Exchange rates are updated daily to reflect current market conditions. Always check the latest rates before completing your transaction.

Exchange rates can fluctuate due to market conditions, economic factors, and global currency trends. Our rates are competitive and reflect current market values.

Currently, we do not offer the option to lock in exchange rates. The rate applied to your transaction will be the one available at the time of transfer.

Limits vary depending on the method of transfer. For online and mobile transactions, the maximum is $25,000 per day. For in-branch transfers, higher limits apply. For more information, check your account Terms and Conditions or contact your branch for details.

Yes, an account with SBI California is required to use our remittance services. You can open an account online easily and start transferring money today.

Most transfers are completed within a few hours, although some may take up to 1-2 business days depending on the transaction amount and verification requirements.

Yes, you can cancel your remittance within 30 minutes of submission via our online or mobile app, or by calling our customer service.

While we do not charge remittance transfer fees for remittances initiated online, remittance service charges may apply for transactions initiated at the branch. Please check our latest fee schedule before initiating a transaction.

The remittance cash incentive applies to personal remittances only. It does not apply to transactions related to business, investments, or trade-related transfers.

Yes, you will receive a transaction reference number upon sending your remittance. You can use this number to track your transfer status through our online banking portal or customer service helpline.

You can send money using our bank’s remittance service via:

• Online Banking
• Bank Branches
• Mobile Banking

An account with SBIC is required to send remittance via SBIC. 

The incentive is automatically credited to the recipient’s Bangladeshi bank account by the receiving bank along with the remitted amount for all qualifying remittance. Note that the cash incentive is a separate transaction paid out by the receiving bank that processes the remittance.

The remitted amount, including the cash incentive, is usually credited within 24-72 hours to the recipient’s bank account in Bangladesh. Processing times may vary based on banking hours and compliance checks.

The Bangladeshi government currently provides a 2.5% cash incentive on qualified remittance transactions. This means that for every qualified BDT 100 sent, the recipient in Bangladesh will receive an additional BDT 2.50 as an incentive.

There is currently no upper limit to the remittance cash incentives issued to recipients of international remittances sent to Bangladesh.

As long as the sender and recipient satisfy all the requisite criteria and the money transfer is a qualifying remittance, the cash incentive will apply at the current rate of 2.5% of the final amount received in BDT. Note banks/remittance services may have their own limits on daily and monthly remittance amounts.

For remittances below BDT 500,000, no additional documents are required. For remittances of BDT 500,000 or more, the recipient may need to provide documents, such as proof of relationship, purpose of remittance, additional identification documents or other AML compliance related documents as per Bangladesh Bank regulations to their banks.

The Bangladesh Remittance Cash Incentive Program is an initiative launched by the Government of Bangladesh offering cash incentive on foreign remittances sent to Bangladesh through official banking channels. This incentive is provided to encourage Non-Resident Bangladeshis (NRBs) to send money legally and support the country’s economy.

Currently, qualifying remittance sent from USA are eligible to earn an additional 2.5% cash incentive paid out to the recipient by the receiving bank.

The incentive is applicable for any amount. If the amount exceeds BDT 500,000.00 or USD 5,000.00 limit in a single transaction, additional documentation may be required to claim the 2.5% remittance cash incentive which is to be submitted by the recipient at their Bank. Daily and monthly remittance limits apply.

This FAQ is provided for informational purposes only and may not include all terms and conditions of the Bangladeshi remittance cash incentive program. For further details, please contact:

• Customer Support Hotline: +1 877-707-1995
• Website: www.sbical.bank

To take advantage of the Bangladesh Remittance Cash Incentive Program, both the sender and receiver need to meet certain eligibility criteria.

If you are the sender of an international money transfer to someone in Bangladesh and wishes to take advantage of the cash incentive, you must meet the following requirements:

• You must be a Bangladeshi national. This also includes a Bangladesh national who “has his or her origin in Bangladesh but for any reason has assumed foreign nationality”.
  • You must be working/doing business/earning from overseas sources.

• You must not be paid by Bangladesh Government or Bangladesh Government owned Institution.
  • You must be an individual wage earner/businessman/employee working abroad for Bangladeshi company/ foreign company and not a business institution or corporation.
  • You must send your wages as part of your remittance transaction.
  • As of September 2024, you can also send compensation funds received from employers or insurance companies for death or injuries abroad.

For recipients who wish to claim the 2.5% cash incentive on incoming remittance, the following conditions must be met:

• You must be a Bangladeshi national.
  • You must not be a business institution or corporation.
  • Your purpose of remittance should be personal and family affairs

The terms and conditions of receiving this incentive are outlined by the Bangladeshi government and may change from time to time. Make sure both you and your recipient meet all requisite criteria, otherwise you will not be able to claim the 2.5% cash incentive for your overseas funds transfer to Bangladesh.

Any individual sending remittance from overseas to Bangladesh in Bangladeshi Taka (BDT) through a legal banking/remittance channel such as SBIC’s remittance service is eligible for the incentive, if all qualifying conditions are met per Bangladesh Bank regulations.