Enjoy the +2.5% incentive when sending money to Bangladesh
We have fantastic news if you’re sending money home to Bangladesh with Small World.
The Bangladeshi government has decided to increase the 2% incentive to 2.5% on transfers sent home by Bangladeshis who live abroad. The government is doing this to encourage people to help their families and support their loved ones as well as promote money transfers via legal channels.
This means that you get an extra 2.5% on the amount you’re sending back home to Bangladesh, making sure that your money goes the extra mile.
Your recipient will get the 2.5% added when you choose any of the following delivery services: Cash Pick Up, Bank Deposit and Mobile Wallet.
For more in-depth information, check out our recently updated blog post:
Bangladesh Bank (Central Bank of Bangladesh) Official policy of giving incentives/cash assistance for all money transfers sent through authorized channels.
Who is the Beneficiary in Bangladesh?
Individuals only (companies won’t be considered for the incentive). What is the incentive? 2,5% (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 the transaction is going to be paid. Will the Beneficiary get the incentive if the transaction is paid by the non-banking institution in Bangladesh? No. Will the incentive be paid to the Beneficiary in Taka? Yes.
Does the 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 a 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 the appointment letter issued by the foreign employer OR a copy of the 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/her origin in Bangladesh but, for any reason, has taken foreign nationality.