The digital journey of Bangladesh has reached another momentum with the partnership among Payoneer, BRAC Bank, and bKash. BKash customers can now open a Payoneer account from the bKash app and bring money directly to the bKash account from Payoneer. Freelancing communities of Bangladesh will enjoy more freedom, flexibility, and versatile benefits regarding payment receipts.
Payoneer, BRAC Bank, and bKash have collaborated to simplify cross-border remittance collection by launching a remittance solution that is built on the idea of multiple entities. Learn why Bkash joins Payoneer and how to integrate bkash and Payoneer.
Table of Contents
What are the new Features
You must be thinking that bkash could bring Payoneer money in the past, what’s new?
The new service allows bKash to integrate with Payoneer in the transaction and account opening process for Bangladeshi freelancers and remitters. This integrated platform will enable customers to send money from abroad directly to their mobile wallet or bank account through one easy step with just one connection. It is possible to register with Payoneer through the bKash app without providing your bank account information. BRAC Bank Limited will be the local payment gateway.
The official launch of the service was inaugurated by Zunaid Ahmed Palak, Minister of State for Information and Communication Technology Division, Bangladesh on 10 February 2022 at 4.08 pm virtually considering the Corona situation. The grand launching of the service was in a program titled Simplifying Outsourcing Remittance Collection scheduled at 3.00 pm but started a few minutes late. Other honorable guests were:
- State Minister for ICT Zunaid Ahmed Palak, MP, was the chief guest
- BASIS President Russell T. Ahmed
- CEO of BKash Kamal Qadir
- Chief Revenue officer, Payoneer Inc, Robert Clarkson
- Regional Vice president of Payoneer Inc, Rohit Kulkarni
- MD and CEO of Brac Bank Limited, Selim. R. F. Hussain
Watch the grand opening of the bkash-Payoneer partnership “Simplifying Outsourcing Remittance Collection”
Bkash joins Payoneer | How to link bkash to Payoneer?
Bkash integration with Payoneer and withdrawal of funds involves some steps. The necessary steps with the visualization are as follows to take you smoothly follow and use with ease:
Step-1: Open your bkash app to integrate or link or open an account in Payoneer. Click on More (আরো)
Step-2: Tap the Remittance icon.
Step-3: Tap Payoneer
Step-4: Click on the REGISTER button to open a new Payoneer account
As soon as you click on it, you will be taken to the registration page in Payoneer. BKash only assists in Payoneer account registration; successful/unsuccessful registration or registration details will depend on the Payoneer authorities.
Upon successful registration, you will receive a confirmation email with a customer ID.
Step-5: Click on the link Payoneer account if you already have an account
you already have a Payoneer account, bKash customers will easily transact by linking their Payoneer account with their bKash app. In this case, the customer’s name of the Payoneer account and the bKash account should be the same.
To link the Payoneer account with the bKash account, tap ‘Remittance Icon’> ‘Payoneer’> ‘Link your Payoneer Account.’ Then enter the email/username and password to sign in to Payoneer. You will receive an OTP.
Step-6: Input your email/username and password
Step-7: Input the OTP sent to your Mobile.
Step-8: Your account has been linked if the email/username and password are correct. Once you provide OTP, your bKash account and Payoneer account will link
Step-9: if you want to withdraw funds, click on “এই একাউন্ট থেকে টাকা আনুন“
Step-10: Select the currency you are going to withdraw from.
Step-11: Write the expected amount. The amount should be in foreign currency(selected recently). The selected amount must be a minimum BDT 1000 equivalent.
Step-12: The requested amount, exchange rate, and the total BDT amount. If you find all are okey, click on “এগিয়ে যান“
Step-13: You will get a verification code for confirming the transaction. Input the OTP and click on “VERIFY“
Step-14: Confirmation window will come to present the amount and details in the bkash app
Step-15: You will get two SMSs from bkash confirming the transfer and showing cashback with an updated bkash balance.
Step-16: You will find the information in detail through SMS.
Key points to remember:
- Only one Payoneer account can link to a bKash account.
- NID in bkash and Payoneer must be same but the phone numers may be different.
- The service is available for users with bkash app
- The minimum limit for money withdrawal from Payoneer to bKash is BDT 1,000, and the maximum limit is BDT 1,25,000 per day.
- Payoneer will charge a fee of 2% of the total transaction amount for each withdrawal from Payoneer to bKash. Apart from Payoneer’s fee, no other bkash or government-charged charges are applicable at the time of withdrawal.
- When withdrawing money from Payoneer to bKash, you can see your balance in certain currencies depending on your Payoneer account.
