USD INR ₹ 88.13
GBP INR ₹ 108.43
CAD INR ₹ 60.00
Articles

Top Banks in Nepal for The Overseas Nepali

Updated on December 03, 2019 04:01 pm
Banks for Overseas Nepalis

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.

Remittances to Nepal

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.



How can an overseas Nepali open a bank account in Nepal?

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.

Required documents to open a bank account in Nepal?

Depending on your choice of bank, you may require additional documents for a Non-Resident Nepali. The standard documents required are as below:

  • Filled and signed application account opening form
  • Photocopies of your Passport with pages showing personal details including work permit and visa details
  • Photocopy of your appointment letter or agreement with employer
  • Two-color photographs per applicant

Which is the best bank account for overseas Nepali?

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 

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

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

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.

Sanima Bank

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

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.

Remittance Service by the Banks in Nepal

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.

  • Xoom has partnered with Nepal Investment Bank, Himalayan Bank, Prabhu Bank, Laxmi Bank & many more.
  • Siddartha Bank Ltd, one of the fastest-growing banks in Nepal is partnered with ThamelRemit for sending money online from the U.S. to Nepal.
  • Bank of Kathmandu in association with UAE exchange has launched FLASHremit for remitting to Nepal from any part of the world.
  • Other companies like Ria Money Transfers, WorldRemit, Remitly, Western Union, InstaReM, etc are also providing remittance services to Nepal.

What is the best way to send money to Nepal?

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.

Ways to send money to Nepal


 

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.

 221487 views
Rate article:
(5.0)
 
 
Money Transfer FAQ's
Related Articles
Wise Travel Card
The Wise Travel Card: Your Perfect Companion for International Travel

Traveling abroad comes with many exciting opportunities, but managing your money efficiently can sometimes be a challenge. This is where the Wise Travel Card becomes an invaluable tool. This prepaid travel card allows you to spend in multiple currencies, avoid high fees, and make your travel experience smoother. In this article, we’ll explore everything you need to know about the Wise prepaid card, how it works, and why it’s one of the best travel cards available today.What is the Wise Travel Card?The Wise Travel Card, also known as the Wise prepaid card, is a prepaid travel card designed to help you manage your money when traveling abroad. Unlike traditional credit cards, this card lets you load money in different currencies before your trip, making it easy to pay for services and products in local currencies without dealing with high exchange rates.How Does the Wise Travel Card Work?The Wise Travel Card works by allowing you to convert your money into several currencies at the real exchange rate. You can load money onto the card before you travel, and once you’re at your destination, you can spend it in the local currency without paying extra fees. This makes it one of the best credit card alternatives for travel.For example, if you’re traveling to Europe, you can convert your home currency into Euros through the Wise account, load the Euros onto your card, and use the card to pay for everything from meals to souvenirs without any hidden fees. It’s a seamless way to manage your money on the go.Why Choose the Wise Prepaid Travel Card?There are many reasons to choose the Wise prepaid travel card over other options:Low Fees: Unlike traditional credit cards, the Wise travel card doesn’t charge high foreign transaction fees or markups on exchange rates.Real Exchange Rates: Wise uses the real mid-market exchange rate, which is often better than what most banks or credit card companies offer.Global Usability: The card works in over 150 countries, and you can hold more than 50 currencies on your Wise account.Security: You can freeze and unfreeze the card anytime using the Wise app, which adds an extra layer of security.How to Get a Wise Travel CardGetting a Wise prepaid travel card is easy. You need to sign up for a Wise account, complete a simple verification process, and then apply for the card through the Wise app or website. Once approved, the card will be delivered to you, and you can start using it as soon as you load money onto it. If you’ve ever wondered how to get a Wise travel card, the process is straightforward and can be completed within a few days.Is the Wise Travel Card Good for You?The Wise Travel Card is a great choice for many types of travelers. Whether you are going on a short vacation or traveling for business, the Wise card offers flexibility, lower fees, and global access, making it an excellent tool for managing your travel expenses. It’s also ideal for people who want to avoid the high fees associated with credit cards while traveling internationally. Many Wise travel card reviews from users confirm that it’s a good alternative to traditional credit cards.What Makes the Wise Card Stand Out?When comparing the Wise prepaid card to other travel cards, you’ll notice several advantages. First, it’s one of the few cards that offer the real exchange rate with no hidden charges. Second, it’s easy to manage through the Wise app, where you can track your spending, freeze your card, and convert currencies instantly. This level of transparency and convenience is why many consider the Wise card for travel to be the best choice.Are Prepaid Credit Cards Good for International Travel?Yes, prepaid credit cards like the Wise card are excellent for international travel. They offer control over spending, lower fees, and safety since you can only spend what you load onto the card. You don’t have to worry about incurring debt or paying high-interest fees, as is often the case with traditional credit cards. So if you’re wondering, “Are prepaid cards good for travel?” the answer is a resounding yes, especially when it comes to the Wise card for traveling.How to Apply for a Wise Travel CardTo apply for a Wise travel card, simply sign up on the Wise website or download the Wise app. After completing a quick verification process, you can apply for the Wise prepaid travel card. The card will be sent to you by mail, and you’ll be ready to use it once you load money onto it.Conclusion: Why the Wise Travel Card is the Best Option for TravelersIn conclusion, the Wise travel card stands out as one of the best prepaid travel cards on the market. It offers low fees, real-time exchange rates, global access, and user-friendly features through the Wise app. If you’re asking, “Is the Wise travel card good?” or “Which credit card is best for travel?” then the Wise card should be high on your list. Whether you’re looking for a reliable way to manage your travel funds or want to avoid the hidden fees of traditional credit cards, the Wise card for travel is a smart choice.

