Best Way To Transfer Money From Uk To Nepal :- United Kingdom has been accepting lots of Nepalese to be a British citizen or resident of the UK.
Nepal and the United Kingdom have had a long history of trade and relationships. From the 19th century, the British Army has been recruiting the Gurkhas from Nepal, and even today, hundreds of Nepalese are employed in the British army. The families of the Gurkhas are allowed to live in the United Kingdom for over a century.
Other than Gurkhas, UK has permitted to live, work, or study to thousands of Nepalese.
As of 2016 AD, it is estimated that almost 62 thousand Nepalese born people were living in the UK, and all of the Nepalese residing in the UK do need to send the money to their families in Nepal.
This money that is sent from one country to another is known as the “Remittance.”
Importance of remittance for Nepal.
The remittance, the money sent from one country to the next, has benefit to the receiver and the society and country at large. It directly helps alleviate the poverty of the receiving household where the recipient family’s living standard rises over time.
Nepal, being one of the underdeveloped countries, remittance could be one of the income sources for most households. With the increasing migration rate to another country for better job opportunities, the rate of remittance is also increasing, helping the Nepalese economy sustain. Remittance has directly contributed to the GDP of the nation.
The Gurkhas first introduced remittance in Nepal. The Gurkhas recruited by Britain and India used to send money as remittance to families in Nepal. Apart from that, today, Nepalese are spread worldwide for better work. Nepalese are in different countries like India, UK, the USA, Gulf countries, European countries, and many more.
Over the last 15 years, migrant worker’s remittance has become prominent in Nepal. To provide better remittance services, various organizations are actively working. IME, Prabhu Money Transfer, Western Union are few that are found very active in Nepal. These organizations help recipients get the remittance amount in a short time.
Services to choose Best Way To Transfer Money From Uk To Nepal.
There are various alternatives you can have to send money from the UK to Nepal. From banks to online remittance companies, various organizations work actively to give the best remittance service from one country to another.
However, choosing one among the different could be a tedious process. Below are a few ways to choose from if you wish to send money from the UK to Nepal. In this article, you will find out the detailed procedure of sending money via remittance companies for analysis.
Upon thorough analysis, you can choose based on the sender’s requirement and the receiver. These remittance services providers offer a varied range of services to its customers.
InstaReM is one of the digital cross-border payments organizations that enable individuals, enterprises, and other financial organizations to make an international transfer of money.
It was founded in the year 2014 and offered its services to various countries like Australia, Hong Kong, Canada, EU, Asian countries, etc. It specializes in low-cost transactions.
Transferring money from one country to another can be an expensive and tedious affair. InstaReM provides the swiftness and transparency to an otherwise vague world of money transfer.
It offers low-cost money transfer services, and the raters are bases from Reuters. The primary benefit of using InstaReM is that it offers complete transparency and provides an accurate breakdown of the transfer cost.
The World Bank has listed InstaReM as the number one cost-effective remittance service provider to multiple countries.
InstaReM is the licensed remittance service provider in multiple countries like Singapore, Malaysia, USA, Canada, etc. Moreover, its transparent service protocol gives service users complete control over the transaction, and it makes sure the money is safe and reaches the right beneficiary in time.
The advantages of using InstaReM are
- Low Cost
- Easy and Fast Transfers
- Loyalty Points
Even though InstaReM is comparatively new in international remittance, it has been providing the best service to its users. Its popularity is increasing every day due to its suitable processes and inexpensive service.
Processes involved in sending money via InstaReM.
First of all, the InstaReM user needs to visit the company’s official website and create an account. Once the account is set, the sender needs to provide the personal details of the remitter and the beneficiary along with the ID proof and enter transfer amount, payment mode and receiving options.
Once the transaction is complete, the sender needs to monitor for the verification, after which the sender is eligible to make the transfer.
These simplified procedures reinforced by a user-friendly system make it a viable solution to your need for money transfer from the UK to Nepal.