- Each time the customer successfully withdraws money from Payoneer to bKash, they will receive reward points.
- No remittance incentive provided by the government does not apply to this service.
- Payoneer account can be de-linked from bkash by tapping the Remove button.
Payoneer, a leading global payments company, and BRAC Bank have partnered with bKash to offer remittance services for Bangladeshi ex-pats and freelancers. Payoneer will serve as the intermediary for this partnership. BRAC Bank will collect funds from ex-pats sending money to Bangladesh. BRAC Bank will then credit those funds to recipients’ accounts at bKash.
Faced with the pressure of a foreign fund transfer and payment issues, Payoneer has partnered with bKash to make more people in Bangladesh gain access to digital payments. With this partnership, bKash can instantly receive funds from outside Bangladesh without any intervention on behalf of the customer.
The goal of simplifying outsourcing remittance collection is to use technology to streamline collecting payments from across the globe. BRAC Bank, Payoneer, and bKash are excellent examples of companies pioneering this change.
BRAC Bank, a leading development institution based in Bangladesh, has used Payoneer to integrate its MFS platform. The result has been faster transfers for customers and lower transaction fees for banks.
bKash has entered into a partnership with Payoneer, an online payment gateway service that lets users send or receive money from all over the world in this regard.
With the service due to go live today, bKash, which has around 5.85 million customers, will be the first MFS service to offer an official method for incoming cash transfer.
Bangladesh Bank allowed MFS providers to handle the remittances of freelancers from the local market in February of last year. Before that, only banks were permitted to provide these remittance services.
So, any new payment will first be sent to the Brac Bank through Payoneer before it’s deposited into the account of the recipient’s bKash. The whole process will take a few seconds almost in real-time.
Freelancers need to connect their Payoneer accounts to bKash accounts for access to the service. The freelancer can withdraw funds when a minimum of Tk 1,000 is transferable to bKash.
Freelancers welcome the service of bkash as it ends the era of waiting for a few days to encash the remittance. However, they request to lower the cash-out charge for freelancers to popularise the new service.
The introduction of the service coincided with the recent government decision to grant freelancers from 55 online marketplaces worldwide to receive the opportunity to earn a cash reward against the selling of their products.
A marketplace for freelance services is an online marketplace that allows individuals or businesses to find and employ freelancers for remote work from popular freelance platforms like Upwork, Fiverr, Freelancer, and Guru etc.
The government has provided an additional 10% cash grant to companies that export ICT items and products from 2018 but only BASIS member institutions can avail aid.
BKash’s latest service and incentives from the government are expected to increase freelancers’ earnings via official channels as some of the earnings are made through non-official channels due to the absence of incentives and an intricate system for getting remittances. However, such withdrawals are not eligible for remittance incentives.
The news coincides with a time when the government’s goal is to set a goal to increase the export earnings of IT and the IT and IT-enabled services industry from $1.1 billion up to $5 billion in 2025.
Bangladesh has around six thousand IT services exporters, freelancers, and contractors, while teams of freelance businesses are about 1,600. Together, they make around $500 million each year, according to professionals in the field.
Many freelancers are starting businesses as full-time firms receive 10 percent cash rewards on exports to foreign countries. The joint initiative will be a digital milestone for the freelancing sector of Bangladesh.
By going to the Bkash Remittance option and linking the Payoneer account, now you can take it from Payoneer to bKash. In this case, give 2% cashback as a promotional offer but Payoneer will deduct 2% for transfer.
Advantages for the clients:
- Minimum withdrawal: A minimum of BDT 1000 ($12) can be withdrawn. For bank transfers, the minimum amount is $50 (around BDT 4,200). It is a great opportunity for freelancers with a little amount at the Payoneer account.
- Payoneer Account: You can open a new account in Payoneer with a bkash account(app). You are sure to get some priority to open an account as some formalities are already in place as an active bkash user.
- Access to Payoneer: Payoneer allows bkash users direct access to their accounts in addition to opening new accounts. You can do account-related tasks through bkash.
4. Instant: Money will come instantly to your bkash account from Payoneer. At present, the bank transfer takes a few hours to days to receive the fund. Real-time 24/7 fund transferability is one of the best-added feature available in bkash.
5. Anywhere: BKash is available anywhere in the country irrespective of the city or village. If you need instant cash, bKash rocks as it is everywhere but bank booths are not everywhere
6. Emergency Fund: In an Emergency Situation, it will be convenient to withdraw money from Payoneer for those who do not use the card. Besides, it is cheaper than ATM withdrawal using cards.
