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Best Ways to Send Money Online to Nepal

Updated on April 09, 2020 12:40 pm
Money Transfer Companies to Send money to Nepal

There are several ways of sending money to Nepal. We have compiled a list here.  In this article, we will cover the best and cheapest way to send money online to Nepal.

Historically, more than 50% of Nepalese working abroad used informal channels to send money home due to very high fees on formal channels. However, in the age of digitalization, the statistics are in favor of all the hardworking Nepalese, who have left home to provide better lives for their loved ones.

According to the World Bank report, the cost of remitting to Nepal is lower than the global average of 7.01%. With almost an end to the erstwhile prevailing digital divide, Nepal today stands at least at an arm's length from the rest of the world.

 

There are few factors to consider while sending money online; exchange rates, transfer fees, security, and the speed of transfer.

  • Xoom

This PayPal Company is one of the fastest ways of sending money to Nepal. They have collaborated with Nepal Investment Bank, Himalayan Bank, Prabhu bank, Laxmi Bank and many more to facilitate instant bank deposits. They cover major remittance corridors like USA, Canada, and the UK and have cash pickups locations across 4600 locations covering Mechi to Mekhali. With Xoom, Nepalese in the USA can opt to send money using their bank accounts, debit card, or credit card. The recipients in Nepal can receive the funds instantly in their bank accounts, by instant cash pick up, or choose a one-day deposit option. The maximum amount you can send online to Nepal through Xoom is USD 9,000 per transfer.

Nestled in London, it also covers major corridors and is a very popular choice amongst the tech-savvy consumers. It is one of the first money transfer service provider to focus heavily on digital remittances. Offering low transaction fees, zero hidden fees and competitive exchange rates, which are shown upfront to the sender. Nepalese in the US can send money safe online without leaving their homes or offices, and the recipients in Nepal will receive the money instantly via cash pick up at agent locations in Nepal, or money will be deposited in their bank accounts within 24 hours. For bank deposits, you can send up to USD 5,000 per transfer, while for cash pick-up option, there is a maximum amount of NPR 300,000, which can be received by a beneficiary per transfer, and a total of NPR 1,000,000 a beneficiary per day.

Founded in Singapore in 2014, InstaReM offers fast, safe, and a cheap way of sending money overseas, especially to the Asian Countries. InstaReM works on a Zero-Margin FX rate and charges a low commission rather than charging a fixed rate. It is a popular choice for transferring a small amount of money instantly. It is a new entrant in the industry winning the hearts of many customers by being one of the cheapest ways of sending money to Nepal. They charge a nominal fee, which ranges typically between 0.25% to 1% of the amount being transferred and also offers the most competitive exchange rates in the industry. You can also earn loyalty points with each transfer and redeem them against your transactions.

ThamelRemit is an online platform to send money from the USA to Nepal. The Banking Channel supporting ThamelRemit is Siddhartha Bank Ltd, one of the fastest growing banks in Nepal and a trusted name for years. Nepalese can send up to USD 10,000 per transaction through ACH transfer and their recipients will receive Nepalese rupee in their local bank accounts within 48 hours of transfer. It offers zero transfer fees and competitive exchange rates. Thamel Remit is a popular choice for recipients in Kathmandu valley. Family maintenance, purchase of property, investments, and transfers to NPR accounts are the kinds of payments that you can make through ThamelRemit.

Moneydart is one of the largest US-based money remittance companies founded in 1996 in New York and is powered by the UAE exchange. MoneyDart offers competitive exchange rates and zero transfer fees. Recently, UAE Exchange in association with Bank of Kathmandu launched FLASHremit to provide the customers with the convenience of sending money from any part of the world and crediting the recipient's bank account in Nepal in real-time.

  • Western Union

A global leader in cross-border remittances, Western Union has served millions of expatriates around the world. Nepalese can send up to USD 5,000 per transfer to Nepal and the recipients can pick up cash in minutes in any agent locations in Nepal if you are sending money using a debit card or credit card. If you send money from your online bank account, it will take 4 days to before the money gets delivered to your beneficiary in Nepal. Nepalese immigrants can also send money by cash through Western Union's 42,000 agent locations in the US and the money will reach Nepal in minutes.

Moneygram is the second largest provider of money transfers in the world and serving the immigrants for more than 3 decades since it was formed. The company operates in more than 200 countries with a global network of about 347,000 agent offices and serving the immigrants for more than 3 decades since it was formed. Through Moneygram online, Nepalese immigrants in the USA can send money up to USD 6,000 per transfer or choose to pay in cash through Moneygram's more than 30,000 outlet locations across the US. The recipients in Nepal can receive the money through cash pick-up and the money usually reaches the recipients in Nepal within minutes of transfer.

Based in Seattle, Remitly is focused on delivering a promise to provide low transaction fees and swift payment overseas transfers. Located in the tech hub, Remitly wants to do away with antiquated ways of sending money through their proprietary global transfer network described as "easy-to-use mobile app". Pay zero fees when you send money to Nepal for the first time. Users can send money by using a debit card, credit card, or through online bank transfer and depending on where the recipient lives, they may have multiple options on how to receive money including bank transfer, cash pick up, or even home delivery. With Remitly, the sender can choose between the express method of transfer with slightly higher fees, or choose the economy way and pay low fees for their money transfer from the USA to Nepal.