2. Western Union
Western Union is a financial service company that provides its service worldwide. Headquartered in the United States of America, it has provided remittance and other financial services worldwide.
Western Union is one of the leading financial services providers with different services ranging from person to person transfer of money, business payments, money orders, and other communication services.
Western Union had a monopoly and dominated the American telegram industry throughout the 19th and 20th centuries.
Services offered by Western Union
- Online: WU’s official website allows thousands of users to send and receive money, including bill payment.
- Western Union Mobile Service: In the year 2007, western union introduced a mobile money transfer service.
- Receiving and sending funds: One of WU’s most essential services is that it allows the best sending and receiving money service. Money can be sent from one country to another via an online system, and cash the receiver can collect cash from any WU agents located worldwide.
Advantages of Western Union
The advantages of using remittance service of WU are
- Low transaction cost
- Easy, fast and transparent service
- A vast number of agents worldwide
- Tracking money
Money transfer process via WU from UK to Nepal
WU provides a different service to its customers.
Money in Minutes service
- Search agent location
- Fill the remittance form. Remittance form is also known as the Send Money Form.
- Fill out the details of the sender and receiver in the remittance form.
- handover the remittance form and cash to the representative
- Monitor for the MTCN number, also the tracking number.
- Save the MTCN and share it with the receiver in Nepal. The receiver needs to provide the MTCN to the WU outlets to receive the fund.
Send money directly to bank account service
- Search agent location
- Fill the remittance form.
- Include the receiver’s bank details in the form.
- Submit the form.
- Save the MTCN
- Get the money deposited in the receiver’s bank account in around three working days.
Sending money to a mobile phone
- Search for agent
- Fill the “Send Money” form. Beneficiary’s mobile phone number is mandatory
- Submit the form
- Get the tracking number
Hence, WU allows the receiver in Nepal to get the UK’s money in three different ways. Either it can be sent directly in the bank account or remitted cash can be received from the receiving outlets. Similarly, money can be directly sent to the mobile phone of the receiver.
Ria Money Transfer, which specializes in the remittance of money, is a EuroNet WorldWide Incorporation subsidiary.
Ria makes the cross-country transfer through the network of company-owned stores located throughout the world.
Ria opened its first outlet in the year 1987, and since then, it has grown to become the largest money transfer service provider in the world. Currently, it has more than 400000 locations throughout the world and services over 150 countries.
Ria Money Transfer provides its online money transfer service to following sending countries.
- United States of America
- United Kingdom
Though using Ria, the sender can send money through 5 countries to receive in more than 150 countries worldwide.
How to send money online from UK to Nepal via Ria
The new user of Ria, who wishes to send money, needs to create an account. For creating an account, the user needs to visit the official website of Ria. The following process is to be done.
- Enter transfer details: First of all, the remitter needs to make the entry of transfer details that include the amount to be sent, receiving options, and payment options.
- Verify the price and click on the “Send Now” option if remitter wishes to go forward
- Type in the beneficiary’s information. The information must include the name which needs to be compliant with the name in the government-issued identity card.
- Select how remitter wants the recipient to get the transferred amount. Ria provides a wide range of receiving options, including cash pick up, bank deposit, or home delivery. However, for Nepal, Home delivery option is not valid.
- Enter payment information
- Recipient’s name, address, phone number. The name should be the same as in the government-issued Id.
- Bank details, including the bank name, account number, if remitter chooses to deposit the remitted amount directly to the receiver’s bank account.
For the remitter’s and beneficiary’s convenience, Ria providers various delivery options. Remitter can choose from any of the below options for the receiver to get the amount
- Cash pickup
- Bank deposit
- Home delivery
The recipient can pick up cash from one of the 435,000 agent locations situated worldwide.
Ria also offers the bank deposit option. The sender can transfer the money directly to the recipient’s local bank account.
In selected countries, Ria offers the home delivery option as well. Below is the list of countries Ria providers home delivery. However, if you are trying to send money to Nepal, this service is not available in Nepal.
