Can You Send Money To Nepal With A Mobile App?

Money transfer services provide top mobile apps on Google Play or App Store. The process of downloading and installing an app takes just a few minutes. You can log in with the same credentials as on the best. Take the time to check out the customer reviews to get a feel for what the app has to offer. Finally, read the app’s features list to ensure that the mobile app provides international money transfers.

What’s The Overall Best Way To Send Money To Nepal?

Wise is the overall best way to transfer money. Their ease of use combined with their low rates makes them an easy choice. While you will need to wait a day or two for the money to arrive at the destination, it is still faster than many more expensive options. With Wise, you can also send large amounts of money without having to pay a higher fee. In the end, Wise is the best overall option for sending funds to Nepal.To help you find the best provider for your needs, we've created a guide to help you find the best ways to send money abroad.

What’s The Easiest Way To Send Money To Nepal?

The easiest way to send money is also through Wise. Wise uses a three-step process that can be learned and repeated easily. All you need to do is tap in how much money you need to send and the destination. After that, you just complete the payment to Wise and the rest is up to them.

What’s The Cheapest Way To Send Money To Nepal?

The cheapest way to transfer funds to Nepal is through Wise. Wise only charges an upfront fee, which is lower than much of the competition. The real savings come in the form of an absence of hidden currency conversion fees, which is Wise’s biggest selling point. Wise is also a fairly quick option, as it should only take a day or two to complete a transfer.Wise ends up saving you the most money when you send funds to Nepal. It also performs very well in general, with the exception of speed.To find out more, we've written a guide to help you find the cheapest ways to send money abroad.

What’s The Fastest Way To Send Money To Nepal?

The fastest way to send money is through the fast versions of either Western Union or Xoom. Both of these options will see to it that your money reached its Nepalese destination in a matter of minutes. Both Xoom and Western Union also have plenty of locations inside Nepal, and they are among the most secure options available to you.The only downside to either of these fast options is that they are very expensive. You can expect to pay a hefty upfront fee, and the hidden currency conversion rates are significantly higher than average.

Current Exchange Rates For Nepal

At the time this was written, the exchange rate for the Nepalese Rupee (NPR) was 121.528161 NPR per American Dollar (USD). The NPR reached a high of 122.9309 NPR per USD in the last 90 days, while the low was 118.1648 NPR per USD. The average exchange rate for the last 90 days was 120.2560 NPR per USD.Over the last 90 days, the NPR has demonstrated a 0.31% volatility. The NPR is a rather stable currency and has fluctuated relatively mildly in the last two years. Therefore, you can reasonably expect only minor fluctuations, barring any unforeseen circumstances.

What do we mean by the top provider?The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.How do we choose providers to display?We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table. All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews. We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.How do we order our comparisons?We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To Nepal in 2022 | Your Top Options

Sending money to Nepal

Nepal’s full name is the Federal Democratic Republic of Nepal, and it is a landlocked country in South Asia, bordering China and India. Located in the Himalayas, it is home to Mount Everest and many other of the world’s largest mountains. The capital of Kathmandu is famous for its religious monuments, such as awe-inspiring temples and parts of the ancient Silk Road.

It is estimated roughly 10% of the population have emigrated overseas to pursue jobs abroad. Due to this fact, Nepalese citizens have full access to the Indian job market; without the need for a work visa, many individuals head across the border to India to work. In the second quarter of 2021, the central bank, Nepal Rastra Bank, reported a 16.5% increase in global remittances, most of which were sent from Nepali workers living overseas.

What is the currency in Nepal?

Introduced in 1932, the Nepalese Rupee (NPR) is the official legal tender of Nepal, and it is subdivided into 100 paisa. Although it is not the same as, and should not be confused with, the Indian rupee (INR), NPR is pegged to INR and has been since 1994. This means that the central bank – the Nepal Rastra Bank – has fixed the exchange rate to the Indian rupee to achieve long-term predictability and a stabilized conversion rate.

When dealing with cash, Nepalese rupees exist in denominations of 1, 2, 5, and 10 coins; banknotes are denominated into 10, 20, 50, 100, 500, and 1000 rupees, respectively.

Common Reasons For Sending Money to Nepal

The unemployment rate in Nepal is 40 percent. As a result, about 1,600 Nepalese men and women leave the country daily for greener pastures, especially in the Gulf States. When they get employment in the destination countries, they immediately begin sending home some money to take care of their families, invest, repay debts, and contribute to social causes.

Household Expenses

In the 2015/16 financial year, Nepal's average annual household consumption stood at $2,850. About 53.8 percent of the budget comprises food items. With 25.2 percent of Nepalese living below the national poverty line, remittances for household subsistence are crucial. Nepal Living Standard Surveys revealed that remittance significantly reduced the headcount poverty rate from 42 percent to 25 percent between 1995 and 2011.

Debt Repayment

Most Nepalese travel abroad to get better opportunities to help their families back home. The migration process involves a lot of costs that families have to bear to ensure their loved ones resettle overseas. The first round of remittance is mainly used to clear off the debts incurred and other historical credit facilities.

Buying Land and Putting up Houses

Nepalese abroad are buying land at home, building houses for their families, and renting out. The real estate sector has been growing steadily and has attracted a lot of inflows from the diaspora. Sub-metropolitan cities such as Itahari have recorded rising property prices because of land and housing demand.