Ria has over 30 years' experience and has consistently ranked number one because it is one of the cheapest, fastest, and the safest way to send money and offering great exchange rates. With a worldwide agent network of 350,000 locations in 149 countries, Ria continues to help immigrants through world-class money transfer. Ria also offers bill payment, mobile top-ups, prepaid debit cards, check, and money orders. For sending money from the USA to Nepal, Nepalese can send up to USD 2,999 per transfer using their online bank accounts, credit card, or debit card and the recipient in Nepal will receive the money either through bank deposit or cash pick up at agent locations. Remitters in the US can also choose to pay in cash by visiting Ria agent locations in the US if they need to send a higher amount. The fastest way to send is by using debit or credit card, whereas it takes about four days to transfer the money from the USA to Nepal if you will use your bank account.

Licensed and authorized by Nepal Rashtra Bank, Muncha Money Transfer is a quick, secure and cost-effective way of sending money to anyone in Nepal from 50 states in the US. Muncha Money Transfer aims to provide quality service at an affordable price. Currently, it offers ACH pay mode and Nepalese in the US can send up to USD 10,000 per transaction, while the recipients in Nepal will receive Nepalese rupee in their bank accounts. Normally it takes about 48 hours for the money to get credited to the receivers' account in Nepal once the funds are cleared in the US. Muncha Money Transfer offers the first transaction at zero fees.

Small World FS is one of the world's leading payment providers offering a secure, fast and inexpensive way to send and receive money anywhere in the world. Nepalese in the USA can send money to Nepal easily and securely using online bank transfers or by using their debit cards. Small World has a very large payout network and the beneficiary in Nepal will receive the money on the same day or within 48 hours via cash pick-up or by bank deposit in Nepalese rupee. You can send up USD 9,999 per online transfer and USD 2,499 for each ACH transaction to Nepal.

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Whereas it can take three to five days for an international wire transfer to clear.What is the Cost of EFT?The cost of an electronic funds transfer varies depending on the type of transfer you select and the total amount of money you wish to send.If you own a company and need to pay an employee's salary, using direct deposits is a cost-free option for you to consider. Or you can use a debit card or a smartphone to make a contactless payment in stores without incurring any transaction fees.Benefits of EFT PaymentsEFT provides several advantages, both for individuals and businesses.Speed: EFTs are much faster than traditional paper-based methods. Money transfers are instant, making them ideal for urgent transactions.Convenience: EFTs allow you to initiate and receive transactions from the comfort of your home or anywhere with an internet connection. You don't need to visit banks or handle checks manually.Security: EFTs are generally more secure than paper-based ones. 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This led to the development of new regulations that would enable users to safely utilize electronic fund transfer services.Alternative Money Transfer OptionsIf you are looking to transfer money overseas, there are specialized money transfer providers offering EFT services that offer overall better experiences in terms of costs, speed, convenience, and efficiency.InstaremInstarem offers seamless cross-border money transfers to more than 55 countries via its network of more than 8000 banks worldwide, with competitive exchange rates and low fees. Their user-friendly platform ensures swift and secure transactions for individuals and businesses alike.WiseWise revolutionizes international transfers by providing transparency, real exchange rates, and minimal fees. Users can trust Wise for cost-effective and efficient cross-border transactions. Additionally, Wise offers a multicurrency account that lets you keep more than 50 different currencies and convert them at an affordable rate.RemitlyRemitly focuses on fast and affordable money transfers, catering to the needs of expatriates and those supporting loved ones abroad. Remitly provides two-speed options for money transfers: Express ensures immediate delivery with higher fees while Economy delivers funds in 3 to 5 business days.XEXE is a trusted currency converter and money transfer platform, providing real-time exchange rates and tools for individuals and businesses to make informed financial decisions in the global market. It offers international money transfers in 139 currencies to over 220 countries and territories.PandaremitPandaremit stands out for its user-friendly interface and competitive rates in the remittance market. It's a reliable choice for individuals seeking convenient and efficient international money transfers. Transfers can be completed in as little as 2 minutes, and a 100% satisfaction guarantee ensures a full refund if expectations aren't met.AboundAbound, previously named Times Club and affiliated with the Times of India group, serves as a rewards and remittance app tailored for Non-Resident Indians (NRIs). Abound enables the transfer of funds from the U.S. to India with attractive exchange rates, providing cashback and rewards. You get competitive exchange rates and no transfer fees when sending money to over 130 Indian banks from the U.S.PomeloPomelo introduces a fresh approach to seamless money transfers from the U.S. to the Philippines, integrating consumer credit with international remittance services. It offers a Family plan for global credit sharing, delivering individual cards within 10 days. Users can send money now, pay later at zero APR, and control card balances monthly at a competitive USD to PHP exchange rate.SBICFor fast money transfers from the United States to India, consider SBIC (State Bank of India-California), a subsidiary of India's State Bank of India. As a full-service bank with multiple California branches, SBIC provides various financial solutions and international services. Key features include zero-cost transfers to any Indian bank within hours, competitive USD to INR exchange rates, and flexible transfer options through the SBIC Mobile App, online, or in-person.PlacidPlacid offers a comprehensive platform for international money transfers, focusing on speed and security. It streamlines currency exchange across 25+ countries through direct affiliations with various banks. It ensures rapid transfers, allowing recipients to receive funds directly in their bank accounts or through convenient cash pickup at local agents. Notably, their spotCash! service distinguishes itself with speed, simplicity, and convenience for recipients.PassToPassto stands out for its commitment to providing cost-effective and reliable international money transfer services. It caters to expats in the UK, offering a mid-market exchange rate and transparent fees, facilitating money transfers to 60 countries and real-time airtime top-ups to 150+ countries. Users can PassTo Plus Points with each transfer, which is redeemable for fee discounts on future transactions.ConclusionElectronic Funds Transfer has revolutionized the way we handle financial transactions, providing convenience, speed, and security. EFTs continue to evolve as technology advances. The future of EFT holds the promise of even greater convenience and efficiency.As we have discussed in the blog, there are various specialized services for a seamless and efficient global money transfer. Explore these options to make informed decisions based on your specific transfer needs.To compare your options for international money transfers, use CompareRemit's comparison tool and find a provider that best fits your money transfer needs!

