Incentive Scheme

Purpose

In recognition of the significant role that foreign currency inward remittance can play in enhancing foreign currency reserves and in promoting savings and investments, Bank of Bhutan will facilitate the payment of 1% incentive on convertible currency transferred to Bhutan through Foreign Banks and Money Transfer Operators (MTO).

Incentive Period

This incentive shall be in force for a period of One Year beginning 1st June 2021 till 31st May 2022.

Eligibility

The incentive is applicable to any Bhutanese citizens currently residing overseas for employment, studies, for carrying out business or vocation outside Bhutan.

Non-Eligibility

A. The incentive shall not be applicable against the following fund transfer purposes:

  • Donation
  • Foreign Direct Investment
  • Trade and Business Activities
  • NGO/ CSO and International Organization fund transfers

B. The incentive shall not be applicable if the beneficiary is other than an individual.

Term and Conditions

Bhutanese residing abroad and sending convertible currency through formal channels to resident Bhutanese gets 1% cash incentive (paid to the beneficiary) in Ngultrum during cash payout or account deposits.

Incentive is paid only upon conversion of convertible currency into Ngultrum.

Beneficiaries under this scheme have to submit the required documents to Bank of Bhutan within 10 working days from the date of receipt of remittance to claim the incentive.

The remitter has to ensure that his/her identification details (CID Number and Name) are reflected on the Bank’s remittance instruction at the time of remittance.

Accepted Convertible Currency

    Convertible currency consist of foreign currency denominated in:

  • Australian Dollar
  • Canadian Dollar
  • Danish Kroner
  • Euros, Hong Kong Dollar
  • Japanese Yen
  • Norwegian Krone
  • Singapore Dollar
  • Swedish Krona
  • Swiss Franc
  • United Kingdom Pound Sterling; and
  • US Dollar

Required Document

The beneficiary needs to submit the following documents at the time of payment of the incentive amount:

A. If the Beneficiary is in Bhutan:

Proof of Bhutanese Citizenship of Beneficiary claiming the incentive (Resident Bhutanese):
Proof of residency overseas of the Non-Resident Bhutanese (NRB)/ Proof of NRB status: Visa Copy or phone bill or electricity bill or letter from Bhutanese Foreign Mission/ Embassy etc.

B. If the beneficiary is the same person and residing overseas:

Submit the above documents via email ([email protected])to the Bank to claim the incentive.

Incentive Claim Process

Bhutanese Residing Abroad sends Money from Authorized Money Transfer Agency or Banks.

Bank of Bhutan receives the Money in convertible currency.

Beneficiary comes to claim the money with reference number and claims the money by filling up the form.

Bank obtains all the required documents from beneficiary.

Money gets deposited in the account of beneficiary/paid in cash.

To download the Claim Form CLICK HERE

POS Acquiring Charge

Fee/Charges

1. Visa/MasterCard/JCB International Credit/Debit Acquiring
1.1. Card Fee/Charges

Description Visa/MasterCard/JCB International Credit/Debit Acquiring
ATM (Nu.) POS (Nu.)
Balance Inquiry free free
Cash Withdrawal / Purchase 150/- free

1.2. Card Limit / Count

Description Visa/MasterCard/JCB International Credit/Debit Acquiring
ATM (Nu.) POS (Nu.)
Daily Limit As per Issuer Bank As per Issuer Bank
No. of Transactions Count per Day As per Issuer Bank As per Issuer Bank

1.3. Card Limit per Transaction

Description Visa/MasterCard/JCB International Credit/Debit Acquiring
ATM (Nu.) POS (Nu.)
Limit per Transaction 10,000/- 500,000/-
No. of Transactions Count per Day As per Issuer Bank As per Issuer Bank

12. Bhutan Financial Switch (BFS) Acquiring
2.1. Card Fee/Charges

Description BFS Interoperability for ATM/POS Acquiring
ATM (Nu.) POS (Nu.)
Cash Withdrawal / Purchase 12/- after 5 free transaction in Month Free
Mini Statement 8/- NA
PIN Change 8/- NA

2.2. Card Limit / Count

Description BFS Interoperability for ATM/POS Acquiring
ATM (Nu.) POS (Nu.)
No. of Transactions Count per Day As per Issuer Bank As per Issuer Bank

2.3. Card Limit Per Transaction

Description BFS Interoperability for ATM/POS Acquiring
ATM (Nu.) POS (Nu.)
Limit per Transaction 10,000/- 500,000/-
No. of Transactions Count per Day As per Issuer Bank As per Issuer Bank

Note: Our Merchant Service Fee (MSF) rate is 3.5% of the transaction amount For further clarifications and enquiries, please contact us at our toll free#1095/02334589/02350201 or write to us at [email protected]