Insurance Risks
Risks That Travel Insurance Can Help Protect (2024)

When planning for an upcoming trip, deciding whether to invest in travel insurance is a significant choice that may be in your best interest not to overlook. Travel insurance serves as a financial safety net, protecting you from a myriad of potential risks during your journeys. As you begin your research, you will notice there are two types of travel insurance: trip insurance and travel medical insurance–also known as visitors insurance. It can be very confusing, we know. But don’t worry. In this guide, we'll delve into the advantages of travel insurance, clarify the distinctions between trip and travel insurance, and provide clarity and insight into its often-overlooked perks.How Important is Travel Insurance?Travel insurance works as a shield against the various financial risks associated with traveling. Whether it's a sudden illness, a missed flight, or lost baggage, having the right travel insurance can alleviate the financial burdens that may arise during your trip.What is the Difference Between Tip Insurance and Visitors Insurance?Long story short, the difference is simple, think of trip insurance as insurance for your trip itself while travel medical insurance–aka visitors insurance–serves as insurance for you while you are on the trip. While both types of insurance offer protection during travel, their primary purposes differ. Trip insurance safeguards your investment in the cost of your trip, while travel medical insurance prioritizes your health and well-being during the journey. Please note that only U.S. residents are eligible to purchase trip insurance, and coverage extends to both domestic and international travel.Exploring the Benefits of Travel InsuranceWhile common risks like trip cancellations and medical emergencies are well-known, there are several benefits that travel insurance offers which many don’t even know about, providing a broader safety net for travelers. Let's unravel just some of these often-overlooked advantages. Benefits of Trip Insurance1. Coverage Beyond Trip CancellationsTrip cancellations or interruptions are inevitable. Trip insurance, with its Trip Cancellation coverage, acts as a safeguard for your invested time and money. It can refund 100% of your trip expenses for covered reasons, including illness or death of you, a family member, or a travel companion, extreme weather, or terrorist attacks.Trip cancellations are a common concern, but travel insurance extends its coverage beyond this. It safeguards your prepaid and non-refundable trip expenses in case of unavoidable circumstances.2. Protection Against Flight DelaysFlight delays or missed connections can disrupt your travel plans. Trip insurance steps in to cover financial losses incurred due to delays caused by factors beyond your control, including extreme weather, natural disasters, plane breakdowns, or accidents on the way to the airport.3. Safeguarding Your BelongingsLost, damaged, or stolen baggage can add stress to your travel experience. Trip insurance offers coverage for delayed baggage, allowing you to claim expenses for essential items after a waiting period. In case of permanent loss or damage, reimbursement is provided to replace the lost items.4. Addressing Unconventional RisksFor situations not covered by standard plans, such as unconventional trip cancellations, opting for a "Cancel for Any Reason" insurance plan provides flexibility. Though relatively more expensive, this upgrade offers reimbursement for refundable trip costs and specific non-refundable deposits.You can also see a more detailed list of what can be covered by your trip insurance. Benefits of Travel Medical Insurance1. Comprehensive Medical CoverageTravel medical insurance largely serves to cover unexpected medical expenses during your journey. This includes reimbursement for medical treatments, ambulance services, and hospital charges in case of illness or injury. This aspect is particularly beneficial for elderly parents traveling to the U.S.2. Emergency EvacuationIn the case that those who are covered by the insurance need emergency medical evacuation some travel medical plans help cover the evacuation. Without this coverage, should you need to be airlifted or evacuated, you could be facing a cost upwards of ten thousand dollars.3. Emergency Medical ReunionIn the unfortunate case that you face a major medical emergency during your travels, travel medical insurance can cover the transportation of your loved ones from back home to be there with you during your hospitalization. 