With the continuing rise of agent banking and appealing government incentives still in place, now is an ideal time for anyone wanting to send money to Bangladesh. These combined measures mean that your recipients can pick up money at a location near to them and will receive additional funds due to the 2% bonus.
- Local Customer Service
Cash pick-up is still the most popular option for many of our customers around the world, despite the acceleration of a digital shift that COVID-19 has prompted
Given the changes, why not take a look at our recent blog that takes a more detailed look the ways we are supporting friends and family who are receiving money in Bangladesh.
Our local customer support, available in Bangladesh for your recipient, is one way we do this.
The support we provide in Bangladesh is accessible between 10am to 4pm — the banking operation hours — so that your beneficiary can speak to someone in the native language and get the support they need when they need it.
This service is not provided by many other money transfer companies, and really does make a difference to the people who receive international remittance: knowing someone is there, locally, to provide support in real time.
Furthermore, by choosing to use Small World to send money to Bangladesh your first transfer is fee free, helping to make your money go even further.
2. Government supports money transfer with 2% incentive
The Bangladeshi government introduced a 2% incentive for those sending money to Bangladesh as of July 1st, 2019. The good news is that this incentive is still in place, meaning your recipient will currently receive 2% more than the original remittance amount.
This was brought in to increase remittance to Bangladesh, and more information can be found in our recent blog post on the Small World website: remittance incentive for Bangladesh.
In short, the key points are:
- The government will add 2% of the sent value to all international transfers to Bangladesh
- No documentation will be required for remittances up to TK 500,000
- This figure is based on the total amount once converted into the local currency
3. Our partnership with Dutch-Bangla Bank
Small World’s global partnerships give our customers access to thousands of agent branches. Our partnership with Dutch Bangla Bank is one example.
Whether you choose to via an agent, online, or using the app your recipient can now choose to collect their money from one of over 4,829 locations across Bangladesh.
Dutch Bangla Bank currently has 195 branches and the largest network of ATM’s in Bangladesh, meaning even greater accessibility for Small World customers.
4. Agent banking with Dutch-Bangla Bank
If you or your recipient prefer to visit an agent, there is a vast number across the country that bring financial services to the more remote parts of the country. A full list of services — including ATM withdrawals, balance enquiries and bill payment — can be found on the Dutch-Bangla Bank Agent Banking website.
Cash deposit is one of the most popular methods of money transfer to Bangladesh. It allows you to send money to an agent banking account that is accessible to the person receiving your remittance. They will then be able to pick up their cash, in person, at a location of their choice.
The money can be collected from any of Dutch-Bangla Bank’s 2830 agents, hugely reducing journey time and bringing services to people who may not have previously had access to them.
5. Other banking opportunities across Bangladesh
Dutch-Bangla Bank isn’t the only bank Small World works with to offer agent banking for money transfer to Bangladesh.
Since it was first introduced in 2014, agent banking services have proved in Bangladesh and allowed for financial inclusion in some of the previously excluded rural population.
There has been a significant rise in the number of bank accounts across the country as well as an increase in the money being sent through agent banking services. Prime Bank and NRB Global Bank recently received agent banking licenses from the central bank, increasing the national total to 28 banks and over 4,000 agent locations (New Age)
The most popular ways to send money to Bangladesh:
- Cash Pick-Up
- Bank Deposit
- Mobile Top-up
And don’t forget, your first transfer is fee-free.
Our main partners in Bangladesh are Janata Bank, Agrani Bank, Uttara Bank, National Bank, Dutch-Bangla Bank, Islami Bank Bangladesh, Rupali Bank, Social Islami Bank, Bank Asia, Southeast Bank, Union Bank, SBAC Bank, Al-Arafah Islami Bank, Bank Asia