Send Money To Nepal

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.

Case Study

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.

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.

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.