Tk10 fees set for internet banking funds transfer

ByRichard C. Sloan

Oct 18, 2021

A maximum of Tk 20 per transaction has been set for cash withdrawals through the point of sale system

TBS Report

October 18, 2021, 10:20 p.m.

Last modification: October 18, 2021, 10:22 PM

Representative image. Image: Collected


Representative image. Image: Collected

Bangladesh Bank set Tk10 service fee for internet interbank money transfer transaction through National Payment Switch Bangladesh (NPSB).

The Bangladesh Bank’s payment systems department issued a circular on Monday and sent it to everyone concerned, including regular banks and mobile financial service providers, a press release said.

Under the new guidelines, the acquiring company will charge a Merchant Discount Rate (MDR) of 0.7% per transaction in the case of Bangla QR transactions for micro-merchants. Of which 0.4% will be paid to the card issuing bank for the interchange reimbursement fee (IRF).

In this regard, BB spokesperson Sirajul Islam said that many banks are not interested as there is no charge for internet bank money transfer. Now, Tk10 service charges have been set per transaction for banks.

According to the circular, the acquiring bank will get 1.6% of the total transaction in the form of the Merchant Discount Rate (MDR), in the case of merchant payments using the point of sale (POS) of another bank under the NPSB. Of the amount, 1.1% will be paid to the card issuing bank as IRF.

Payment Systems Department GM Md Mezbaul Haque said that previously different banks took different amounts of fees for POS transactions, now the central bank has set 1.6% for the convenience of customers.

The circular also said that if the International Payment System (IPS) network is used, an additional 0.2% of the IRF fee will need to be paid.

At the same time, a maximum of Tk 20 per transaction has been set for cash withdrawals via POS. These charges will be confirmed by the issuing bank to the acquiring bank.

Meanwhile, under the NPSB, a bank must pay a service fee of Tk 20 per transaction to withdraw money from another bank using an ATM. The Bangladesh Bank has set Tk5 for money information, Tk5 for short messages, a maximum of Tk10 for money transfer and a maximum of Tk20 for cash deposit.

Source link