This blog on
How is send money to Nepal from India presents more up to date information after verification. The information relates to the period from July, 2017 and it is the latest and the freshest information. So, if you are trying to find the ways to send money from India to Nepal, you MUST read this blog.
There is some historical background in my previous blogpost about how to send money to Nepal from India. YOu can read my previous post HERE: http://nepalesestories.blogspot.com/2017/08/how-is-send-money-to-nepal-from-india.html
http://nepalesestories.blogspot.com/2017/08/how-is-send-money-to-nepal-from-india.html
Now, let us look at the three most important, reliable, up-to-date ways about how to transfer money from India to Nepal.
1. The first way to send money from India to Nepal is by using the facility of Punjab National Bank (PNB)
For this, you need to visit any PNB branch in India and request it to transfer money to bank Account in Nepal. The bank account in Nepal should be maintained with Everest Bank Limited ("EBL").
So, what you need to transfer money from India to Nepal?
1.1. You should be a bank account holder in Punjab National Bank (PNB). It is better to visit your home branch. That means please visit the branch where you have maintained your account. Things will be much easier if you go to the branch with which you have banking relationship.
(Note: I have read (Reserve Bank of India) RBI Rules somewhere and sometimes ago that any Nepalese person can transfer money to Nepal from India within a limit of INR 50,000/- at a time even if he or she doesn't have a bank account in India. However, from the practical point of view, it is advisable to have a bank account with Punjab National Bank (PNB) in India and with Everest Bank Limited ("EBL") in Nepal.)
1.2. While going to bank, it is better to carry your Nepalese Citizenship Card (Nepali Nagarikata), Nepali Possport, Your Indian PAN Card, your bank passbook from Punjab National Bank (PNB), the bank account details of the person receiving money in Nepal, the complete details
including recipient's Nepali Nagarikata Ko Photocopy or at least Nagarikata Number - conact address, phone no. and email address of the recipient in Nepal.
1.3. After demonitisation, Punjab National Bank (PNB) can ask anything from you. So, please carry with you all the details as mentioned above in Point 1.2 if you are thinking to send money from India to Nepal.
1.4. Once you request the PNB branch, they should be able to transfer the money. Generally, it takes 5 working days to reach money from India to Nepal. So, it is advisable to go to PNB Bank on Monday at 10.00 or at 11.00 in the morning.
Generally, there should not be any problem and the money should reach Nepal without any hassel but sometimes, you never know! can be delay of few days. So, its's a good idea to ask
IUN Number from Punjab National Bank (PNB).
IUN Number is a 16 digit number generated by Punjab National Bank (PNB) when it does your transaction. If you have IUN Number, you can be sure that money reaches to your recipient's Account in Nepal. But, there can still be some problem, in this case, you should contact Branch Office of Everest bank Limited in New Delhi with
IUN Number.
The address of Branch Office of Everest bank Limited in New delhi is:
EVEREST BANK LIMITEDRepresentative Office911, 9th Floor, Antriksh BhawanK G Marg, New Delhi – 110 001Phone: 0091-11-23710327Fax 0091-11-23710326Email: eblrepdelhi@gmail.com
1.5. And Finally the fees. I am not sure of exact cost of transfer but I can safely say that it's very cheap. To give an idea, When I sent around 421,000/- INR from India to Nepal, the fees was around 1,800 INR. That is INR 427 for every INR 100,000/-. I do not think you can complain about it.
2. The second way to send money from India to Nepal is by using the facility of State Bank of India (SBI)
For this, you need to visit any SBI branch in India and request it to transfer money to a bank Account in Nepal. The bank account in Nepal can be from any Nepalese bank. It should have a SWIFT Code. For example, I had sent money from
State Bank of India (SBI) to my mother's Account in Nepal maintained with NIC Asia Bank.
So, what do you need to do to transfer money from India to Nepal?
2.1. You should be a bank account holder in
State Bank of India (SBI). It is better to visit your home branch. That means please visit the branch where you have maintained your account. Things will be much easier if you go to the branch with which you have banking relationship.
