Expats can instantly send money home at 'low cost' through Nagad

Expatriate Bangladeshis can now remit their money to their families back home through mobile financial service provider Nagad "instantly and safely at low costs."

With approval from the Bangladesh Bank, Nagad Thursday launched the remittance services.

The MFS provider said it also started a bonus campaign to encourage remittance inflows through legal channels.

Under the campaign that will run till April 30 this year, customers will get a cash bonus of up to Tk200 alongside the government incentive of Tk25 per Tk1,000 while they receive remittances in their Nagad wallets.   

A customer receiving remittances amounting to Tk10,000 or more in his or her Nagad account will get Tk100 as a cash bonus. Each customer will be eligible for a maximum of Tk200 in bonus during the campaign. 

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, reports UNB.

Remittances can be sent via Nagad 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, Mutual Trust Bank, NCC Bank, Bank Asia, Social Islami Bank, and Trust Bank.

Tanvir A Mishuk, founder and managing director of Nagad, said, "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."