International Payment from Nepal
Finally, Nepal Rastra Bank allowed for International Payment in Nepal. Commercial banks will now be able to issue prepaid cards in dollars. Banks and financial institutions will be able to issue such prepaid cards to pay up to a maximum of $500.
Nepal Rastra Bank has made such an arrangement to provide a foreign currency exchange facility for importing foreign services online. After the issuance of a dollar prepaid card, Nepali users will be able to purchase such services online.
How to apply for an International Payment Card in Nepal?
Here, the simple steps to get an International Payment Card in Nepal from the bank.
- Nepalese Cardholders have to apply for PAN
- Also, Verify the KYC in the bank
- If the cardholder is found to have generated foreign income amounting to at least double the card amount of $500. Additional funds may be deposited into the card. This can be considered as NRB’s reward to the cardholder for generating international revenue for the country.
Thus, the person who takes the prepaid card in dollars must fill KYC, must take PAN. And must not exchange more than 500 dollars once or repeatedly in a year. The person taking a prepaid card cannot take other facilities from the bank. A property laundering system should be fully implemented and such a card. It has also mentioned that the expenditure details should be submitted to the NRB Foreign Exchange Department on a monthly basis.
Nepal Rastra B ank stated
Nepal Rastra Bank stated that such an arrangement is made in accordance with the provision made in the budget of the Fiscal Year 2077/78. And the existing arrangement regarding the foreign exchange of Nepal Rastra Bank. Item No. 66 of the budget stated that. The arrangement made to provide a foreign exchange facility by importing foreign goods and services up to a certain amount online and paying for it.
Similarly, the Unified Circular-2076 has also made provision for the government to purchase goods and services up to $2,000 in Nepal without any restriction on import or purchase from abroad. Similarly, in the Unified Circular, Nepal Rastra Bank provides that a customer can reimburse up to 3,000 for purchasing goods and services from a third country or 3,000 to 10,000 on the recommendation of a regulatory body.
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How to use the International Payment Card from Nepal?
I don’t have to tell you use of the International Payment Card. You can use the Card to purchase the Domain, Hosting, Software, Netflix Subscription and many more. Its on your hand how you will use.
This is not to say that the purchase of goods and services from abroad has increased. But to simplify it as it is a trend to promote digital hundi. Advertise on social media including Facebook and YouTube, pay for it online, purchase software and domain registration, and other applications. International Payment System increases the digital economy of our country.
However, it has mentioned that for the time being, it would be appropriate to allow only commercial banks to issue such cards. As it would put a lot of pressure on foreign exchange reserves.
How can I make international payment from Nepal?
Now, doing International Payment from Nepal has become more easier than ever. Although the limit is $500 but the payment has started finally. Just apply for the PAN and verify your KYC you will get the International Payment Card.