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|
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.
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|
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.
The method you choose to send money to Nepal has a bearing in the information you need.
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.