Healthcare

A study examining the relationship between remittances and healthcare usage in Nepal found that diaspora remittances increase access to health care. Nepal introduced a nationalized healthcare policy targeting specific districts through social healthcare programs. Remittance income increases the likelihood of Nepalese families visiting doctors and getting higher-priced medical care.

Investment

Nepalese abroad invest in productive farming assets to help them create sustainable income for their families. Research done in Chitwan shows increasing participation in agricultural investments for households with migrants compared to those with no migrants.

Social Contribution

Nepal has colorful, vibrant festivals, most of them having religious connotations. Nepalese in the diaspora often send money to their family and friends to celebrate such festivals as Dashain and Tihar, Buddha Jayanti, Gai Jatra, and Janai Purnima. Some of the remittances go towards weddings and social activities.

Why Send Money With a Money Transfer Service?

Transferring money to Nepal is not an option for the millions of Nepalese in the diaspora. Many leave their families behind and regularly send money home to supplement the family income. Banks are a traditional source of sending money, but money transfer services gradually seize the opportunity. Some of the reasons for this change of preference include:

Ease of Setup

Signing up for an account, paying for your transfer and sending money is a simple process. The only details you will need are your name and email address. Some providers may ask you for identity verification as part of their internal policy but nothing else beyond that. You cannot compare this simplicity with the tons of information and regulatory hurdles you encounter when opening bank accounts.

Favourable Exchange Rates

The exchange rate used by the providers is in the middle of the buying and selling rates. It is called the mid-market rate or real rate. The MTOs use currency exchange research data from databases such those used by Google and Yahoo Finance. This information enables them to come up with favourable exchange rates between source currencies and the Nepalese rupee.

Low Transfer Fees

Money transfer service providers charge the lowest fees of all sending methods. Payment method fees vary depending on how you pay for your transfer to Nepal. There are several payment methods, bank debit (ACH), bank transfer, debit card, and credit card. The latter is the most expensive in fees but takes the least time to send your recipient.

Multicurrency Support

Money transfer service providers serve lots of locations and countries in the world. Western Union has more than 500,000 agent locations in over 200 countries. MoneyGram has 350,000 agents locations in 200 countries and territories around the world. Xoom is present in over 140 countries and 350,000 agent locations globally. These global networks make sending from any country including remote territories like St. Lucia and Vanuatu possible.

Secure Transfers

The money you are sending and your personal information are both secure with money transfer service providers. MTOs are regulated by the Financial Conduct Authority (FCA), an independent body that ensures the safety of international transfers. In addition to the regulations, providers have invested in security systems such as multifactor authentication systems and other cybersecurity measures.

Speed of Transactions

Money transfer services leverage a large payout-network and superior, technology-driven efficiency to speed up transactions. When sending money home for an emergency or time-bound obligation, speed is of the essence. Providers can transfer money in minutes or a few days.

Things to Consider When Sending Money to Nepal

Apart from the provider benefits and unique features of the sending platforms, there are certain things you need to consider when sending to Nepal. These include:

The Depreciating Nepal Rupee: The Nepal financial system runs a fixed peg foreign currency regime pegged on the Indian currency and the United States dollar. In the past couple of months, the rupee has been tumbling against major world currencies. The weak currency gives Nepalese in the diaspora an advantage when sending. This is because they get more money at the current exchange rates.
Nepali Diaspora Invest Fund (NDIF): NDIF is a collective investment initiative for the Nepali diaspora. If you have wanted to invest in housing, hydropower, travel and tourism, agriculture, and transportation, this can be an excellent investment vehicle.
Currency Exchange and Restrictions: When bringing in $5,000 or more to Nepal, you must declare it on arrival. Similarly, when exporting currency out of Nepal, you must declare it to the authorities. Exchanging the Nepalese rupee to another currency should only be done through authorized dealers.

Knowing the processes involved when sending money to Nepal is critical. The various providers, their services, the information required to send and receive money, and the things to consider when sending to Nepal are some of the grounds you need to cover.

Top 3 companies for sending money to Nepal

We understand that narrowing an extensive list of money transfer companies can be tricky to narrow down to just a handful. Therefore, this section outlines the top 3 choices that you can use for sending money to Nepal.

1. Wise

Wise has industry-leading features because of transparency and good FX rates. They consistently match the mid-market rate for currency pairs. You can check out their rates on the homepage to see how they match up with the competition. In addition, they provide low fees for sending money and converting currencies. Therefore, you will be saving money compared with most banks.

Registration takes just a few minutes, and you can send money instantly after you have the login credentials. The user interface is designed with many suggestions to guide the customer along the journey.

2. WorldRemit

Using WorldRemit to send money to Nepal is a fast and easy process. You can register for an account within 5 minutes, and most transfers are sent within 3 minutes. Once you create an account, you will have access to over 150 countries, and Nepal is among them. WorldRemit offers some of the best FX rates on the market, and you can check them on the homepage.

The low fees of WorldRemit is another reason why it is a top choice for sending money to Nepal. You can get away with charges lower than 1% for many transfers. Also, they offer a customer service department that speaks multiple languages.

3. Azimo

Sending money to Nepal with Azimo is convenient and will save you money compared with most banks. The variable pricing models ensure that you get charged a fair rate for many transfers. In addition, they offer an excellent service for international money transfers that require a currency conversion.

They have high coverage of over 200 countries and a simple platform. The interactive process is easy to understand, and there is multi-lingual support in up to 8 languages. Also, the mobile app is highly rated, which means you will get a quality experience.

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Nepal. If you’re looking to send money to another country, here is the list of the most popular destinations.