Nagad Wallet is a digital payment system that allows individuals to make transactions without the use of physical cash. The payment system has become increasingly popular in Bangladesh since its launch in 2019.
This review will provide an in-depth analysis of the Nagad Wallet payment method, including the company, how to get an account, how to deposit with Nagad, how to withdraw, transfer times, fees, and security.
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About Nagad Wallet
Nagad Wallet is a subsidiary of the Bangladesh Postal Department and is regulated by the Bangladesh Bank. The company launched in March 2019 and has since become one of the most popular digital payment systems in the country. Nagad Wallet offers a variety of services, including money transfer, mobile recharge, and utility bill payment. The company has over 50,000 agents across Bangladesh, making it easily accessible to users.
To get started with Nagad Wallet, users must first download the Nagad app from the App Store or Google Play Store. Once downloaded, users can create an account by providing their mobile number and other personal information. Users must then verify their identity by providing a national ID card, passport, or driver’s license. After verification, users will receive a Nagad account number, which they can use to make transactions.
How to Deposit with Nagad Wallet?
Depositing money into a Nagad Wallet account is a straightforward process. Users can visit any Nagad agent, provide their account number and deposit amount, and then pay the agent. The money will instantly appear in the user’s account, and they can begin making transactions immediately. Nagad also offers cashless deposit options, such as linking a bank account or using a debit or credit card.
How to Withdraw with Nagad Wallet?
Withdrawals with Nagad are just as easy as depositing. Users can visit any Nagad agent, provide their account number, withdrawal amount, and then receive their funds in cash. There are no fees for withdrawing funds from Nagad Wallet, and users can withdraw up to 25,000 BDT per transaction. It is important to note that users must have enough funds in their account to withdraw.
Transfer Times, Fees, and Security
Nagad Wallet offers instant money transfer services between Nagad Wallet accounts. Users can send money to any other Nagad Wallet account instantly and without any fees. Additionally, users can transfer funds to non-Nagad Wallet accounts, such as bank accounts, with a transfer time of 2-4 business days. The transfer time for utility bill payments and mobile recharge is instant.
Nagad Wallet offers some of the lowest transaction fees in Bangladesh. Users can send and receive money to other Nagad Wallet accounts for free. The fees for transferring funds to non-Nagad Wallet accounts vary depending on the transfer amount. For transfers up to 5,000 BDT, the fee is 10 BDT. For transfers between 5,001 and 50,000 BDT, the fee is 15 BDT. For transfers above 50,000 BDT, the fee is 20 BDT.
Nagad Wallet takes security seriously and has implemented several measures to protect users’ accounts. Users must provide a national ID card, passport, or driver’s license for account verification, ensuring that only legitimate users can access their accounts. Nagad Wallet also uses two-factor authentication for login, which adds an extra layer of security. Additionally, Nagad Wallet uses SSL encryption to protect users’ data and transactions from cyber threats.
Overall, Nagad Wallet is an excellent payment method for individuals in Bangladesh. The company offers a variety of services, including money transfer, mobile recharge, and utility bill payment. The process of creating an account, depositing funds, and withdrawing funds