How to send money to Bangladesh is a common question of many new overseas Bangladeshis? All one need is some basic knowledge of international remittance.
Bangladesh is one of the most prominent remittance receivers, around the globe. For more flourishment of the remittance industry, Bangladesh Government has made a new policy for the financial year 2019–20, which includes giving 2% incentive to the citizens. However, it comes with specific terms and conditions. The essential rules that will help you in knowing the system are explained below.
1. What is the Importance of Money Transfer Limit?
There is a certain transfer limit at which a person can benefit himself from the incentive. If you send money to Bangladesh, the amount should be minimum 1500$ or above. So, if you have to do smaller transfers at multiple times, try to do single money transfer to Bangladesh, for getting the benefit.
2. What is the Time Limit of Documents Submission?
If you don’t submit your documents to the Government, within five days, then there will be no incentive for you. Even if your transfer is genuine, late submission will end up in waving off your incentives.
3. Which Documents Are Required to Send Money Online?
If you want to send money to Bangladesh online, there is a certain limit. If your transfers are crossing the amount of 1500$ US, then you may need to submit necessary documents to your bank or IMT’s branch. These documents include a copy of the sender’s passport, job appointment letter, BMET Certification and Business License (for business owners). These documents help in identifying the identity of the remitter, along with the way by which they are earning money, hence limiting illegal incomes.
4. Are There Punishments for Money Transfer Violators?
As this incentive is based on the Government, it is necessary to keep in mind that they can give you any punishment if you violate rules while using a money transfer. If any person does not follow all written rules, then he/she will be banned from getting any future incentives. In other words, we can say that they will be blacklisted.
The GDP and foreign exchange earnings of Bangladesh are highly dependent on foreign remittances. The steps, such as Incentives will help in appreciating the remitters, along with helping the citizens regarding their financial incomes. It will automatically lead to an increase in the buying power of the people in Bangladesh, that means an overall better economic state.
It is also essential to keep in mind that some companies or banks may restrict you from getting your additional incentive. Due to the unawareness of customers, these bonuses can go into the bellies of the money transfer companies. Therefore, use a genuine and efficient provider whenever you transfer payments overseas.
Ace Money Transfer is a credible company, with around 275000 payout locations all over the world. Its services are readily available in all over Bangladesh, and their rates are optimized. If you are looking for a safe provider, to carry your payments, then Ace Money Transfer is the right choice for you. For further details, you may visit their website.