008), and served as manager of different important branches of the bank in Dhaka, Bangladesh. He also played a significant role in different branches, corporate offices, and important divisions of the head office of the bank. Before joining as the President and CEO of Sonali Exchange Co., Inc., on August 15, 2024, he was the Assistant General Manager of Foreign Remittance Management Division, Head Office, Dhaka, Bangladesh.

Mr. Mohsin holds a Master of Development Studies (MDS) degree from the University of Dhaka, Bangladesh. He graduated with honors in social work from Shahjalal University of Science and Technology, Sylhet, Bangladesh.

Mr. Mohsin is a big fan of traveling and has visited countries like the USA, Dhubai, Italy, Singapore, Malaysia, and Indonesia.

Mr. Mohsin was born into a respected noble Muslim family in Dhaka. In his personal life, he is married. His wife, Mrs. Tunazzina Bishwas, is a homemaker by profession. They are blessed with a lovely daughter, who is studying in grade 5 at a school in New York, USA.

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Management Team:

Mr. Mohammad Sadat Hossain	IT Manager and Company Secretary,
Mr. GM Nurul Haque	Accounts and Compliance Officer,
Mr. Nawab Hossen	Manager and Vice President, Jackson Heights Branch,
Mrs. Tarana Chowdhury	Manager and Vice President. Jamaica Branch

Nationwide Multi-State Licensing System (NMLS) Number:  

Licensed States

Licensed States	Regulators
New York	Department of Financial Services, New York.
New Jersey	Department of Banking and Insurance, New Jersey.
Michigan	Department of Insurance and Financial Services, Michigan.
Georgia	Department of Banking and Finance, Georgia.
Maryland	Maryland Department of Labor, Licensing, and Regulation- Office of the Commissioner of Financial Regulation.
Florida	Florida Office of Financial Regulation.

 

Our Services

Real-Time Transmission

Our prime service as an MSB is Money Transmission to Bangladesh. We transmit money to any Bank and MFS (Bkash and NAGAD) in Bangladesh electronically in Real-time.

How we Serve You:

You may send the money to Bangladesh to the receiver’s Bank Accounts with any Bank and in cash (Cash pickup/ Spot Cash) by the following ways:

Office counter:

Senders can send money to their family, friends, or others in Bangladesh. Visit any of our office locations and deposit the transferable money in cash or by check. The officer on the counter will issue a Money Receipt after generating the transaction within a minute.

Mail a Check:

Senders can mail a check to any of our office addresses. The check has to be issued in favor of “ Sonali Exchange Company Inc.” Please download the “Transfer Request” form (from Download Forms) sent to us along with the check.  

Sonali Exchange Mobile App (Online):

Senders may use our Sonali Exchange Mobile App (also on this website from the web version) to send money to Bangladesh. Download the App from your Apple Store or Google Play Store (Brand name SECI) and open your online account for sending money. Please see the user manual for details.

Always Provide the following for sending money:

For Bank Account:	For Cash Pickup and Bkash/ Nagad
1. Receiver Name: 2. Receiver Account Number: 3. Bank Name: 4. Branch Name:	1. Receiver Name: 2. Receiver Account Number: (Only from Sonali Bank).

Note: Request the receiver to carry his/her NID of Bangladesh to the Bank for cash pickup.

How we deliver the service:  

Bank Account:

You may send the funds to the receiver's Bank Account with any Bank in Bangladesh.

Cash Pick-up:

You may send the money using the Name and Mobile Number. They will have to pick up the money from any branch of Sonali Bank. Make sure that the receiver carries their Bangladesh NID.

BLAZE Service:

For instant cash receiving, use the BLAZE service for non-Sonali Bank Account holders. It’s easy; inform our customer service associate if you want to use the BLAZE service.

MFS Service:

You may use the Bkask and NAGAD platforms. Inform our customer service officer that you want to send money receivable through Bkash.