Although MoneyGram Nepal does not operate independent offices it has partnered with several local remittance companies and banks to ensure recipients can easily receive their funds. This article will explore how MoneyGram Nepal operates and how recipients can access their money.
MoneyGram is a global leader in money transfer and payment services and was established in 1940. Since its inception, has been at the forefront of the money transfer industry worldwide.
I have been involved in the remittance business since 2001, holding agent licenses for almost all major remittance agencies active in the market. The unstoppable growth of cross-border remittance services can be attributed mainly to globalization.
Nepal ranks as the fourth-largest labor-exporting country within the South Asian Association for Regional Cooperation (SAARC), with billions of dollars flowing into the country through global remittance services annually.
The continuous increase in inward remittances has led to the rise of numerous local remittance companies. As of now, the Central Bank of Nepal has approved 24 local remittance companies.
However, these Nepali remittance companies generally lack the financial resources to open overseas offices in every country where people send money to Nepal. Only a few, such as IME, Prabhu, and Himal Remit, have established limited overseas offices.
To extend their services to areas where they lack a presence, many Nepalese remittance companies partner with international remittance organizations, with MoneyGram being a top choice.
It’s not just local remittance companies that have partnered with international entities. Nepal’s commercial banks have also joined hands with MoneyGram.
As you may already know, MoneyGram is a global powerhouse in cross-border money transfers and payment services, supporting over 200 countries.
In Nepal, MoneyGram has partnered with nearly all remittance companies, including IME and Samsara, as well as major commercial banks like Global IME Bank, NIC Asia Bank, Citizen Bank, and many others.
How to Receive Money via MoneyGram in Kathmandu?
If someone sends you money through MoneyGram from any country, the beneficiary can receive the funds in Kathmandu Valley or anywhere across Nepal through the following networks:
- IME: One of Nepal’s largest remittance companies, IME, is a MoneyGram partner. With over 25,000 IME counters and agents across the country, beneficiaries can easily pick up their cash.
- Samsara: Another well-known local remittance company, Samsara, is also a MoneyGram partner, with 7,500 agents and self-service counters throughout Nepal.
- Partner Banks: MoneyGram is also partnered with various “A”-class commercial and development banks in Nepal, allowing beneficiaries to collect money from banks such as:
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- NIC Asia Bank Limited
- Nepal Bangladesh Bank Limited
- Agricultural Development Bank Ltd
- Mahalaxmi Bikas Bank Ltd
- Nepal SBI Bank Ltd
- Mega Bank Nepal Limited
- Shangrila Development Bank Ltd
- Gandaki Bikas Bank Limited
- Machhapuchchhre Bank
- Laxmi Sunrise Bank Limited
- Prabhu Bank Ltd
- NMB Bank Limited
- Global IME Bank Limited
- Prime Commercial Bank Limited
- Siddhartha Bank Limited
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What is the MoneyGram Nepal Exchange Rate Today?
MoneyGram offers a competitive exchange rate in Nepal, usually the mid-market rate. If you want to check today’s MoneyGram exchange rate in Nepal, click here.
Can I Deposit Money Directly into a Beneficiary’s Bank Account in Nepal Through MoneyGram?
Yes, MoneyGram Nepal provides both cash pick-up and direct deposit services. You can easily deposit funds directly into a recipient’s bank account with any of the partner banks mentioned above.
How to Receive Money from MoneyGram in Nepal?
To withdraw MoneyGram funds in Nepal, simply visit any partner pay-out counter listed above. Provide your Transaction Control Number (TCN) and verify your identity using your citizenship ID or driving license, and you will receive your payment.
How Long Does It Take for MoneyGram to Deliver Money in Nepal?
MoneyGram offers quick and efficient services. Once the sender has completed the transaction details, the recipient can withdraw the funds from any part of Nepal within just a few minutes.
Conclusion:
While MoneyGram Nepal is an excellent service provider, it’s essential to compare the exchange rates and service charges with other remittance companies. Some may offer higher rates and lower fees, making them a better option for your needs.
