How to transfer money to Nepal from India through Bank? – In today’s globalized world, not a single country is self-dependent. The world has become a single market place where different countries trade with each other taking advantage of open trade policies thereby increasing the economy of the country. So, let’s discuss how to send money from India to Nepal through bank.
Nepal, one of the least developed countries in the world is not independent in itself and relies on the trade for fulfilling the daily needs of the people. When we talk about trade, we should definitely be reminded of the roles the Banks of the world paly for facilitating trade between countries.
The banks play very important roles in the trade where banks provide important trade finance products that are intended to reduce the risk trade. With the bank’s intricate network, collaborative efforts, and highly regulated policies, trade between countries are possible.
Apart from enhancing trade, banks also help in remittance. Remittance usually means sending money from one country to another country by a migrant worker. This process of sending money legally to friends and families in the home country is facilitated by banks around the world.
- Trade between India and Nepal
- How To Send or Transfer Money To Nepal From India Through Bank
- 1. How to Transfer Money To Nepal From India Through Bank [Punjab National Bank of India]
- 1. Documents required
- 2. Other information required
- 3. Details of remitter and beneficiary
- 4. The procedure of remittance through Punjab National Bank internet banking
- 5. The procedure of remittance through Punjab National Bank through mobile banking.
- 6. Limit of remittance and charges
- 2. How to Transfer Money To Nepal From India Through Bank [SBI Bank]
- Cash Remittance Procedure
- Remittance procedure where remitter and beneficiary do not have a bank account.
Trade between India and Nepal
Nepal and our close neighbor India have a long history of commerce and trade. Nepal’s one of the largest trade partners, India, is also the major source of foreign investment in Nepal.
For centuries, Nepal and India have had an intricate relationship where the import and export of goods and services are usually operated. Here too, banks provide the role of mediator in the transfer of money involved in the trade between the countries.
Moreover, banks of India and Nepal provide the remittance service that enables people to send money from India to Nepal.
How To Send or Transfer Money To Nepal From India Through Bank
1. How to Transfer Money To Nepal From India Through Bank [Punjab National Bank of India]
How to send money from India to Nepal through bank? PNB bank is the best way to send money from India to Nepal. Punjab National Bank, an Indian bank is the joint venture partner of Everest Bank Limited of Nepal. With the collaboration of two banks in Nepal and India, you can transfer money from India to Nepal.
Punjab National Bank provides the facility of Indo Nepal Remittance services. The documents required, information required along with the charges, limit, payment mode, and procedures are explained in this article in detail.
1. Documents required
Documents are proof of the transaction. Without the proper documents, the bank transaction is not completed. Punjab National Bank’s use of Indo Nepal remittance mandatorily requires the sender or receiver have certain documents for being eligible for sending money from India to Nepal.
- Identity proof of the remitter that is a citizenship card issued by the Nepalese government is the most for all Nepalese citizens. Along with that, remitter needs to provide the driving license / PAN/ certification of identification/passport that is issued by the employer. This helps the bank ascertain the remitter’s residential address in India.
- The remitter needs to duly fill the INREMIT slip. As seen in figure 1.0, the INREMIT slip includes remitter’s details, beneficiary’s details, cash deposit amount, and amount to be remitted. Make sure the information is correctly filled in every section for the smooth operation of the transaction. Every mistake in the form may lead to delayed service.
- Along with the INREMIT slip, the remitter also needs to submit the “Registration Form”. The copy of the registration form can be seen in figure 2.0. This requires remitter to provide details of both remitter and beneficiary.
- KYC document is mandatory to be filled as per the guidelines of RBI.
2. Other information required
Along with the documents, the address, as well as the mobile number of the beneficiary and remitter, is mandatory.
3. Details of remitter and beneficiary
Remitter’s details: The remitter needs to provide the details of the remitter that includes name, mobile number, address, ID card, Citizenship certificate, pan card, and other documents that are regarded as id proof according to the KYC guidelines of RBI.
Beneficiary’s details: The details of beneficiary depends upon following three conditions
- Beneficiary’s account maintained at Everest Bank limited: In case the beneficiary has the account of Everest Bank Limited in Nepal, Punjab National Bank in India requires beneficiary name, account number, EBL branch where the account is maintained, mobile number and email account if available.
- Beneficiary’s account maintained in any other banks in Nepal: In case the beneficiary has an account in any other banks in Nepal apart from in Everest Bank Limited, the beneficiary’s name, address, account number, beneficiary bank, and the branch is mandatory. Similarly, the mobile number and beneficiary email is required if available.
- Cash payment based on ID: Punjab National Bank also allows customers to send money to Nepal based on the Identity proof of the beneficiary. In this case, the name of the beneficiary, payment location that is EBL branch/Agent, ID details, and beneficiary mobile number and email address are required.
