Top 4 Mobile Financial Service Providers in Bangladesh
By MFS GuideUpdated November 20266 min read
Four wallets handle most of the mobile money in Bangladesh: bKash, Nagad, Rocket and Upay. They all let you send money, cash in and cash out, pay bills and top up your phone — but they charge different amounts to turn your balance into cash, and each one has its own strengths. This guide explains what each one does best, and how to pick the right one for you.
Why these four
Mobile financial services, or MFS, let you keep money in a phone wallet and move it without a bank account. You open an account with your phone number and national ID, then use the app or a dial code on any phone. Agents across the country take cash in and give cash out.
Many wallets exist in Bangladesh, but these four carry most everyday transactions. bKash is the biggest and works almost everywhere. Nagad grew fast with low app cash out charges. Rocket belongs to Dutch-Bangla Bank and Upay to United Commercial Bank, and both let you cash out very cheaply from their ATMs. If you open one wallet, it will probably be one of these.
All four are licensed mobile financial services, regulated by Bangladesh Bank.
Each one works with the app and with a dial code, so you can use them on a button phone too.
Each one has agents across the country for cash in and cash out.
1. bKash
bKash is the biggest mobile wallet in Bangladesh, run by bKash Limited, a BRAC Bank subsidiary. It launched in 2011 and is accepted by more shops, agents and online services than any other wallet. If you only keep one wallet, bKash is the safest bet for being accepted wherever you go.
Cash out costs ৳18.50 per ৳1,000 at any agent, or ৳13.95 at your two Priyo Agents, for up to ৳50,000 a month. ATM cash out costs ৳14.90.
Send money free to your five Priyo Numbers, up to ৳25,000 a month.
Works on the app and by dialling *247# on any phone, and lets you pay bills, buy mobile recharge and pay at shops with a QR code.
Pick bKash if you want the wallet that works everywhere. Its standard agent charge is the highest of the four, but the Priyo Agent rate and the wide acceptance make up for it.
2. Nagad
Nagad is the digital financial service of the Bangladesh Post Office, launched in 2019. It grew quickly by keeping charges low — its app cash out rate of ৳12.99 per ৳1,000 is the cheapest way to cash out without an ATM card. It also offers a separate Islamic account.
Cash out costs ৳12.99 per ৳1,000 through the Nagad app, or ৳15.00 if you dial *167#.
Works on the app and by dialling *167# on any phone — including button phones with no internet.
Send money, cash in and cash out, mobile recharge, bill payments and government allowances all work from one account.
Pick Nagad if you cash out often and want the lowest charge without an ATM card. Use the app rather than *167# — it saves ৳2.01 on every ৳1,000.
3. Rocket
Rocket is the mobile financial service of Dutch-Bangla Bank. It started in 2011 as the country's first bank-led mobile banking service, and it is still the best choice if you already bank with Dutch-Bangla. Its DBBL ATM cash out — ৳9.00 per ৳1,000 — is the second cheapest way to get cash out.
Cash out costs ৳9.00 per ৳1,000 at a Dutch-Bangla Bank ATM, or ৳16.70 at an agent.
Links directly with a Dutch-Bangla Bank account, so moving money between your bank account and Rocket is easy.
Works on the app and by dialling *322# on any phone.
Pick Rocket if you have a Dutch-Bangla Bank account or a Rocket card. Its agent charge is high compared with the others, so plan to use the ATM when you can.
4. Upay
Upay is the mobile financial service of United Commercial Bank, run by UCB Fintech. It offers the cheapest cash out of the four: only ৳8.00 per ৳1,000 at a UCB ATM. Its agent cash out of ৳14.00 is also lower than bKash's standard agent rate.
Cash out costs ৳8.00 per ৳1,000 at a UCB ATM, or ৳14.00 at an agent.
Works on the app and by dialling *268# on any phone.
Send money, cash in and cash out, bill payments and mobile recharge work from one account.
Pick Upay if you can reach a UCB ATM — at ৳8 per ৳1,000 it is the cheapest cash out of the four. Without an ATM nearby, it is still a solid low-cost second wallet.
How we compared them
The table below shows each wallet's cheapest way to cash out, and its dial code. All charges include VAT. bKash's rates come from bKash's official list; the other rates come from published reports, so check in the app before a large transaction — charges change from time to time.
Cheapest cash out method for each wallet (per ৳1,000)
Provider
Cheapest channel
Cash out per ৳1,000
USSD code
bKash
Priyo Agent (up to ৳50,000/month)
৳13.95
*247#
Nagad
Nagad app
৳12.99
*167#
Rocket
Dutch-Bangla Bank ATM
৳9.00
*322#
Upay
UCB ATM
৳8.00
*268#
Without the cheapest channel, agent cash out costs more: bKash ৳18.50 at any agent (৳14.90 at an ATM), Rocket ৳16.70, Upay ৳14.00 and Nagad ৳15.00 by *167#.
There is no single best wallet — it depends on how you use it. Cash out often? Upay at a UCB ATM and Rocket at a Dutch-Bangla ATM cost the least. No ATM nearby? The Nagad app is cheapest, and bKash's Priyo Agent is close behind. Want the wallet that everyone accepts? That is bKash. Many people keep two wallets: bKash for everyday payments, and Nagad or Upay for cheaper cash outs.
Need a wallet that works everywhere: bKash.
Want the cheapest cash out without a card: Nagad app.
Have a DBBL or UCB ATM nearby: Rocket or Upay.
Check the charge before you cash out
Enter your amount in a wallet's calculator to see the exact charge.