2.2. While going to bank, it is better to carry your Nepalese Citizenship Card (Nepali Nagarikata), Nepali Possport, Your Indian PAN Card, your bank passbook from
State Bank of India (SBI), the bank account details of the person receiving money in Nepal, the complete details
including recipient's Nepali Nagarikata Ko Photocopy or at least Nagarikata Number - conact address, phone no. and email address of the recipient in Nepal.
2.3. After demonitisation,
State Bank of India (SBI) can ask anything from you. So, please carry with you all the details as mentioned above in Point 1.2 if you are thinking to send money from India to Nepal.
2.4. Once you request the
State Bank of India (SBI) branch, they should be able to transfer the money. Generally, it takes 5 working days to reach money from India to Nepal. So, it is advisable to go to
State Bank of India (SBI) on Monday at 10.00 or at 11.00 in the morning.
Generally, there should not be any problem and the money should reach Nepal without any hassel but sometimes, you never know! can be delay of few days. The State Bank of India ensures that either the money will reach Nepal (to the recipient's bank account) or it will return back to your account in
State Bank of India (SBI) Account.
2.5. And Finally the fees. When you transfer money from India to Nepal, the money transfer from
State Bank of India (SBI) to Nepalese Bank is the CHEAPEST way to transfer money. Under Nepal Remittance scheme,
State Bank of India (SBI) transfers maximum 100,000 INR at a time if you are a bank account holder with
State Bank of India (SBI). (Last time, I asked the bank to transfer INR 117,000 from my SBI Account to my mom's Account in Nepal in NIC Asia Bank and they did not make any issue though they mentioned me that officially, the limit is only INR 100,000/- at a time. However, they transfereed 117,000/- without any hassle that time.)
For every 100,000 INR transfer from India to Nepal, the fees is only INR 34/-. Yes, you read it right. It will cost only Indian Rupees Thirty Four (INR 34) if you transfer INR 100,000/- money from India to Nepal. In this INR 34/-, the bank told me INR 17/- is the service fee of State Bank of India (SBI) and another INR 17/- will be given to Nepalese bank where you send the money.
So, you have to deposit INR 100,034/- with
State Bank of India (SBI) and the recipient in Nepal will receive INR 100,000/- i.e. 160,000/- in Nepali Rupees.
3. The third way way to send money from India to Nepal is by using the facility of Prabhu Money Transfer (PMT)
This is another simplest, safest and the quickest way to transfer money from India to Nepal and I am not advertising or promoting the services of Prabhu Money Transfer. The Chief Editor has used this service and it was absolutely great.
First, a little background:
For the money transfer between India and Nepal, more importantly to send money from India to Nepal, INDO-NEPAL REMITTANCE has been started by
Prabhu Money Transfer (PMT) in association with Muthoot Finance. Muthoot Finance or Muthoot Finance Limited (MF/MFL) is basically involved in provision of loan against your gold jwelleries and you can find their office in every big and small cities in India.
Recently, MF/MFL launched Indo-Nepal Remittance arrangement with Nepalese Remittance Company “Prabhu Money Transfer” associated with Prabhu Bank. Muthoot Finance has 4300+ locations all over India, all the branches of Muthoot Finance are able to send money to Nepal. Prabhu Money has 20000 locations all over Nepal as per the website of Muthoot Finance Limited (MF/MFL).
How to SEND MONEY TO YOUR DEAR ONES IN NEPAL IN FEW MINUTES by using Indo-Nepal Remittance facility started by MF/MFL?
So, what do you need to do to transfer money from India to Nepal?
3.1. You should visit the Muthoot Finance Limited (MFL) branch at any place in India. It is a private financing and leasing company and you need not be its customer in the past.
3.2. While going to MFL, you should carry your Nepalese Citizenship Card (Nepali Nagarikata), Nepali Possport, Your Indian PAN Card, your local address proof in India (for example, bank pass book of Public Sector Bank in India which shows your address, or rent agreement with your landlord in India, or current month's electricity bill which will not be in your name but it's ok), the bank account details of the person receiving money in Nepal, the complete details
including recipient's Nepali Nagarikata Ko Photocopy or at least Nagarikata Number - conact address, phone no. and email address of the recipient in Nepal.
