Nepal is fortunate to receive substantial amounts of remittance, making it one of the countries benefiting from this flow of money. In 2014, Nepal ranked as the third largest recipient of remittances, trailing behind Tajikistan and the Kyrgyz Republic. According to the Bank of Nepal, remittance inflow accounted for approximately 29.2 percent of Nepal's GDP. The following year, Nepal received about $7 billion in funds from its overseas workers.
Undoubtedly, Nepal greatly benefits from this remittance. In 2015, the influx of money played a pivotal role in helping millions of households recover from an earthquake. Dilip Ratha, Manager of Migration and Remittances at the World Bank, highlights that remittances provide Nepalese people with shelter, food, education, and have contributed to a significant decline in extreme poverty from almost 70% to 25% over the past 15 years. Furthermore, remittances have facilitated the establishment of businesses, strengthened various industries in Nepal, and supported the country during economic downturns. Currently, over 56 percent of households in Nepal receive remittances.
Over the past three years, remittance inflow to Nepal has surpassed the combined amounts received from both tourism and national exports. Foreign workers often express concerns about the secure and timely delivery of their substantial sums of money to their families and relatives. That's where CompareRemit comes in, aiming to streamline the process of transferring money to Nepal in less than a week while guaranteeing 100% protection. By collaborating with authorities and partners, CompareRemit ensures the safe arrival of funds, empowering more people in Nepal to escape poverty and become self-sufficient. If you need to send money to Nepal, CompareRemit provides a reliable solution to facilitate the transfer and support the financial well-being of your loved ones.
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!