Nagad mobile banking provides maximum service in terms of cash out. In case of cash out from the Nagad account, the cash-out charge is deducted from a minimum of 9.99 TK to a maximum of 15.00 TK (Including VAT).
The cash-out charges for using the regular app, Islamic app, and USSD code are different. It is presented below.
Nagad Mobile Banking Cash Out Charge in 2023
The Nagad cash-out charge is the fee that Nagad users pay to withdraw cash from their Nagad account through authorized agents or mobile banking.
The charge is applicable for both individual and merchant accounts. The cash-out charge varies based on the withdrawal amount and includes VAT and other applicable taxes.
Nagad Cash Out Charge For Regular App
For those who use the Nagad regular app, the regular app means the normal Nagad app. A deduction of TK 9.99 per thousand, exclusive of VAT, is made in case of cash out through the Nagad app.
On the other hand, 11.48 TK, including VAT, is deducted. For regular Nagad users, there is a deduction of TK 11.48 for cashing out through the Nagad app.
Nagad Cash Out Charge For Islamic App
As the demand for Islamic banking is growing rapidly worldwide, Nagad has developed a solution that caters to the needs of Muslim customers who seek to perform their financial transactions in compliance with Islamic law.
Nagad has recently launched its Islamic app, which offers Shariah-compliant financial services and products. Now let’s know the charges for cash out with the Nagad Islamic app.
In case of cash out from a Nagad account through the Islamic app, a charge of 13.05 TK, excluding VAT, is deducted per thousand. On the other hand, a charge of Tk 15.00 will be applicable for cashing out through Islamic apps, including VAT.
Nagad Cash Out Charge By USSD
The cash-out amount will differ for those who want to cash out with a USSD code. In many cases, those who don’t have a smartphone or even if they have a smartphone but don’t have an internet connection can cash out from the Nagad account with the USSD code.
In this case, the charge applicable in the case of cash out through the Nagad regular app will be slightly higher than that in the case of cash out through the USSD code.
For those who want to cash out with the USSD code, a charge of Tk 13.05 excluding VAT will be applicable per thousand, and a charge of Tk 15.00 including VAT will be applicable. That means a total charge of Tk 15.00, including VAT, must be paid.
Nagad Cash Out Charge Calculation
Let’s take an example to understand the calculation process. Suppose you want to withdraw TK 10,000 from your Nagad account through an authorized agent by using Nagad App.
The cash-out charge for an individual account will be 11.48 TK per thousand. The total charge for the 10,000 TK is (11.48 x 10) = 114.8 TK. Therefore, the total amount you have to pay is (10,000 + 114.8) = 10114.8 TK.
The Nagad cash-out charge is a nominal fee that Nagad users must pay to withdraw cash from their Nagad account.
The charge is calculated based on the withdrawal amount and includes VAT and other applicable taxes. Nagad has set the cash-out charge as per the regulatory guideline, and it cannot be waived.
- Is Nagad cash-out charge inclusive of VAT and other applicable taxes?
Ans: Yes, Nagad cash-out charge includes VAT and other applicable taxes.
- Can Nagad’s cash-out charge be waived?
Ans: No, Nagad cash-out charge cannot be waived. It is set per the regulatory guideline and cannot be changed without prior notice.
- Is Nagad’s cash-out charge higher than other mobile financial services?
Ans: No, the Nagad cash-out charge is not higher than other mobile financial services in Bangladesh. It is set lower than its competitors to ensure users get the best possible service at a reasonable price.
- Can I check the Nagad cash-out charge before withdrawing cash?
Ans: Yes, Nagad users can check the cash-out charge for their desired withdrawal amount through the Nagad mobile app or by dialing *167# from their registered mobile number.