Diwali 2023 Article 1
Best Ways to Send Money Home for Diwali 2023

As the Diwali season approaches, families and friends eagerly anticipate the festivities, which often involve exchanging gifts and sharing the joy of the occasion. For many, Diwali is a time to connect with loved ones, even if they are miles away. Sending money home becomes an essential part of this celebration, ensuring that the spirit of Diwali reaches every corner of the globe. In this article, we will explore the significance of Diwali, its key dates, and the best ways to send money home for Diwali 2023.What is Diwali and Why is it Celebrated?Diwali, often referred to as the "Festival of Lights," or Deepavali,  is a Hindu festival that signifies the triumph of light over darkness and good over evil. It usually spans five days of festivities, with each day holding unique rituals and celebrations. Diwali typically falls between late October and early November, depending on the lunar calendar.People decorate their homes with oil lamps, or diyas, light fireworks, exchange gifts, and enjoy festive meals with family and friends. This makes Diwali the perfect season for NRIs to find the best way to send money home to their loved ones back in India. Key Dates for Diwali 2023:Dhanteras: November 10, 2023The first day of Diwali, dedicated to the worship of Lord Dhanvantari (the physician of the gods) and goddess Lakshmi. People buy gold, silver, and utensils on this day.Naraka Chaturdashi (Choti Diwali): November 11, 2023On this day, Lord Krishna defeated the demon Narakasura, signifying the victory of good over evil. It's a day of cleansing and lighting lamps.Diwali (Main Day): November 12, 2023The most important day when families come together to perform Lakshmi Puja (worship) and light oil lamps or diyas to illuminate their homes.Govardhan Puja: November 13, 2023A day to worship Lord Krishna, who lifted the Govardhan Hill to protect the villagers from torrential rain.Bhai Dooj: November 14, 2023A day to celebrate the beautiful bond between brothers and sisters, with sisters applying tilak on their brothers' foreheads.Sending Money Home for DiwaliWith the significance of Diwali in mind, sending money home to your loved ones becomes an essential part of the celebration, allowing them to purchase gifts, sweets, and other essentials for the festivities. Here are some of the best ways to send money for Diwali 2023:01 Online Remittance ServicesOnline remittance services such as Wise, Instarem, Abound, Xe Money Transfer, PandaRemit, etc.  offer a convenient and secure way to send money internationally. They provide competitive exchange rates and multiple payout options, ensuring your loved ones receive the funds quickly.To find which money transfer service is the best one for you, check out our catalog of reviews and guides, all designed to help you see the complete ins and outs of the many remittance services on the market to make the best decision for your needs. We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.02 Mobile WalletsMany countries now have mobile wallet services that allow you to send money directly to your family's mobile wallets. It's a fast and cost-effective way to send funds and enables your loved ones to make digital transactions easily.03 Bank TransfersMany traditional banks now offer money transfer services, especially for NRIs. Companies such as ICICI, SBIC, etc. remain a reliable option to get money home this Diwali season. However, they may involve higher fees and longer processing times compared to online remittance services or mobile wallets.04 Gift Cards and E-VouchersConsider sending electronic gift cards or e-vouchers for popular online retailers. This allows your loved ones to choose their own Diwali gifts and make the most of the festive discounts.ConclusionDiwali is a time of joy, togetherness, and celebration. Sending money home for Diwali 2023 is a thoughtful way to ensure your loved ones can fully embrace the spirit of the festival. With various options available, choose the one that suits your preferences and budget, and make this Diwali a memorable one for your family.For all of your money transfer needs, visit our homepage for more information on how to find the best option for you and your family this Diwali. Here you will be able to compare exchange rates between the top remittance companies, find the best rates, learn how to get started, receive exclusive offers, and more. This Diwali, light up not only your homes but also the lives of your dear ones with the gift of love and prosperity.

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