Do you ever think about how expatriates send money to Nepal? In this article, we will talk about the newer ways to send money online to your family and loved ones in Nepal.
There are many reasons people send money from abroad, such as to buy property, afford quality education and savings etc. In the past, there were limited options available to send money back home from overseas, but as time progressed, innovations crept into ways people used to send money in. Traditional ways mostly were through the banks and wire transfers, but later many other options became available, some of which we will discuss in this piece.
Transfer through companies:- The first option available after the banks is to transfer your money through different online companies. Although the origin of these companies can be traced back to the mid-nineteenth century in the West, they became popular with people and these companies spread worldwide like a jungle fire. And today, there are tens of thousands of online money transfer companies with some holding excellent reputations and credibility, such as ACE.
These companies offer many options for money transfer to Nepal and other countries, but generally, their services are cheaper than banks which use a wire transfer.
Transfer through banks:- Many people still use bank-to-bank transfers because of the security and safety of the banking sector worldwide. Intentional Bank Account Number (IBAN) is required of both the sender and beneficiary to initiate and complete a wire transaction. But, these days a majority of people are shifting to other channels because wire transfers through banks are expensive.
Cash transfers:- There is an option to send money to Nepal online if the sender and the beneficiary do not have bank accounts which is mostly the case in third world countries. This kind of transaction is done through companies such as ACE. Customers submit details of the recipient and initiate transactions that are complete quickly in exchange for a small amount as service charges or fees.
Digital wallet transfers:- It is one of the newest ways to transfer money internationally. In this, you do not have to have a complete and traditional banking infrastructure. Both the sender and receiver need to have the same app installed on their smartphones and access money in that digital wallet through a bank account or a direct debit card. Popular digital wallets include PayPal, Google Pay, Apple Pay and Skrill etc.
Cryptocurrency transfers:- Recent years have witnessed a rise in the use of cryptocurrency to transfer money anywhere worldwide. Many people became reluctant to use it once its use spiked because cryptocurrencies are extremely volatile. Its value can drop by a big margin even in a matter of a few hours, which is why people do not use this way to transfer money because both the sender and beneficiary run into losses. Besides, their conversion fee is technical. You and your recipient will have to convert it while sending and collecting funds unless both of you have money in cryptocurrency. It can lead you to pay two times for conversion, which becomes a financial burden.
Prepaid debit cards:- It is another option through which you can load funds into your beneficiary’s prepaid debit card directly, which they can use according to their needs and requirements. Keep in mind that not every prepaid debit card works in every country and the ones that work huge charge sums of money as a fee. Therefore, remember to study the fee details before choosing this option thoroughly.
Conclusion:- This article is a complete guide for us to learn about the new ways online money transfers to Nepal. Which of these options you choose largely depends upon your needs and requirements but availing of ACE’s services is the best option given its tailor-made solutions to its customers’ problems.