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Remittance to MFS: Single transaction ceiling Tk1.25 lakh

  • Published at 11:32 pm December 2nd, 2019
mobile money transfer
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The central bank said the ceiling would not be effective for other bank-to-MFS transactions

The Bangladesh Bank (BB) has asked scheduled banks to transfer Bangladeshi expatriates' wage, coming through the banking channel, directly to the beneficiary's mobile financial service (MFS) account.

In this case, the BB has imposed a ceiling up to Tk1.25 lakh including principal remitted amount and cash incentives for every single transaction. 

The BB issued a circular to this effect on Monday.

The central bank said the ceiling would not be effective for other bank-to-MFS transactions.

According to a circular of Payment Systems Department of BB dated May 19, this year, the daily limit of cash-in has been fixed at Tk30,000 while Tk25,000 for cash-out in multiple transactions for MFS accounts.

The BB initiative appears to ensure hassle-free transfer of remittance to the beneficiaries.

The government has announced a two percent cash incentives for inward remittance.

The last couple of months' statistics shows that the initiative of providing cash incentive is significantly contributing to higher inflow of remittances into the country.