7. No off-day: Bank transfer requires approval and procedures by banking channels and thus bank closing days negatively affect the fund transfer. Bkash transfer will be instantly and the bank working or off-day is just irrelevant.
8. No Documentation: No document requires to open or link bkash accounts to Payoneer. The documentation already taken by bkash helps a lot here.
9. Competitive Rate: bkash withdrawal pays a competitive exchange rate when you transfer. The net exchange rate for USD I got on February 10, 2022, is BDT 84.26 (1,685.21/$20). It is not lower than the bank transfer rate, rather higher. I got actually 85.98 gross rates ( 1,685.21/$19.60) excluding the 2% fee.
How much I got for $20
To test the speed, user experience, and rate, I withdrew $ 20 on February 10, 2022, from my account. All that I received are as follows:
- Withdrawal request for $20
- Dollar Rate 84.2605 BDT (Total = 84.2605 x 20 = 1,685.21 BDT)
- Received Cashback 2% amounting to 33.70 BDT
- Deducted transaction fee by 2% amounting to 33.70 BDT
- The balance has been added to the bKash account 1,685.21 BDT
Challenges and Disadvantages
- Charges: Payoneer charges 2% on the fund transfer to bkash. Again, if you want to encash, you are to bear additional 1.85% bkash cash-out charges. If there is a large amount, it will be better in the bank. Cashout fee is Tk 18.50 per thousand, but in favorite agent, it is Tk 14.90. However, there are limitations. If the amount goes above 25,000, the cash-out fee will also be deducted at Tk. 18.50 per thousand on the favorite agent number.
2. Fraudulent Practices: MFS ecosystem in Bangladesh has a history of so many fraudulent activities. Many users have lost their hard-earned money. Though the ecosystem is not so weak, the faulty lines exist in the financial literacy and fraud management by the users in most of cases.
As bkash will get access to the Payoneer account, there might be more chance of fraudulent activities. The providers are careful but integration poses more risks, to some extent. However, it is important that both bkash and Payoneer are very strong and sincere in fraud management with their technologies and strategies.
3. Account Block: The general public will now rush to open Payoneer accounts this time, especially those who live abroad. This will block many accounts in the future for various grounds. We will suffer the consequences.
4. Restrictions: Many of you must remember that once upon a time, Payoneer cards were free and without conditions. The mango people of Bangladesh opened lots of accounts without any necessity or purpose! They had a try to find how a card(foreign plastic card) looks like! Many of them have no local cards or accounts even! The result is expected and known to you, Payoneer imposed restrictions of USD 100 from marketplaces to get a Mastercard!
5. No Direct Transfer: There is no reason to be so happy. If bKash could be brought from direct wire, it would be more value-adding. Here you will pay Payoneer; you will also pay Bkash. That means you are overpaying them.
Trick-1: Incentives and bkash charges(both are 2%) go hand in hand; there should be no extra cost from your end. However, the 2% incentive from bkash is a promotional offer available till March 10, 2022. You will need to bear the Payoneer charge on your part after that. Keep your eyes open and take the opportunity of the offers and emergency situations.
Trick-2: Transfer funds to bkash when you tend to use bkash funds for versatile purposes other than cash out. Those who will cash out from bKash will lose. And it will be good for those who pay most of the time in bKash in the form of transfer, pay bills, payments etc.
It is not very important to cash out at bKash; now there are bKash merchants in most places, shopping can be done without raising money physically. Now in most places, bKash’s merchant and everyone keep bKash ID. So anything can be done except physical money.
Trick-3: Withdraw to bkash only when you need to take out a small amount or need the fund immediately or you are away from banking channels. No one will ever use it for large amount transfer if there is a brain.
Trick-4: People use mobile banking services only for emergency purposes. It is not an alternative to regular banking.
A new option has emerged. This is a significant advantage. Those who needed urgent money had no choice; now there is a way and needs to appreciate the matter.
If you withdraw $20 from Payoneer through Bikash, you will get a 1,085.21 (Rate 84.26), and at the same time, you will get a 2% Instant Promotional Cashback of Taka 33.70. Then you can use your cashback money as a charge for Payoneer charges of 2%.
Now the thing is, the same rate is seen from Payoneer to bkash or bank. But many times after our emergency we need a small amount of Taka. Then I can use bKash if I want. On the other hand, a minimum of USD 50 could be withdrawn from Payoneer to banks. But you can also raise a minimum of 1,000 BDT($12) in bkash.
