Now that the government have given permission to several banks to issue dollar cards to Nepali citizens, Paypal might start looking at supporting Nepali market as well. However, being a small country, a tiny market for Paypal and strict NRB policies, it could not be possible anytime soon.
Ex-pat Nepalese who send money to NIC ASIA Bank accounts in Nepal using World Remit would receive a bonus of Rs 400.
The scheme will run from Aswin 11 to Kartik 10, 2078, with just the first transaction eligible for the bonus.
The bank now has 356 branches, 472 ATMs, 70 extension counters, and 81 branchless banking units across the country.
Additionally, receive $20 bonus if you send money to Nepal using Word Remit by clicking on the link below.
We already know how to send freelancing revenue to Nepal because we are successful freelancers. There are a variety of options to choose from. However, we must choose which option is better for us.
Let’s look at Upwork earnings as an example. In this article, we’ll compare practically every payment method available on Upwork. So far, there are four alternatives available for everyone. Only Nepali freelancers should use Direct to Local Bank (NPR), according to Upwork. For each withdrawal, they levy a little fee of $0.99. However, their currency exchange rate is HORRIBLE. They offer a rate that is 3-4 rupees lower than Nepal’s daily foreign exchange rate. To evaluate which option is the best, we’ll use simple math to transfer $1000 using the exchange rate of 20/12/2019 ( NPR 1 = USD 113.89).
Direct to Local Bank (BDT)
Let’s assume that the bank’s rate is NPR 2 less than the forex rate.
$0.99 per withdrawal to Nepal.
$1000 – $0.99 = $999.01 X 111.89 = NPR 111,779.23
Normally it takes one or two days to arrive at your bank account.
So the ultimate rate for $1 is NPR 111.78
Payoneer
$2 USD per withdrawal from Upwork.
Normal Delivery:
$1000 – $2 = $998 X 113.89 = NPR 113,662.22
Normally it takes three to four days to arrive at your bank account.
Fast Delivery:
$1000 – $2 = $998 – $2.5 (Payoneer Quick Load Fee) = $995.5 X 113.89 = NPR 113,377.50
Normally it takes two to three days to arrive at your bank account.
So the ultimate rate for $1 is NPR 113.66 with normal delivery and NPR 113.38 with faster delivery.
Wire Transfer (USD)
It is not suitable for Nepal. It charges $30 for each transaction and takes a long time with various difficulties.
Direct to U.S Bank (USD)
Free payments to U.S Bank account in USD.
It is also not suitable for Nepal. Most of the Nepali freelancers don’t have U.S Bank account.
Final Consideration
By Direct to Local Bank (BDT): $1 = NPR 111.78
Via Payoneer: $1 = NPR 113.66
Conclusion
Finally, we can take a fair decision to determine that Payoneer is the best way to send freelancing income to Nepal. And hopefully, we will find the same results in other marketplaces too.
Users in Nepal, the Philippines, Indonesia, and Bangladesh who use the WebMoney system can now withdraw their funds in cash.
This option is available under the Cashout menu at withdraw.web.money, where you can apply for a fund transfer.
Please keep in mind that only the sender can receive the sent monies.
Source: WebMoney
The well-known international online payment processing company “Skrill” has made it possible for Nepalese to utilize and transfer money from their Skrill accounts via eSewa.
Skrill is a British company that offers a low-cost international money transfer service. Skrill and HomeSend just formed a cooperation. BICS and HomeSend Master Card are worldwide money transfer joint ventures.
Nepal’s most popular local internet payment gateway is eSewa. We can pay bills, buy things, and transfer money to a local bank account using eSewa. E-Sewa, like PayPal, allows us to conduct a variety of online transactions. E-Sewa allows you to buy movie tickets and do other online shopping. E-Sewa is one of Nepal’s most dependable internet business platforms.
How to send money from Skrill and receive it in eSewa wallet?
To deposit money into your eSewa wallet, you must first log in to your Skrill account. Then, at the top of the menu bar, select the mobile wallets option. Now, from the list, select ‘eSewa Nepal’ and enter the eSewa phone number that you provided during registration.
After you’ve added eSewa wallet to your Skrill account, click the “withdrawal” icon at the bottom of the dashboard to transfer as much money as you want to eSewa wallet. During this time, you should receive an SMS notification from your E-Sewa account.
If you send money from Skrill to eSewa in this manner, Skrill will deduct 1% of the amount sent as a service fee.
For further information on the Skrill to eSewa option, please see the following page.
https://blog.esewa.com.np/skrill/