There are plenty of ways to send money to Nepal from the UK in a safe, cheap and efficient way.
How To Send Money to Nepal from the UK
According to latest data from National Statistics, there are an estimated 62,000 Nepalese-born people living in the UK. Of these, the majority are based in London and South East England. Aside from residing there, Nepal is a popular tourism destination for Brits with more than 45,000 British nationals visiting Nepal annually. Consequently, there is an unsurprisingly high demand for financial services to support transactions between the two countries.
Methods to Send Money to Nepal from the UK
Sending Money to Nepal via Online Money Transfer
There are many online services available for transferring funds to Nepal. These tend to offer the best exchange rates. Services such as TransferWise are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Nepalese Rupee. In addition to TransferWise, Remitly and GlobalWebPay are also known for their fast and cost-effective methods.
Sending Money to Nepal via PayPal
Although PayPal exists in Nepal, it is not functional for international transfers. PayPal is redundant in Nepal as Nepali banks do not allow international transaction. As such, PayPal does not accept credit or debit cards from Nepal, nor can you receive funds on your Nepal based PayPal.
Sending Money to Nepal via Bank Transfer
Sending money to Nepal directly via a bank transfer from a UK bank account is not generally advisable. It tends to be a less cost-effective way as the exchange rate offered is worse than other services. You will also need to pay a transfer charge which can often be costly.
Sending Money to Nepal via Western Union
Western Union is one of the most trusted solutions for international transfers. They offer the option of sending money online, via mobile payment or in person. The recipient can, in turn, receive the money directly into their bank account or can collect the cash (more than 9,600 locations).
Can I Send Money to Nepal via Cryptocurrency?
Cryptocurrency, although widely employed in many countries, is not legal in Nepal. In fact, using or trading bitcoins in Nepal is a criminal offence.
You can send money to Nepal safely with an FCA-approved money transfer service
Can You Send Money to Nepal For Free?
Money transfer services are never completely free as they always involve some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods. Per transaction, there is a flat fee of 2.15 GBP + 0.7% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. Remitly offers low transfer fees but typically a worse exchange rate than TransferWise.
How Long Does It Take to Send Money to Nepal?
Depending on the service provider that you choose to transfer money to Nepal, funds can arrive into the specified account rapidly. Online services such as TransferWise typically transfer the funds on the same day. Bank transfers typically take longer at around 1-3 business days.
What Do You Need to Send Money to Nepal?
Bank transfers offer require a form of photo ID and a debit card. For any online payments, you will need all relevant login details and possibly a card reader. You will also require a Swift Code. This is a code beginning with a 4-digit bank code, a 2-digit country code, a 2-digit area code and a 3-digit branch code. Nepal uses Swift codes rather than IBAN.
Is it Safe to Send Money to Nepal from the UK?
Like any money transaction, you should be careful when sending money from the UK to Nepal. Look out for FCA approval as this means that the accounts are safeguarded. With any legitimate company, their FCA details should be readily available on their website. Like any transfer of money, it is advisable to be careful with any personal security and sharing any confidential information such as passwords. This is especially true for phone and email correspondence.