3.3. The transfer from MFL works like a transfer of money by Western Union. You will have two options. A) Either send money to the recipient's bank account (which can take upto 3 days)
- I have not used this facility. So, I can't comment more. or B) send money to a person who will collect it in person. In this scenario B, the recipient should go to any agent (for example bank), and show the recipient's ID Card (Like Nagarikata Ko Praman Patra), and tell the PIN Number which is 16 digit Number from Muthoot Finance Limited. So, when you send money, you will receive a paper from Muthoot Finance Limited which contains PIN Number which you should send by message/SMS/ by WhatsApp to the recipient.
- I have used this facility for more than six times and money has reached Nepal without any problems.
3.4. Once you request the Muthoot Finance Limited, they should be able to transfer the money. Generally, it takes 3 working days to reach money from India to Nepal if you want the money directly deposited to Recipient's bank account. If you follow Method B explained above, the money reaches Nepal the moment you get PIN No. I think the last time to transfer money is 5.00 PM and any money transferred after that will reach the next day. So, it's advisable to go early in the morning around 9.30 or 10.00.
3.5. And Finally the fees. When you transfer money from India to Nepal, the money transfer from Muthoot Finance Limited under Indo - Nepal Remittance scheme is not that expensive.
Please note few things before we talk about fees.
A) You can transfer only 50,000/- INR at a time by using Muthoot Finance Limited and Prabhu Money Transfer's Indo - Nepal Remittance Facility. This 50,000/- INR is inclusive of Service fee which is 200/-INR. So, if you give 50,000/-INR (Nepali Rupees 80,000/-) to MFL, they will deduct their service fee of INR 200/- (Nepali Rupees 320/-) and you will receive 79,680/- Nepali Rupees in Nepal.
I have heard that for any money transfer of below INR 30,000/-, the service fees will be INR 150/- but I can not verify this as I have always sent exactly INR 50,000/- each time.
If you want to transfer INR 100,000/- in a day, then, MFL will make two transactions of INR 50,000/ each and INR 200/- will be deducted from each transaction. So, you can send maximum 100,000/- in a day by making two transactions and on INR 100,000/-, INR 400/- will be deducted as a service fee. So, you will get in Nepal, Nepali Rupees of: 79,680/- + 79,680/- = Nepali Rupees 159,360/-.
If you have to transfer more money, then, you have to come another day again.
On the webpage of Muthoot Finance, you can find more information about Indo - Nepal Remittance (how to send money from India to Nepal, how to send money to Nepal from India)
http://www.muthootfinance.com/services/money-transfer/indo-nepal-money-transfer
You can read some news about this service when Indo - Nepal Remittance (how to send money from India to Nepal, how to send money to Nepal from India) was launched in December, 2015:
Indo - Nepal Remittance (how to send money from India to Nepal, how to send money to Nepal from India)
http://www.indiainfoline.com/article/news-business/muthoot-finance-launches-money-transfer-service-to-nepal-115121500496_1.html
Above three methods are the most trusted and the tested methods by our Team. The CHIEF EDITOR (CE) has used all the services and can confidently say that all three are the best and effective way to send money from India to Nepal.
The CHIEF EDITOR (CE) has NOT used the following service and DOES NOT know how it works but seems Prabhu Money Transfer (PMT) has also partnered with
ItzCash, India for Money Transfer from India, for remittance to Nepal. However, we do not have much information about it. You can read more on
http://economictimes.indiatimes.com/small-biz/money/itzcash-partners-with-prabhu-money-transfer-india-for-remittance-to-nepal/articleshow/58401296.cms
If you have any questions on Indo - Nepal Remittance, Nepal remittance, How to send money from India to Nepal or how to send money to Nepal from India, please ask us. We will give you the best solution.
