To send money from Nepal to India, you have several options depending on your preferences for speed, cost, and convenience:
1. Bank Transfers via RTGS and NEFT
- RTGS (Real Time Gross Settlement) is an electronic payment system allowing instant credit of funds from Nepal to India with low charges and direct account credit to around 83 banks and 40,000 branches in India. This service is offered by Nepal SBI Bank and other banks in Nepal
- You can also use the Indo-Nepal Remittance Facility Scheme under NEFT, which is primarily for transfers from India to Nepal but shows the structured approach banks have for cross-border transfers. For Nepal to India, banks like Nepal SBI Bank and Everest Bank offer outward remittance services with compliance to central bank guidelines
2. Money Transfer Companies and Apps
- Use money transfer companies or apps that provide competitive exchange rates and fees. These platforms often allow transfers via debit cards or bank accounts, and some offer mobile apps for convenience. Comparison websites like TopMoneyCompare can help you find the best provider based on exchange rates, fees, speed, and security
- Western Union is also available in Nepal for sending money internationally, including to India
3. Currency Brokers for Large Transfers
- For transfers above NPR 150,000, currency brokers can offer the best rates and no fees, with personal account managers to assist. They can also provide faster service compared to apps
Steps to Send Money
- Check the current NPR/INR exchange rate to time your transfer well
- Compare providers to find the best combination of fees, rates, speed, and security
- Choose your preferred provider or bank.
- Complete the transfer by providing necessary documentation (ID, beneficiary details) and sending the funds
Additional Notes
- Some banks provide special cards like the Bharat Yatra Card that can be used at ATMs in both Nepal and India for withdrawals
- Charges vary by service and amount; for example, under the Indo-Nepal Remittance Facility, charges are minimal for transactions up to ₹50,000, with additional charges if the beneficiary does not have a bank account with Nepal SBI Bank
In summary, sending money from Nepal to India can be done efficiently through bank RTGS transfers, specialized remittance services by banks like Nepal SBI Bank and Everest Bank, or via regulated money transfer companies and apps. Comparing options based on your needs will help you find the best method