4. Trip InterruptionIf you have to cut your trip short, some travel medical insurance plans would cover their stated amount for the non-refundable, unused travel expenses that canceling your trip halfway would incur. Make sure you read the details of the plan you are planning to purchase thoroughly to see the extent of coverage if unexpected interruption is something you are concerned about. You can also see a more detailed list of what can be covered by your visitors insurance. Choosing the Right Travel InsuranceIt's crucial to recognize that different insurance providers offer varied coverage plans. Factors like non-refundability, traveler's age, pre-existing conditions, the value of luggage, and existing coverage from health insurance, life insurance, renters' insurance, or credit cards play a role in determining the best travel insurance plan.If you are someone who travels frequently or are purchasing travel insurance plans for parents who plan to make the same trip often, we also suggest looking for a travel insurance plan with easy renewal. Do not worry, most plans today have a very easy renewal system so you can travel again and again with no hassle. Who Should Opt for Travel Insurance?Trip Insurance: Opt for travel insurance if you're concerned about trip cancellations, interruptions, or non-medical incidents. It's ideal for travelers who have invested significant sums in their trip and want financial protection against unforeseen events.Travel Insurance: Choose travel medical insurance if your primary concern is health-related emergencies during your trip. It's essential for travelers who want comprehensive coverage for medical expenses abroad, ensuring access to quality healthcare without worrying about exorbitant costs.Visitors insurance is also the best option for those looking to purchase travel insurance for their parents visiting or traveling.  Related Article: Visitor Insurance for Parents Visiting USAConclusion: Empowering Your TravelsIn conclusion, travel insurance is not merely a safety net; it's a comprehensive companion that grants peace of mind during your journeys. As you plan your next adventure, take the time to understand the nuances of travel insurance, evaluate your options, and ensure you have the best travel insurance plan tailored to your specific needs.__FAQs: Demystifying Travel Insurance FearsWhat does travel insurance cover?Travel insurance typically covers a range of risks, including trip cancellations, medical emergencies, delayed or lost baggage, flight cancellations, and certain unexpected incidents.Does my health insurance cover international travel?Most health insurance policies have limited or no coverage for international travel. Travel medical insurance is specifically designed to address the unique risks associated with traveling abroad.Does travel insurance cover illnesses?Yes, visitors' insurance often covers medical expenses incurred due to new illnesses during your trip. This includes reimbursement for medical treatments, ambulance services, and hospital charges.Does travel insurance cover flight cancellations?Yes, trip insurance typically covers flight cancellations due to reasons such as illness, extreme weather, or other unforeseen circumstances. Reimbursement for prepaid and non-refundable trip expenses is common.Does travel insurance cover COVID-19?Many travel insurance plans provide coverage for COVID-19-related expenses, including medical treatments and trip cancellations. However, coverage details may vary, so it's essential to review your policy.What should travel insurance cover?It depends on whether you opt for travel medical insurance or trip insurance. Ideally, trip insurance should cover delayed or lost baggage, trip cancellations, etc. While travel medical insurance should cover a broad spectrum of medical risks, including medical emergencies, unexpected incidents, a necessary visit to urgent care, etc.. The coverage should align with your specific travel needs and potential risks.Does travel insurance cover hurricanes?Yes, trip insurance often covers trip cancellations, interruptions, or delays caused by hurricanes or other natural disasters. It's essential to check the policy details for specific coverage related to natural calamities.Does travel insurance cover rental cars?Travel insurance may offer coverage for rental cars, typically covering expenses related to theft or damage to the rented vehicle. It's advisable to check the specific coverage details in your travel insurance policy.Does insurance cover travel vaccines?Travel insurance usually does not cover the cost of travel vaccines. This expense is often considered a preventive measure and falls outside the scope of typical travel insurance coverage.How easy is it to renew visitor's insurance?Renewing visitor's insurance is generally a straightforward process. Opting for policies that allow easy renewal is advisable, as it saves time and ensures continuous coverage.

Understanding USD to PHP
Understanding USD to PHP Exchange Rates in 2024

For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.​​Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is  interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App