Nagad launches remittance service

Bangladeshis expatriates can remit their hard-earned money to their families back home through Nagad instantly and safely at low costs, which will help to shore up the country’s forex reserves, thus, strengthening the financial industry.

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

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

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

Family members of expatriate workers 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, according to a statement.

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.

Nagad, a mobile financial service provider of Bangladesh Postal Department, has added the new feather to the success crown of the country’s financial sector.

Speaking on the launch of the remittance service, Tanvir A Mishuk, founder and managing director of Nagad Limited, said, “From the beginning, we have 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. 

“We will always stay beside our expatriate men and women with many more affordable services, he noted, adding, “I strongly believe that they all will support Nagad in this journey.”