Bangladesh Cash Incentive
The Government of Bangladesh have launched an initiative to provide a 2.5% incentive on money sent by expatriate Bangladeshis, to encourage more people to send money back home.
How does the 2.5% incentive affect me?
If you are a Bangladeshi national sending money back home, the government will add 2.5% to your transfer - the incentive is 2.5% of the sent value and will be paid in BDT. This applies to all transfer methods facilitated by WorldRemit (Bank Transfer, Cash Pick Up and Mobile Money). Every transfer from a Bangladeshi national into a Bangladesh account, using legal remittance channels, will be rewarded.
The 2.5% incentive will be given to remittance receivers either as cash (for Cash Over Counter payments), or into their bank accounts.
How does it work?
There’s no documentation necessary for remittances up to BDT 500,000/- , and the 2.5% incentive will be added directly to the transfer.
To receive 2.5% incentive on payments over BDT 500,000/- the beneficiary will need to submit documentation. Beneficiaries will need to provide a copy of the remitter’s passport, and an employment confirmation (appointment letter, letter from employer etc) from their employer, or a certificate from BMET. For businesspersons, they will need to show a copy of the business license.
To have the 2.5% incentive added to the transfer, the sender must be a Bangladeshi national. They must be gainfully employed overseas, but not paid by a Government, or statutory, autonomous or semiautonomous body. The initiative will also include a Bangladesh national who “has his origin in Bangladesh but for any reason has assumed foreign nationality.” It’s not applicable on transfers where the sender is not a Bangladeshi national.