Hence, in this way, the details of the beneficiary depend upon the way remitter wants to send money from India to Nepal.
4. The procedure of remittance through Punjab National Bank internet banking
Punjab National Bank also allows its customers to use internet banking for sending money from India to Nepal. To do this, the remitter needs to download the PNB internet banking app.
Once the application is installed, the remitter needs to choose the option “Transfer to other Bank Account” and that leads remitter to choose any of the following modes of making remittance.
EBL account transfer: This option is chosen where the beneficiary has the account in Everest Bank Limited in Nepal. Through this, the remitter can directly send required money to the receiver’s account of Everest Bank Limited in Nepal
Non-EBL account transfer: This option is chosen if the beneficiary has an account in a bank other than EBL. Even if the receiver has an account maintained in banks other than EBL, the remitter can send the money where the remittance amount is directly sent to the account of the receiver.
Remitter needs to select the appropriate option, fill out the details of the sender and receiver, and finally click submit to complete transaction. Once the submission is done, the beneficiary in Nepal is liable to get the money.
5. The procedure of remittance through Punjab National Bank through mobile banking.
The mobile banking application of Punjab National Bank also allows its customers to send money from India to Nepal with fewer hassles and without having to visit the bank or service centers.
First, any customer wishing to send money requires to download the application of Punjab National Bank. Once the application is downloaded, the below processes are to be followed
- Log in to the mobile banking application
- Click on the main menu
- Click on “Funds Transfer” option available on the main menu
- Click on – “Indo-Nepal Remittance”- option
In the Indo Nepal remittance option available, the remitter can choose between three options
Everest Bank Limited account transfer: Selecting this option, the remitter can transfer remittance amount directly to the EBL account of the beneficiary in Nepal
Non-Everest Bank Limited account transfer: This option allows the remitter to transfer the remittance amount in any of the banks apart from EBL (Everest Bank Limited) in Nepal
National Identity Payment: This service allows its customers to send the money based on the National Identity.
Here, once the remittance amount is sent from PNB addressed to any individual based on his citizenship, the beneficiary is able to withdraw money from any branches of EBL. The most important criteria in this option are the beneficiary identity proof.
- After selecting the best option available, remitter needs to fill out the form including the details of the remitter and the beneficiary along with the remittance amount and submit. The payment can be done electronically.
6. Limit of remittance and charges
The limit of remittance amount and the charges depends upon three options
- Remittance through PNB branches
The limit is less than Rs fifty thousand if remittance is tendered via cash. However, there is no limit if the remittance amount is tendered through the account that is maintained at the Punjab National Bank or through any other bank’s cheque.
The charge is Rs Three per thousand plus the applicable GST in case payment mode in Nepal is Everest Bank Limited
However, if the payment mode in Nepal is an account maintained at any other bank than the Everest Bank Limited, PNB charges Rs hundred as additional charges.
- Remittance from BC locations of PNB Klosks
Rs. 25000 has been set as a maximum ceiling for remittance from India to Nepal from BC locations per day. However, if remitter wishes to remit a higher amount, the same can be done via the branches of PNB as usual.
- Amount Of Remittance Charges
|Up to Rs 5000/-||Rs 22/- plus GST at applicable rates|
|Rs 5001/- to Rs 10000/-||Rs 43/- plus GST at applicable rates|
|Rs 10001/- to Rs 15000/-||Rs 65/- plus GST at applicable rates|
|Rs 15001/- to Rs 20000/-||Rs 87/- plus GST at applicable rates|
|Rs 20001/- to Rs 25000/-||Rs 109/- plus GST at applicable rates|
|Above Rs 25000/-||Rs 3.50 per thousand with a minimum of Rs109/- plus GST at applicable rates|
- Remittance through PNB internet banking and mobile banking application
Remitter can send up to Rs. Fifty Thousand only via the use of internet banking and mobile banking application. The charge is Rs. 3 per thousand plus the GST.
In this way, any remitter can send the money from India to Nepal via Punjab National Bank. Their collaboration with Everest Bank Limited in Nepal allows the citizens of both countries to take advantage of fast and reliable service.
So, if you are searching for an alternative to sending your hard-earned income from India to Nepal, the Indo-Nepal remittance service of Punjab National Bank is a suitable option for you.
2. How to Transfer Money To Nepal From India Through Bank [SBI Bank]
How to send money from India to Nepal through bank? The second option is SBI bank to transfer the money from India to Nepal. Nepal SBI Bank limited with joint collaboration with the State bank of India has been providing the fund transfer service from India to Nepal. It has introduced Electronic Fund Transfer Mechanish (EFT) which they call “SBI – Nepal Express Remit”.
