Nepal is one of these countries that is fortunate in receiving large sums of remittance. In 2014, Nepal was rated the third largest recipient of remittances after Tajikistan and Kyrgyz Republic. The Bank of Nepal estimated that remittance inflow to approximate 29.2 percent of its GDP. The year after, Nepal received about $7 billion in incoming funds from natives who worked outside the country.
Without doubt, Nepal profits from this remittance. In 2015, it was this flow of money that helped millions of households recover from an earthquake. Dilip Ratha, Manager of Migration and Remittances at the World Bank, says it gives Nepalese shelter, food and education and extreme poverty has declined from almost 70% to 25% in the last 15 years. It also helps them start businesses. Remittance inflow has been credited for strengthening all sorts of industries in Nepal and for helping the country through cycles of recessions. To date, more than 56 percent of households in the country receive remittance.
In the last three years, remittance inflow to Nepal has exceeded the amount that the country received from both tourism and national exports combined. Foreign workers worry that their large sums of money may not always make it to their families and relatives safely or rapidly enough. CompareRemit aims to streamline the process of sending money to Nepal within less than a week, while guaranteeing 100% protection. It works with the authorities and its partners to make sure that the money arrives safely, so that more people in Nepal can climb out of their poverty and begin to support themselves.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
Every morning, the first thing I do is refresh the CompareRemit page on my phone browser. It used to be a search for "dollar rate in India today" on Google. After CompareRemit, I have registered to half a dozen online services and choose the best one on pay day to remit money to India.
CompareRemit has helped me save lots of money by being able to compare the rate of exchange on multiple websites as well as the transfer fee. With so many fish in the pond, it's difficult to choose the best one, but CompareRemit makes it so easy. Thanks to the team for this amazing service!