Bank-to-BKash, Rocket, and Nagad Transfer: Fees and Process

Bangladesh Bank to Launch Direct Bank-to-MFS Transfer System

Bangladesh Bank is set to introduce a new inter-transaction system enabling customers to transfer money directly from bank accounts to mobile financial service (MFS) platforms such as bKash, Nagad, and Rocket, as well as to payment service providers (PSPs).

The service, launched through the National Payment Switch Bangladesh (NPSB), will take effect on 1 November, according to a circular issued on Monday (13 October) by the central bank’s Payment Systems Department.

Transaction Fees

Under the new system, senders will incur a small transfer fee:

• Bank to MFS: Maximum 0.15%, or Tk1.50 per Tk1,000.

• PSP to MFS: 0.20%, or Tk2 per Tk1,000.

• MFS to Bank (bKash, Nagad, Rocket, Upay, Tap): Up to 0.85%, or Tk8.50 per Tk1,000.

Receivers will not be charged, and senders must be informed of applicable fees beforehand. Fees will be deducted directly from the sender’s account.

Purpose of the Initiative

Bangladesh Bank stated that the system aims to reduce cash dependency and promote a “cashless society” by ensuring faster, safer, and more transparent transactions.

Economists say the interoperable platform will accelerate digital financial inclusion and increase digital transactions, particularly in rural areas.

Bangladesh Bank Governor Ahsan H Mansur noted that the bank spends nearly Tk20,000 crore annually on printing paper currency.

“Managing and distributing cash nationwide involves significant costs and risks. A cashless system would save time and money while helping curb corruption and money laundering,” he added.

MFS and PSP Operators

Currently, 13 MFS providers operate in Bangladesh, including bKash, Rocket, Nagad, Upay, Tap, OK Wallet, and Meghna Pay. Nine PSP operators are also active, such as iPay, D Money, Recursion Fintech, Green and Red Technologies, and Sheba Fintech.

Bangladesh Bank expects the interoperable system to simplify digital transfers, making them more accessible nationwide and furthering the country’s transition toward a digital economy.