For successful remittance, Nepal Rastra Bank has authorized Nepal SBI bank to look at the Nepalese leg while State Bank of India is opted to handle the Indian leg of the remittance as authorized by the Reserve Bank of India.
SBI’s SBI – Nepal express remit services has been introduced for providing the faster, convenient and reliable service for the Nepali migrant workers residing in India allowing them to send their money to the beneficiaries in Nepal through EFT (Electronic Fund Transfer Mechanism)
Read Also: How to send money from India to Nepal through bank Using SBI bank in Detail
The service of electronically transferring remittance amount to the beneficiary in Nepal is available for all the branches of State Bank of India. The major features of SBI-Nepal Express remittance services are:
- Convenient and fast: The remittance services provided by the SBI bank are easier, faster, convenient, and reliable. The remitter and beneficiary can trust on the bank for reliable services.
- Large number paying outlets in Nepal: Currently there are one thousand three hundred and sixty-five paying outlets in Nepal that have collaboration with SBI for paying the remittance amount sent by the remitter. People from all over Nepal can get access to the bank’s outlet for collecting the cash sent by the remitter.
- Minimum Charge: The remittance charge is a minimum that makes the SBI remittance service the best service. If the beneficiary has an account at NSBL, the remittance charge is minimum.
- Reliable: The remittance service provided by the SBI bank is reliable where remitter as well as beneficiary can easily send the money without any hassles.
The system is expected to cover all the NEFT enabled banks and bank branches in India. In an attempt to quickly transfer of messages, the system has made it mandatory that only branches of banks which are networked are to be the part of the system.
In Nepal, remittance is to be distributed through the branches of Nepal SBI Bank Limited.
Along with the branches of NSBL, all the money transfer agents which are approved by Nepal Rastra Bank are licensed to distribute the money in Nepal send by India through SBI bank. Currently, there are 17 branches of NSBL. Similarly, 280 locations all over the country have NSBL approved money transfer agents.
Through this intricate network, SBI bank is able to transfer money from India to Nepal easily.
Cash Remittance Procedure
To send the money from India to Nepal, a remitter needs to fill out the remittance form that includes the remitter and beneficiary details. Along with that, remitter needs to fill out the KYC form.
In regard to the ceiling, maximum Rs 50000 has been fixed per transaction, and remitter is allowed to make 12 remittances in a year. It is not necessary that the remitter needs to be an account holder.
The remitter needs to have the identification documents that include passport, pan, telephone bill, and certification of identification that is issued by the employer. The name, contact number, and id of the beneficiary is the must.
Remittance procedure where remitter and beneficiary do not have a bank account.
Cash-based remittance is used when both parties do not have a bank account. The remitter deposits cash along with the remittance form, identity proof of sender, and receiver to the SBI personnel which is then wired to Nepal.
Authorized money transfer agencies will make payment to the beneficiary in Nepal upon the receipt of the message.
Use of ATM
The use of ATM is yet another important and easy way through which the beneficiary in Nepal can get the money that is deposited by Nepalese Migrant Workers in India in Indian banks.
The use of ATM is easy, reliable, and fast. Currently, the SBI bank and Everest Bank in Nepal do provide this service.
Use of SBI ATM in Nepal SBI bank Limited (NSBL)
The SBI bank does provide the best remittance service, however, if you do not wish to go through the paperwork involved in sending money, you can get the SBI bank’s ATM card and provide is to the person in Nepal whom you wish to send the money.
The beneficiary in Nepal can withdraw money from any SBI bank ATM in Nepal. This service of SBI bank is intended to provide faster service to customers who need to send money again and again and do not wish to visit the bank or outlets often.
Use of Punjab National Bank’s ATm in Nepal Everest Bank Limited’s ATM
Due to the collaboration of Punjab National Bank of India and Everest Bank Limited Nepal, the use of PNB’s ATM in EBL’s ATM allows anyone to withdraw the money.
The beneficiary in Nepal can withdraw money from any EBL bank ATM in Nepal. This service of PNB and EBL bank helps customers get the money withdrawn in less time with fewer hassles.
Hence, in these ways, remitter from India can send money to Nepal using different banks that provide remittance service. The use of banks enables Nepalese migrant workers currently working in India to send money easily to the loved ones in Nepal.
Apart from being an easy way of sending money, it is also a legal way of sending that contribute to the Nepalese economy while enhancing the living standard of all Nepalese in Nepal.
Related terms and post
- How To Send Money From India To Nepal
- Transfer Money To Nepal From India
- How To Send Money From India To Nepal Through Bank
- Ideas on transfer money to Nepal from India through Bank Through Sbi Bank
- How To Send Money From India To Nepal Through Pnb Bank
Author: Asmita Sharma