Bkash Daily Transaction Limit
- Per day 10 Times Max
- Per Month 50 Times Max
- Per day Max Amount 1,25,000 BDT
- Per Month Max 4,50,000 BDT.
- The cash-out amount limit is a big problem.
All the questions people ask and you need to know:
Here are all the questions with answers bkash covers and people ask on various social media. You will get practical answers and solutions.
What is a Payoneer?
Answer: Payoneer Inc. is an American financial services organization that provides online transaction and digital payment services. It provides an online debit card, bank account, and wire transfers to people worldwide. With the ability to make transactions securely at any location around the world, their system enables buyers to purchase items from sellers who are unable to accept other forms of payment. It allows for quick and easy access at any time, anywhere in the world.
What is this service related to?
Answer: This service allows bKash customers to transfer their Payoneer balance to their own bKash account.
Can any bKash customer use this service?
Answer: No. Trust Level-3 bkash customers will be able to use the service only due to active account status.
Where can I find the service in the bkash app?
Answer: To find the service, tap on the remittance icon on the homepage of the bKash app and tap on the Payoneer button.
What should I do if I cannot access the Payoneer service?
Answer: You can update the bKash KYC information by tapping on the icon by providing your national identity card information. You can access the Payoneer service once the information has been adequately updated.
Can I open a Payoneer account with the bKash app?
Answer: Yes, you can open a Payoneer account through the bKash app.
How do I open a Payoneer account with the bKash app?
Answer: You can open a new Payoneer account through the bKash app. Clicking on the Register button will take you to the Payoneer-hosted webpage. Bkash will only help you to open your Payoneer account. The registration details or the success/failure of the registration will depend entirely on the Payoneer.
Can I register a Payoneer account if I do not have a bank account?
Answer: Yes, you can. It is optional to provide bank account information to open a Payoneer account through the bKash app. You can provide your bank account information if you wish, although bKash does not require any bank account information for transactions.
How can I know that my Payoneer account has been successfully registered?
Answer: If the registration is successful, you will receive a confirmation email from the Payoneer Authority stating your customer ID. If the registration is not successful, you will still receive an email stating the reason for the failure of the registration. You can open a Payoneer account through the bKash app.
Do I have to open a new Payoneer account through the bKash app to withdraw money from the bKash app, or if I already have a Payoneer account – can I withdraw money from there to bKash?
Answer: If you already have a Payoneer account, you can enjoy the service by linking your existing account to your bKash account. Your bKash account and Payoneer account must have the same name.
How do I link my Payoneer account to a bKash account?
Answer: Tap the ‘Remittance’ icon to link the Payoneer account with the bKash account> Tap ‘Payoneer’> Click ‘Link Payoneer account.‘ You will then be taken to a page hosted by Payoneer, where you will need to enter your Payoneer email/username and password. If the email/username and password are correct, you will get an OTP on your mobile number registered with Payoneer. The Payoneer account will link with the bKash account if you enter correct OTP.
How many Payoneer accounts can I link with my bKash account?
Answer: You can link only one Payoneer account with your bKash account at a time.
Is it advisable to match the mobile number of my bKash account and the registered mobile number of my Payoneer?
Answer: No. It says that the phone number that has been added to Payoneer and your bKash account number do not have to be the same.
Can I link any Payoneer account with my bKash account?
Answer: You can only link the Payoneer account registered in your name to the bKash account registered in your name.
What if I can’t enter the correct OTP when linking my Payoneer account with the bKash account?
Answer: The number of OTP retrials may vary from customer to customer. Therefore, the customer is advised to write the correct OTP and keep an eye on the number of retrials remaining. If the customer continues to type the wrong OTP and misses out on all retrial opportunities, the account may be blocked by Payoneer.
What should I do if my Payoneer account is blocked after 30 minutes?
Answer: If the Payoneer account is blocked after 30 minutes, you need to contact Payoneer Customer Care: https://payoneer.costhelp.com/
How do I know if my Payoneer account has linked to a bKash account?
Answer: You will receive a push notification once the Payoneer account has successfully linked to your bKash account.
How can I withdraw money from my Payoneer account using the bKash app?
Answer: First, you need to link the Payoneer account with your bkash account. After successfully linking, you need to request a fund transfer, select the currency and amount of money (USD for example) of your choice, and then bring the amount to your bKash account.
I did not receive any OTP at the time of withdrawal. What can I do?
Answer: Make sure you provide the same mobile number you used during Payoneer registration. If you do not receive OTP, please check that the MFA Challenge has been disabled on your Payoneer profile and then contact Payoneer Customer Care at https://payoneer.costhelp.com/
How long is the validity of OTP?
