Great news if youre sending money to Bangladesh with Small World. The Bangladeshi governmenthas decided to provide 2% incentive on money sent home by Bangladeshis abroad since 01 July 2019.The government is doing this to encourage people to help their families and support their loved onesas well as promote money transfers via legal channels.
Below we have collected a list of frequently asked questions, so you can quickly find valuableinformation and help.
What is the 2% incentive for Bangladesh, and what does it mean to me?
As a way to motivate more Bangladeshis abroad to send money back, the government has agreed toprovide 2% extra on any payout amount you send over. You must be of Bangladeshi origin, anational of the country, to get the extra 2% amount on your transfer to your family. You can liveabroad and have another nationality, but if youre not a Bangladeshi national, the incentive is notapplicable.
The initiative is only added to your money transfer if youre sending money to a personal bankaccount in Bangladesh or collecting money in cash or delivering it to Mobile Wallet. The beneficiarysbank processing transaction will add the extra 2% from the government. This is not applicable fortransfers to companies, only individuals in Bangladesh.
Is there any limit for me on the receiving amount in order to get 2% extra incentive?
No, there is no limit, however, if receiving amount exceeds 500,000 Bangladeshi takas in a singletransaction, additional documents are required to claim the incentive (please, note, that you cancollect a maximum of 500,000.00 taka in Cash in a single transaction).
What delivery methods are applicable for 2% incentive?
The delivery methods where the 2% is added includes Cash Pick Up, Bank Deposit and MobileWallet.
How will the 2% incentive be paid to the Beneficiary depending on the delivery method Senderhas chosen?
If you collect money in cash (delivery method: Cash Pick Up), the transfer and the incentivewill be paid out in cash.
If money is delivered to the account (delivery method: Bank Deposit), the transfer and theincentive will be paid directly to your beneficiary's bank account.
If money delivered to Mobile wallet (delivery Method: Mobile Wallet), the transfer and theincentive will be paid directly to your beneficiarys mobile wallet account.
Do I get 2% extra or every transaction or only the first transfer?
The person youre sending money to gets 2% extra money transferred for every transaction. So, forexample, if youre sending money every month to your family back home, they will receive theadded 2% to every transaction they receive.
What documents must be provided by the beneficiary in Bangladesh to receive the incentive?
If a single transaction does not exceed 500,000.00 Taka, no additional documents are required forthe Beneficiary. If it does (in case of Bank Deposit as the Delivery Method), Beneficiary must provideeither a National ID, Passport or Birth Certificate Number to the Beneficiarys Bank to identifyhimself/herself along with copies of two different valid types of Senders ID.
How quickly must additional documention be delivered to the Beneficiarys Bank (in case if asingle transaction exceeds 500,000.00 Taka) and is there any deadlines to follow?
The additional documents must be provided within 60 days. You can use your passport or any otherID issued by local government is also accepted, e.g. driving licence, ID card etc.
What additional documents must be provided by the Sender to Small World if a single transactionexceeds 500,000.00 Taka and Sender would like Beneficiary to claim 2% incentive?
To get the 2% incentive added to transfers over BDT 500,000, Sender must provide:
1) A copy of your passport
2a) If employed, a letter confirming your employment
2b) If self-employed, a copy of a trade license for your business.
If the amount is over 500,000 BDT Takas, the person you send money to will need to submit a copyof your passport and confirm your employment to the Beneficiary Bank within 60 days since thetransaction was received by the Beneficiary Bank.
If Sender/Beneficiary has no intention to claim 2% incentive for transactions above 500,000.00BDT from the Beneficiary Bank, do they need to provide any additional documents the same?
No, they dont.
What banks can I send money to Bangladesh with Small World and get the incentive?
You can send money to any bank using Bank deposit.
You can also send money for cash pick-up to the following banks:
Al-Arafah Islami Bank
Agrani Bank Limited
Bank Asia Limited
National Bank Limited
SBAC Bank Limited
Social Islami Bank
Southeast Bank Limited
Union Bank Limited
Uttara Bank Limited
What Mobile Wallets in Bangladesh can I send money to and get 2% incentive?
You can send money to Mobile Wallets with Rocket and BKash.