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Overseas Nepalis are the backbone of the Nepalese economy. Remittances sent by the Overseas Nepali account for an astounding 30.1% of the total GDP. Read how inward remittance is helping Nepal thrive.
Nepal's unemployment rate has been estimated at 11.4% according to the Nepal Labour Force Survey conducted by the Central Bureau of Statistics. Lack of employment opportunities and a shrinking economy has forced Nepalis to seek employment abroad. Top remittance sending countries to Nepal are India, United States, UAE, Qatar, and Saudi Arabia.
Revenue brought in by the overseas Nepalis have become a significant source of income for both individual households and the country. In 2018, Nepal received an inward remittance of approximately US 8.2 Million from around the world according to the World Bank.
This large volume of remittance received is attributed to people adopting formal channels of sending money coupled with an increase in the number of money transfer providers entering the market offering improved quality of services and rates. Find the best ways to send money online to Nepal.
The Government of Nepal has mandated the opening of bank accounts for aspiring migrant workers before flying abroad for foreign employment. This requirement aims to channelize the flow of remittances into the country through the formal channel.
You can open a bank account in Nepal both offline and online in most banks. Offline: Banking in Nepal is essentially offline today. When opening an account, most banks will likely require visiting their branch and speaking with a representative in person. This is a seamless option.
If you are already abroad, you can appoint a power of attorney to complete the procedure. We recommend getting in touch with a notary officer.
Online: In case of online banking, you can download the application form online and courier the completed form along with your documents to the branch of your preferred bank. Always verify if there are PO boxes of the bank in the country of your current residence first.
Depending on your choice of bank, you may require additional documents for a Non-Resident Nepali. The standard documents required are as below:
Banks in Nepal are quickly catching up with the global banking system. For example, most international oriented banks have internet banking. However, there are some limitations to infrastructure or features. Below is the list of Nepalese banks best suited for overseas Nepalis .
Nabil Bank Limited was established in the year 1984 and it is the first foreign joint venture financial institution in Nepal. Their main objective is to synch modern banking technologies in the country.
It is the first foreign joint venture financial institution in Nepal. Nabil Bank Ltd has been awarded the Best Domestic Bank by Asiamoney Best Bank Awards 2019. The bank was earlier known as Nepal Arab Bank Limited and it is the largest employer in the commercial bank sector of Nepal. Nabil has a presence through over 1500 Nabil Remit agents and 139 ATM's throughout the country. And implemented with modern technology including international standard banking software that supports the E-channels and E-transactions.
Standard Chartered Bank Nepal Limited got the award of Best International Bank by Asiamoney Best Bank Awards 2019. It has one of the best online banking facilities. Since most inbound foreign transfers are routed through this bank, its services are sought after by foreigners as well. Their ATMs accept international cards which is more convenient to the customers. You can open Saving Accounts, Current Accounts and Fixed deposits in local currency as well as foreign currency. They provide Euro and USD accounts. Though transaction in a foreign account is subject to Nepal Rastra Bank regulations.
Nepal Investment Bank Limited was established in the year 1986. A joint investment by the Nepali people and the French company Credit Agricole Indosuez is one of the most reliable banks in Nepal. Its facilities are on par with international standards. Foreigners and overseas Nepali can open USD and Euro accounts.
Another leading commercial bank of Nepal was established by Nonresident Nepali in 2004. You can open Current/Savings/ Fixed Deposit Accounts in US Dollars. Accounts in other foreign currents can be open on request. A fixed deposit can be opened with a minimum of USD 2,000. They provide free inward remittance, free fund transfer facility, and other discounts and offers.
Everest Bank Limited was established in 1994. Punjab National Bank of India holds at least a 20 percent stake in this bank providing access to over 10,000 branches and ATMs across Nepal and India. It is leading in terms of online banking services as it uses advanced technology and facilitates high-quality services. There are also special services for various sectors like agriculture, industries, corporate, etc. You can open foreign currencies deposits accounts such as USD account, Euro account, and GBP account.
Opening a bank account with these banks in Nepal comes in handy when sending your money back home. The first thing to note is that every bank has its own set of rules and regulations for opening a bank account with them.
Many of the banks have partnered with top money transfer providers to facilitate remittance services.
The short answer is online. Sending money online is the safest, fastest, and cheapest way of sending money to Nepal. The next question is, which online money transfer service is the best? This depends on your requirements.
Make sure you compare the top money transfer companies to send money online to Nepal to find the best option that meets your needs. We have covered in detail here.
In order to increase access to finance by the people, the government of Nepal has promised to make the necessary arrangements to open branch offices of commercial banks in each local unit. It will encourage banks to provide branchless banking, Internet banking, and mobile wallet, among other technology-based financial services. Follow us for more updates @CompareRemit.
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