Last Updated on September 25, 2024
I have been doing the remittance business in Nepal for the last 15 years. There were only a few international companies that could send money. As I recall 15 years ago, it took at least two days, and sometimes even a week, to pay money to the beneficiary. Now, those days have over, the rapid development of the technology and remittance business now the money can deliver within a minute. Today, in this post, I would like to tell you how the Remitly Nepal pays the money even if it doesn’t have an office in this country.
Is the Remitly Nepal registered company in Nepal?
No, it is an international cross-border money transfer company that is not registered with the Central Bank of Nepal. There are no international money transfer companies that have been authorized to do independent business here in Nepal unless they have partnered with the local company. It is the policy of the Nepalese government.
How is Remitly working in Nepal?
It is common in remittance business in Nepal, not all local remittance companies that can set up an office abroad where NRNs work and stay. Similarly not all the foreign remit companies can establish offices in Nepal, because, it could be a high cost for them. To reduce their operating costs, most of the companies they work as partners, including Remitly Inc.
Remitly inc is the partner with Nepal remit, which is registered as a remittance company with the central bank of Nepal. Although Nepal remit is a new company it has 2831 payout locations including agents across the country.
Nepal remit international Pvt. Ltd has been working extensively with international and national partners for the inward remittances. Most of the domestic banks are the partner of the Nepal remit so, the recipient can pick up cash from the bank branches or the agent offices.
There are 1000 agents in the Kathmandu valley of Nepal remit who pays out the cash that comes through Remitly Nepal and the following banks’ branches also payout in cash or into the bank account across the country.
The commercial and development bank that pays out Remitly remittance.
- Bank of Kathmandu Ltd
- Century Commercial Bank Ltd.
- Citizens Bank
- Gandaki Bikas Bank
- Global IME Bank Ltd
- Jyoti Bikash Bank
- Kamana Sewa Bikash Bank Ltd
- Kumari Bank Ltd.
- Kumari Bank Ltd.
- Mahalaxmi Bikas Bank Ltd
- Mega Bank
- Nepal Credit and Commerce Bank
- NIC Asia Bank
- Prabhu Bank
- Sanima Bank
- Shangrila Development Bank
These above banks have the branches in almost all districts, so, there is no place where the Remitly fund will not be paid. If you want to search the nearest agent in your district then click here.
How can you send money through Remitly?
If Remitly is available in your country for sending money you need to register as the user and there are two way you can choose one of them;
- Pay with debit or credit cards.
- Pay with your bank account.
How long does it take to deliver money in Nepal?
Usually instantly, unless there is a problem with clearing the fund from your account or credit/debit card to the Remitly account. From my experience, the fund will be available in Nepal the next day if there is no holiday in the sender country and Nepal.
Why should you send money from Remitly Nepal?
Every remittance company has determined its own exchange rate and service charge. The Remitly exchange rate is competitive and sending charge also low as well as AHC (automated clearing House) facilitated charge.
If you want to check Remitly to Nepal. exchange rate clicks here.
