According to Statista, in 2018 97.28% of people in Bangladesh have a mobile phone; an increase from just 0.22% in the year 2000.
As mobile technology has become more popular, sending money to Bangladesh has become easier as new digital services have become available.
bKash is one of these services.
Together with Small World, they are making your money transfer to Bangladesh safer and more efficient than ever. So, what do you need to know about bKash, and how can Small World help you transfer money home in an instant?
What do I need to know about bKash?
bKash is a financial service set up by Bangladeshi American entrepreneur Kamal Quadir, described by business magazine Euro Money as a “child of Bangladesh’s independence”. The service provides a safe, secure and instant mobile payment system to Bangladeshi people.
Around 30m people currently use the service and it processes 5m transactions a day, with a daily value of Tk7bn ($84m) or about $30bn a year.
Using bKash’s mobile wallet to send money to Bangladesh
bKash is an app that provides its users with a mobile wallet.
In simple terms, a mobile wallet is a digital version of a physical wallet. It is completely secure and offers a way to store payment details (credit and debit cards as well as cash balances) that can be used to make and receive payments.
These payments include international money transfer and the service is available to people who do not have a bank account, so long as they have access to a smart phone.
How does the bKash app work?
Your recipient will need to download the BKash app and set up an account using their mobile phone number and their National ID Card.
You can then choose to send money to their mobile wallet account:
- In person, through a Small World agent, by providing the recipient’s mobile phone number
- As an online money transfer using the Small World website
- By using the Small World app – you can read more about how to use the app to send money to Bangladesh in our recent post about the Small World App.
Is my money transfer safe and secure?
As your money is held by a third-party account for the duration of the transaction, it is safe throughout the process. Also, mobile wallets are based on encrypted software, preventing anyone else from accessing your beneficiary’s account. This helps to make it a safe way to send money online.
Other features of the bKash app include:
- An inbox that allows you to view transactions and notifications
- Statements to access your transaction history
- Language selection: Bangla and English are available
- QR Code Scanning that allows payments of cash out
- Limit check to access the daily and monthly transaction limits at any time
Why choose Small World and bKash to transfer money to Bangladesh?
For those sending money to more elderly relatives, the thought of using new technology can be worrying. But, in the case of bKash not only is it simple and straightforward, it’s also safe and secure.
Also, remember that making a money transfer to a mobile wallet means money is instantly accessible, there is no travelling, queueing or waiting around to collect cash.
The most popular ways to send money to Bangladesh:
- Cash Pick-Up
- Bank Deposit
- Mobile Top-up
Our main partners in Bangladesh are: Janata Bank Limited; Agrani Bank Limited; Uttara Bank Limited; National Bank Limited; Dutch-Bangla Bank; Islami Bank Bangladesh Limited; Rupali Bank Limited; Social Islami Bank Limited; Bank Asia; Southeast Bank Limited; Union Bank Ltd.; SBAC Bank; and Al-Arafah Islami Bank Limited.