- Dominican Republic
In this way, Ria, one of the most extensive money transfer services, can send money from UK to Nepal. You can do everything online with less time and resources.
TransferWise is one of the online money transfer service organization based in London. It was founded by Estonians Kristo and travel to Ninikikus in the year 2011. Since then, it has been providing remittance services to millions of people worldwide.
Today, this online money transfer service supports more than seven hundred and fifty currency across the world that includes USD, AUD, CAD, and many more.
Transferwise’s transfer process is unique. Unlike traditional transfer mechanism as in case of the SWIFT, this service company tent to match the number of users worldwide to make the pool of funds. This pool of funds is used to make transfers.
The primary significance of this process is that it avoids any currency conversation and cross border transfers.
Using the service of TransferWise, any Nepalese migrant workers can send money to Nepal but not the other way round. Nepal is listed as the receiving party only. Any Nepalese is not allowed to transfer money to other parts of the world via TransferWise.
Advantages of TransferWise
- Reliable service
- Easy and fast transfer
- No hidden cost
- Flexible and transparent service.
How to send money online from UK to Nepal via TransferWise.
The new user of TransferWise who needs to send money has to create an account first.
- Register for free
- Choose remittance amount
- Add recipient’s details and the receiving option
- Verify identity
- Pay for transfer
- That’s it.
These are the simple process as to how you can transfer money from the United Kingdom to Nepal.
WorldRemit is one of the online money transfer organizations. It provides the best international money transfer to the residents of more than fifty countries worldwide.
Founded in the year 2010, WorldRemit has more than 3 million users currently, and its major competitors include the remittance companies like TransferWise, Remitly, Western Union.
WorldRemit is one of the first online money transfer companies focusing on the money transfer using mobile, also called mobile to mobile transfer service. This allows remitter to use the mobile device to transfer money from one country to another, leading to cashless transfer.
The receiving side is offered various options to get the transferred amount, including transfer to the bank, mobile top-up, and cash collection from the local agent nearby.
Services offered by WorldRemit
WorldRemit offers the following services
- cash pick up
- Bank transfer
- Mobile money
- Airtime top-up
- Home delivery
Money transfer duration
Mostly, the money transfer via WorldRemit takes a few minutes. However, the expected commitment time depends on how the beneficiary will receive the money. .
Approximately, the following time is expected for the money to be sent to the recipient:
- Within minutes for some banks. However, timing is depended on
- The bank
- Day of the week
- Transaction creation time
- Available instantly
- Within minutes
- Within minutes
- 3-7 working days depending upon the country (Not available for Nepal)
How to transfer money from UK to Nepal via WorldRemit.
Transferring money from UK to Nepal via WorldRemit takes simple four processes
- Create Account
- Provide the transfer details
- Choose the amount to be transferred
- Include beneficiary’s details
- Recipient’s name, telephone number, address. Remitter needs to add the correct name of the receiver that is the same as in the government-issued citizenship or passport.
- Bank details of the receiver, including the bank name, account number in case remitter, choose to deposit the remitted amount directly to the receiver’s bank account.
Choosing one remittance company for the transfer of money is a difficult task. Here are a few of the advantages of using WorldRemit.
- Fully online
- Low cost
- Wide range of services
- Wide range of receiving option
Remitly is yet another remittance service providing organization. It is one of the few transfer companies that is digitalized. Its mission is to make the transfer of money in an affordable, secure, and transparent way.
Remitly, being a digital company, has no physical locations around that world. It allows the sender remitter to send money to friends and families worldwide from the comfort of their own home.
Along with that, automated service allows the transfer company cut cost, allowing to deliver the service at a low cost.
How to make the transfer via Remitly:
- Sign-in Remitly account
- Enter remittance amount
- Select delivery method
- Review payment details
- Click Confirm Transfer
- Monitor email confirmation.
These are a few of the best remittance services providers that provide fast, reliable, and transparent remittance service. So, if you are trying to send money from the UK to Nepal, you can choose one of the means mentioned above to fulfill your remittance needs.
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