Bangladesh Cash Incentive
The Government of Bangladesh has launched an initiative to provide a 2.5% cash incentive on money sent by expatriate Bangladeshis, to encourage more people to send money back home.
How does the 2.5% incentive assist 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.
✓ Includes every transfer from a Bangladeshi national into a Bangladesh account including a bKash mobile money account using legal remittance channels.
✓ The 2.5 % incentive will be given to the remittance beneficiary into their bKash mobile money account.
How Bangladesh cash incentive work?
1. The 2.5% incentive will be added directly to the beneficiary bKash mobile money account.
2. For an amount up to BDT 150,000, no additional ID documentation is required to receive the 2.5 % cash incentive.
3. To receive the 2.5% cash incentive on payments over BDT 150,000, the beneficiary will need to submit additional documentation:
– Sender Passport number
– Appointment Letter Copy/No. provided by Foreign Employer/ BMET (Bureau of Manpower, Employment and Training) Approval Copy/No.
– Residence Permit Copy/No.
– BMET approval number/license number for businessman/Copy of Trade license in case of remittance generated from business proceeds
4. To qualify for the 2.5% incentive, the sender must be a Bangladeshi national. They must be gainfully employed overseas, but not paid by a Government, statutory, autonomous or semiautonomous body. The initiative also includes a Bangladesh national who “has his or her origin in Bangladesh but for any reason has assumed foreign nationality.” The incentive is not applicable on transfers where the sender is not a Bangladeshi national.
5. Rocket Remit reserves the right, at any time, to verify the validity of transactions, and to disqualify any transaction that does not meet its terms, policies, and guidelines. Any incomplete, indecipherable, illegible, incorrect or fraudulent transaction may be disqualified by Rocket Remit.