What do you think about the cost of sending GBP to NPR? This piece will throw light on the various ways through which you could send money to Nepal.
Nepal is a third-world country grappling with many issues such as law and order, poverty, political instability, and economic stagnation. These factors have added to the financial woes of the people of Nepal. Therefore, the number of Nepalese who go to the United Kingdom to find better jobs is no less. These Nepalese find jobs there and begin to send GBP, they earn in England, to NPR through different methods. These methods depend on the choice of the expatriates but we will discuss a few methods at length to help you make an informed decision.
Here is a list of a few methods through which you can send money or transfer funds from the UK to Nepal.
Send through credit cards:- Some of the best online money transfer companies such as ACE offer the option to send money from England to Nepal using a credit card. This option is used if the sender intends to avoid paying high fees.
Send through debit cards:- ACE also gives you the option of money transfer to Nepal from the UK through Debit cards. This option, too, is available with ACE Money Transfer Company. But, one point merits bearing in mind that the fee structure of any company whose services you want to avail, must be thoroughly studied. Because skipping this step can lead you to frustration in terms of fees and other charges, you can easily avoid paying by a mere study of charges structure. Of course, this may not apply equally to ACE, whose fees structure is open and transparent but a must study it becomes when it comes to a few other companies with shaky credentials for you to be safe.
Wire transfer:- Because there is a margin of fraud in online transactions, there is a large number of expatriates residing in different parts of the world, including the United Kingdom, who still prefer to send GBP to NPR through banks. This is the conventional method called wire transfer. Even though online money transfer companies have created immense ease and comfort for the expatriates to send money, people use wire transfers which are cost-ineffective and also take a lot of time. These transfers take three to five business days to transfer funds to the beneficiary, which renders this particular method unfit for emergencies.
Now let’s take a quick look at the factors considering which you can have a better transaction.
Amount:- The cost of cash or online money transfer to Nepal in GBP to NPR will depend on the volume of the amount you want to send to the beneficiary. There are companies whose charges will increase in proportion to the volume of amount, while a few companies, including ACE, keep their fee static regardless of the volume of amount fo. But, minor fluctuations may take place in the fees structure.
Currency exchange rate:- It is another factor that can affect the cost of a transaction. But this you should keep an eye on. Draw a comparison between different service providers and see the exchange rates they offer. Many companies will offer exchange rates and will keep a profit margin in exchange rates which is not a popular practice with reputable companies such as ACE. ACE and just a few other companies offer the best exchange rates without extracting profit. This benefits the customers immensely as they only have to pay for the service charges.
Hidden charges:- Online money transfer business has registered many complaints about the hidden charges companies take without informing the customers. This happens particularly when the fees structure is not transparent. Customers who are unaware of such discrepancies fall prey to these kinds of hidden charges. This results in extra payments by customers, which affects the principal amount most of the time. Saving yourself from this hazard is tough. Because the number of companies indulging in this practice is more and it is difficult to tell the genuine company from the other except if you transfer money through ACE and a few others, which are limited in number.
Conclusion:- From all of the above, we can safely conclude that the factors affecting the cost of sending GBP to NPR are within our reach and control except for a few global implications. All you need to do is to keep an eye on the factors elaborated above and be vigilant before making a decision. Are you ready to send money to Nepal online?