Answer: OTP will be valid for 10 minutes.
Can I see my Payoneer balance in any currency?
Answer: You can only see balances in certain foreign currencies under your Payoneer account.
Do I have to choose any one currency when withdrawing money?
Answer: Yes, if you have multiple balances for your Payoneer profile, you must select a specific currency.
Is there a limit on withdrawals?
Answer: The minimum withdrawal limit is BDT 1,000, and the maximum withdrawal limit is BDT 125,000 per day.
What is the minimum dollar withdrawal?
Answer: Around $12(Based on the exchange rate to be minimum BDT 1,000( Now 12*84=1,008)
25. How much fee is applicable for withdrawal?
Answer: Payoneer’s fixed 2% fee is applicable for each transaction.
Is the 2% Incentives? Is 2% cashback always for this, or promotional?
Answer: Now what Bikash is offering is their cashback offer. The cashback offer will run until March 10, 2022.
Bkash money can be taken from a booth? What is the charge?
Answer: Yes. 14.90 Taka charge per thousand
Is the cash out fee-free or deductible?
Answer: Cash-out is not free. Like other money, the cash-out charge has to be borne.
Better for whom?
Answer: The service is best for those who want to withdraw less than $50 or need the fund in remote areas urgently.
Can I go to bKash apps and open Payoneer easily?
Answer: Yes, you can.
If the address here does not match the utility bill address, will there be any problem?
If there is no match, first update the Payoneer address according to the address of the utility bill. Then submit a copy to Payoneer.
Earlier, you had to add a bank account to make a Payoneer account. Is it possible to now have a Payoneer account with a bKash account instead of a bank account?
Answer: You can open a Payoneer account directly from the bKash app. In this case, adding a bank account is optional. You can add any bank account if you want.
Is there any service charge imposed by bKash or the government besides the fee fixed by Payoneer?
Answer: No charges other than the fee prescribed by Payoneer are applicable. However, if any charge is applicable in the future, it will be informed accordingly.
How long does it take to make a fund transfer after withdrawal?
Answer: Fund transfer request is processed immediately. However, if the transaction is flagged screening, it may take 15 minutes.
How do I know if my withdrawal has been successful or unsuccessful?
Answer: If the transaction is successful, you will receive a push notification in the bKash app, as well as an SMS to your bKash, registered mobile number. However, you will only get a push notification in an unsuccessful transaction.
I received a Successful Fund Withdrawal notification, but it was not credited to my bKash account. What can I do?
Answer: Livechat.bkash.com, Keep a note of Request ID to collect tickets through customer service. You will also find a push notification with the exact details in the customer’s app inbox
I made the wrong fund withdrawal request. Is there any way to cancel this transaction?
Answer: There is no way to cancel a transaction once it has been submitted for processing.
Can I withdraw money from Payoneer through a bkash agent or merchant?
Answer: No. This service is only for bKash customer app users (Trust Level 3).
How do I remove my Payoneer account from the bKash app?
Answer: The Payoneer account can be de-linked by tapping the Remove button in the Linked Account Information section of the bKash app.
How do I know if a Payoneer account has been successfully de-linked from a bKash app?
Answer: After successfully de-linking the Payoneer account from the bKash app, a notification will display in the app.
How do I know the number of Payoneer transactions?
Answer: You can find out the number of your transactions in the Settings> Transaction Summary section.
How can I check transaction notifications from the bKash app?
– Can be checked in the notification section in the notification inbox
What will be the number of OTP?
Answer: OTP will have 6 numbers.
Does bKash Reward Point apply to this service?
Answer: Yes, you will get reward points for each successful fund withdrawal.
Where in the statement can I check the transaction?
Answer: You can check the transaction in two steps: Settings> Transaction details
Will the government provide 2.5% incentive for this service?
Answer: No, no government incentive is applicable for this service.
Can I withdraw money without paying OTP?
Answer: Yes. If OTP is off from Payoneer account settings, you can withdraw funds without paying any OTP. If OTP is enabled, it will serve as an additional layer of your security.
Is there a deadline to submit a Fund Withdrawal Request?
Answer: Yes, in case of withdrawal, you have to submit your transaction within 10 minutes.
Find all about digital microloans in Bangladesh.
The partnership among Payoneer, Brac Bank, and Bkash has brought many new opportunities in addition to fund transfer. Direct integration with Payoneer for transfer, account opening, real-time transfer anytime, anywhere will help the freelancers a lot in the days ahead. Digital Bangladesh will be more visible than ever. The foreign exchange income will flow in formal channels too and head to the target by the government.