The government of Bangladesh has proposed a 2% cash incentive for the immigrant community to increase the flow of foreign remittance into Bangladesh. While the country’s remittance inflow more than tripled from £3.55 billion in 2005 to £15 billion in 2018, the government hopes to raise that figure even higher.
However, migrant workers need to meet certain conditions to qualify for the 2% cash incentive. For example, the incentive only applies to transactions conducted through legal channels. Therefore, immigrants should know what the incentive is and how it works before deciding to send money to Bangladesh.
If you’re a Bangladeshi employee currently working abroad, you can send money back to your homeland, and the government will add 2% to the transfer. The 2% will be paid in BDT, provided that the money is transferred through legal remittance channels into a Bangladeshi bank account. Considering the Taka to GBP rate, it’s an excellent proposition for migrant workers to transfer funds to their families and loved ones.
For transfers up to BDT 500,000, the beneficiary doesn’t need to verify their identity to get the 2% cash incentive, and the bonus will be directly added to their account. However, remittances above BDT 500,000 require additional ID documentation such as the sender’s passport details, appointment letter, and residence permit copy.
The incentive only applies to transfers where the sender is a Bangladeshi citizen or someone of Bangladeshi origin who has taken another nationality for various reasons. Plus, the sender should be gainfully employed abroad but not be under contract with a foreign government or any statutory body.
The incentive and the BDT to GBP exchange rate are great benefits that encourage many to send money back home and help their families and loved ones. However, with all the requirements and restrictions, one requires a reliable, legal remittance provider that can safely deliver the funds into a Bangladeshi bank account.
Fortunately, Lycaremit is one of the few remittance providers with an established customer base in Bangladesh. Moreover, it offers ultra-competitive fees and optimal exchange rates. Please contact us and let our team of experts assist you.