Nagad launches remittance service

Published : 25 Mar 2023 09:31 PM

Nagad, a mobile financial service provider of Bangladesh Post Office, has added a new feature as the expatriate Bangladeshis in different countries can remit their hard-earned money to their families back home through Nagad.

The expatriate Bangladeshis would be able to remit money instantly and safely at low costs, which will help to shore up the country's forex reserves and thus help strengthening the financial industry.

With approval from the Bangladesh Bank, Nagad Limited on Thursday launched the much-awaited remittance services. The MFS carrier has also started a bonus campaign to encourage remittance inflows through legal channels, said a press release on Saturday.

Under the campaign that will run till April 30 this year, customers will get a cash bonus up to Taka 200 alongside the government incentive of Taka 25 per Taka 1,000 while they receive remittances in their Nagad wallets.

A customer receiving remittances amounting to Taka 10,000 or more in his or her Nagad account will get Taka 100 as a cash bonus. Each customer will be eligible for a maximum of Taka 200 in bonus during the campaign period.

Family members of expatriate workers will no longer have to wait for working days to receive remittances, as Nagad's remittance services will be available 24 hours a day and 365 days a year.

So, anyone from any corner of the world can promptly send home remittances. Expatriates can remit money to Bangladesh at a low cost from all European Union countries, including Italy, the United States, United Kingdom, Canada, Qatar, Kuwait, Oman, United Arab Emirates, Saudi Arabia, Singapore and Japan.

Remittances can be sent via Nagad from these countries through partner exchange houses, money transfer operators or banks.

Initially, expatriates can immediately send remittances to Nagad wallets through partner exchange houses of Sonali Bank Limited PLC, Mutual Trust Bank Limited, NCC Bank Limited, Bank Asia Limited, Social Islami Bank Limited and Trust Bank Limited. Gradually, Nagad will expand its remittance services all over the world through all banks in the country.

Speaking at the launch of the remittance service, Tanvir A Mishuk, founder and managing director of Nagad Limited, said, "From the beginning, we've been working to make people's daily life easier. As part of it, today, we have added remittance to our people-centric services, which will enable our expatriates abroad to instantly send home money at a low cost."

"Nagad also assures its customers of the lowest charge in the market for inward remittances," he noted.