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2% additional cash incentive when you send money to Bangladesh with Small World
With reference to Bangladesh Bank, FE Circular No. 31 dated: 06/08/2019, we are pleased to inform all our customers that the Government of the People’s Republic of Bangladesh has declared a 2% cash incentive on all homebound foreign remittances sent from abroad as of 01 July, 2019. Please note that this cash incentive is only applicable for personal money transfers to Bangladesh, and is not applicable for remittances related to business entities or trade.
2% of the converted transfer value will be added to your beneficiary in Bangladesh. No legal document is required for a single transaction up to 150,000.00 BDT. For transactions more than 150,000.00 BDT please see the additional documents below.
Bangladesh Bank (Central Bank of Bangladesh) Official policy of giving incentives / cash assistance for all money transfers sent through authorised channels - Start date: 01.07.2019.
Who is the Beneficiary in Bangladesh?
Individuals only (companies won’t be considered for the incentive). What is the incentive? 2% (two percent) of the payout amount. To whom will the incentive be paid: to the Sender or the Beneficiary? To your Beneficiary in Bangladesh.
Who will pay the incentive to the Beneficiary?
The Bank where transaction is going to be paid. Will the Beneficiary get the incentive if the transaction is paid by non-banking institution in Bangladesh? No. Will the incentive be paid to the Beneficiary in Taka? Yes.
Does delivery method matter for the incentive?
Yes, only Cash Pick Up and Bank Deposit are eligible delivery methods for the incentives (mobile wallets or airtime won’t be considered). Will the Beneficiary receive the incentive in cash? If the delivery method is Cash Pick Up, the incentive will be paid in cash. If the delivery method is Bank Deposit, the incentive will be added to the Beneficiary’s account. Will incentives be paid to the Beneficiary for each transaction received? Yes.
Does the Sender need to provide any additional documents?
If single transaction exceeds 150,000.00 BDT, the Sender must provide to Small World the following info/documents: a) their passport number and b) If employed: a copy of appointment letter issued by the foreign employer OR a copy of certificate issued by BMET (Bureau of Manpower, Employment and Training), or if self-employed or engaged in business, a copy of their trade license.
Who qualifies as a sender abroad?
Any Bangladesh citizen working abroad is classed as a “Wage-Earner”, provided they are not paid by the Government or a statutory, autonomous or semi-autonomous body. The scheme also includes any Bangladesh national who has his/jher origin in Bangladesh but, for any reason, has taken foreign nationality.
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