Despite The Covid-19 Pandemic, Nepal’s Remittance Inflows Are Growing Steadily

Do you know the Nepalese send money to Nepal is surprisingly increased for this year? After a minor 0.5 per cent decline in the previous fiscal year, which ended in mid-July, remittance inflows to Nepal increased by a stunning 23 per cent, defying predictions that migrant workers’ incomes will plummet as a result of the global coronavirus pandemic.

As per the Nepal Rastra Bank’s financial and economic report published recently, Nepalese money transfer to Nepal is Rs 92.71 billion in the first month [mid-July to mid-August] the current fiscal year 2020-21.

In the previous fiscal year, Nepali foreign workers sent back Rs 875.03 billion to families and loved ones. Over the last month of the financial year (mid-June to mid-July), Nepal received an all-time high remittance of Rs 100.16 billion, which enhanced total remittance earnings.

Remittances to Nepal were expected to plummet as the coronavirus wreaked havoc on the global economy.

How Online Money Transfer Is Ultimate And Safest Way To Utilize During Pandemic?

To get facilities from a brick and mortar financial institution, you usually have to go there and wait in a long line. This is valid for almost all transactions, including money transfers and loan applications, which is without any doubt playing with the health of you and your family as well.

There are no wait times when you send money to Nepal online. You can log into your account and use all of your vendor’s services as long as you have a secure web browser.

You can use these facilities from anywhere without having to commute. As a result, you save the precious life of your family and you as well. In contrast to checks, which can take up to a week to obtain and process, an online money transfer to Nepal is completed instantly. The transaction is then finished in a day or two.

The Bottom Line:

People may send money quickly and safely from the comfort of their own homes, eliminating the need to go to banks or remittance agents or use cash for international transfers.

Online money transfer services and smartphone remittance applications are also less expensive options, as most of them charge lower rates for international money transfers.

ACE money transfer is a leading money transfer service provider with fee-free service and high exchange rates. ACE money transfer provides service in 23 sending and 100+ receiving countries worldwide even during the pandemic lockdown.