The need to send money to Nepal is not new. Nepali people who live outside of the country often end up sending money back home. People who travel to Nepal from other countries might need to send money to the country to pay for their accommodation, and there are also instances of tourists in Nepal receiving money from overseas. No matter why you want to transfer money to Nepal, working with a service provider that meets your needs is important.
Transfer Money to Nepal
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Nepali rupee (NPR) has been the official currency of Nepal since 1932. One rupee is divided into 100 paisa. The Nepali rupee was pegged to the Indian rupee at the rate of NPR 1.45 = INR 1 until 1994. Since then, it has been pegged at NRP 1.60 = INR 1.
If you want to transfer money to a Nepali bank account, make sure you have the receiving bank’s SWIFT close at hand. Given below are SWIFT codes on some of the leading banks in Nepal.
|Standard Chartered Bank Nepal||Kathmandu||SCBLNPKAXXX|
|Nepal SBI Bank||Kathmandu||NSBINPKAXXX|
|Nepal Investment Bank||Kathmandu||NIBLNPKTXXX|
Popular Currency Corridors
The size of the country notwithstanding, a fair amount of money enters and leaves Nepal regularly. In 2016, more than U.S. $6.6 billion was sent as remittances to Nepal from other countries. Over U.S. $2.9 billion was sent from Nepal to other countries in the same year.
The corresponding tables give you an indication of how much money flowed through Nepal’s prominent currency corridors in 2016. The numbers are listed in U.S. dollars.
|United Arab Emirates||AED-NPR||$795,000,000|
How Do I Compare Companies When Sending Money to Nepal?
When carrying out a money transfer to Nepal, it is important that you compare different companies across a few simple parameters.
- The cost factor. The cost of sending money to Nepal depends on the exchange rate and fees that apply on your transfer. Since both tend to vary from one company to the next, finding the most cost effective alternative requires no more than comparing the amount the recipient stands to receive through different service providers.
- The speed factor. If your top priority when sending money to Nepal is speed, you may benefit by turning to companies that have cash pickup centers in the country. Transfers to cash pickup centers tend to process almost straight away. If you send money to a Nepali bank account, the transfer may take up to six working days to process. This depends on the company carrying out the transfer, your country of residence, and the recipient’s bank.
- Payment methods. All the top companies let you pay using your bank account. Finding ones that accept debit and credit card payments is easy. With some, you may even pay through methods such as ACH, Interac, SOFORT, iDEAL, BACS, CHAPS, POLi, Apple Pay, and Google Pay.
- Customer service. Depending on the company you select, you may get support over the phone, via chat, or via email. Review-based websites such as Trustpilot and Feefo give you an easy way to find out how previous customers of different companies rate their services.
How to Transfer Money to Nepal?
How you wish to begin the process of carrying out your money transfer to Nepal depends on the medium you find most comfortable.
- Online. Your bank might let you transfer money to Nepal using its online platform. However, comparing its cost effectiveness with some of the leading money transfer companies may work well for you.
- Over the phone. Do you wish to speak to a currency dealer to send money to Nepal? If so, you may choose a company accordingly. Depending on the company you select, you can even get access to a dedicated dealer.
- In-person. While several banks let their customers send money to Nepal in person, you might benefit by comparing them with money transfer companies that operate out of physical locations.
Steve had been in Nepal for more than a year and things had been moving fine until he met with a road accident. His treatment required more money than he could afford, so he decided to get some help from his brother who lived in the United States. Steve’s brother ran a quick comparison of a leading American bank and a top money transfer company before carrying out the transfer, and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||$1 = NPR 103.1644||$1 = NPR 107.1313|
|Amount received for $2,500||NPR 255,331.89||NPR 267,828.25|
|Transfer time||2 to 6 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||NPR 12,496.36|
Steve’s brother used the money transfer company because it resulted in Steve getting a little extra money, and it also got to him sooner than it might have through the bank.
Cash Pickup Locations in Nepal
Leading overseas money transfer companies such as Western Union, WorldRemit, MoneyGram, Ria, and Azimo have extensive agent locations in Nepal. You may use the services of such companies if you want to carry out your money transfer to Nepal quickly.
|Western Union in Nepal|
|Muktinath Bikas Bank, Branch Office Ka Ma Pa Na 13, Kathmandu Plaza, Kathmandu||Shubham International Enterprises, Balkhu 17, Kathmandu|
|Om Development Bank, Pokhara Mentropolitan City 19, Lamachour Chowk, Pokhara||Om Development Bank, Nagdanda Vdc 2, Nagdanda, Pokhara|
|MoneyGram in Nepal|
|Citizens Bank International, Kapan Area, Kathmandu||Sakar Investment Company, House No-35 SA Pepsicola Road, Kathmandu|
|Shangri-la Development Bank, Birauta Chowk-17, Pokhara||Muktinath Bikas Bank, Salyan VDC-9 Nayapul, Pokhara|
Safety Tips for Picking Up Cash in Nepal
Levels of violent crimes in Nepal are low. However, instances of petty crimes such as bag snatching and pickpocketing tend to take place around areas frequented by tourists, at airports, and in buses. The risk of robberies and assaults increases after dark, especially in poorly lit areas. Remain vary of walking around at night, particularly if you are alone.
Try not to carry large amounts of cash, and keep your valuables in a hotel safe when possible. Do not leave your drink unattended and do not accept drinks from strangers.
What Information Do I Need to Transfer Money to Nepal?
The method you choose to send money to Nepal has a bearing in the information you need.
- Transfer to a bank account. The information you need to keep handy includes the recipient’s name and bank account number as well as the receiving bank’s name and SWIFT code.
- Transfer to a cash pickup center. Along with the recipient’s complete name, you will also need the location of a suitable cash pickup center. To collect the transferred money, the recipient will need to present an acceptable form if ID and a reference number.
Regulations When Transferring Money To and From Nepal
The Nepal Rastra Bank, through the Nepal Rastra Bank Act, 2058 (2002), regulates the overseas money transfer industry in Nepal. It is also responsible for maintaining the stability of and developing the country’s banking and financial system.
Banks and financial institutions are required to submit specific particulars of transactions if payments or remittances made by an individual exceed NPR 1 million per day, or if an individual exchanges more than NPR 500,000 in one day.
When you want to send money to Nepal the next time, make sure you compare different money transfer companies based on where you live. If you can find ongoing promotional offers, you may save even more money.
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