- Nepal has been ranked 23rd among the highest remittance receiving countries in the world
- The government charges 15% tax on the remittance fund, while it contributes to about 30% of the country’s GDP
- Several authorized money transfer agencies in Nepal are making it easier for Nepalese workers abroad, send their earnings safe to home
Millions of Nepalese migrants have been working overseas to earn foreign currencies. Remittance is considered one of the most influencing factors to improve the economic status of a developing nation. Money sent home by foreign Nepalese workers plays a significant role in reducing the poverty rate of the country. In order to make a safe and reliable money transfer, there are multiple remittance agencies in Nepal serving for years.
Remittance companies ensure the safe delivery of the money sent from abroad to an individual’s family. People from remote areas all around the country can receive the remittance money directly from the agency since there is no bank transaction involved. The sender needs to specify the recipient’s name, address, and destination while depositing the money, and the recipient can withdraw the money by using a passcode provided by the remittance agency.
List of top 10 Money Transfer Agencies in Nepal
|1||International Money Express (IME)||100,000+ payout locations in more than 200 nations worldwide|
|2||City Express Money Transfer||Fastest growing money transfer agency of Nepal|
|3||CG Finco Pvt. Ltd.||Secure, reliable, quick and cost-effective money transfer|
|4||Prabhu Money Transfer Pvt. Ltd.||Multiple national and international branches and sub-agencies|
|5||Himal Remit||Web based online money transfer service|
|6||MoneyGram Nepal||Best for person-to-person money transfer service|
|7||Western Union||Instant cash delivery to the beneficiary|
|8||I Pay Remit Pvt. Ltd.||B2B and B2C money transaction services|
|9||Zenith Remit Pvt. Ltd.||Money transfer service for Nepalese worker in Japan|
|10||Xpress Money||Global money transfer agency|
International Money Express
IME Limited is undoubtedly one of the largest and most preferred remittance solutions for Nepalese worldwide and their families. As a comprehensive part of IME Group, it facilitates money transactions with an extensive global presence in over 200 countries, covering a network of 100,000+ payout locations.
IME was licensed as a national money transfer company by Nepal Rashtriya Bank in 2001. It has already built an impressive customer base and offers services like “Sending hard cash money”, “Online Money Transfer” and “Door to Door transfer.
IME Complex, Pani Pokhari, Kathmandu
Telephone: +977-1–4217600 / 4217601
City Express Money Transfer
City Express was licensed by Nepal Bank in 2007 and has successfully become the fastest growing money transfer agency of Nepal. The company has been serving as a pioneer in Nepal’s sector and a leading remittance agency for more than a decade now. There are 8000+ City Express payout locations all around Nepal.
City Express Money Transfer has also partnered with other overseas money transfer agencies to operate efficiently on a global scale. Its global reach facilitates Nepalese people to send money from any part across the globe. Remitters in India and South Korea mostly prefer City Express due to low service charge and high exchange rates.
City Express Complex, Kamladi, Kathmandu
CG Finco Pvt. Ltd.
CG Finco is a financial service sector owned by Chaudhary Group that has been providing remittance service since 2010. It also has a major link with the Western Union Financial Service Inc., USA. CG Finco offers a reliable, quick and cost effective money transfer service via numerous sub-agents throughout the country.
There are more than 785 sub agents of CG Finco Pvt. Ltd., including Namche Global Network and Rashtriya Banijya Bank in Namche Bazzar on the world’s highest location.
Chaudhary Towers, JhamsiKhel, Lalitpur
Prabhu Money Transfer Pvt. Ltd.
Prabhu Money Transfer is a remittance service that Prabhu Bank, an A-level commercial bank of Nepal, has been providing since 2002. The company has an association with almost all major banks of Nepal and offers services like Instant Cash Transfer and Account Deposit to any Bank and financial institution.
Prabhu Money Transfer Pvt. Ltd. has many international branches in different parts of Asia and North America. The remittance agency is highly reputable and trusted among Nepalese laborers in Malaysia, Qatar, Saudi Arabia, Kuwait, UAE and the USA.
Sarada Sadan, Kamladi, Kathmandu
Telephone: +977-1-169277 / 169278 / 169279 / 169280 / 169281
Brought by Himalayan Bank Limited, Himal Remit is a web based money transfer service. The company has Nepal’s largest payment network, with more than 35000 payout locations, including Himalayan bank branches and Himal remit agents. The online web based system provides a highly secured transaction, with a wide range of coverage in all cities, towns and villages of Nepal.
Unlike other agencies, Himal Remit doesn’t have much globally scaled operation; however, it has partnered with many international banks, remittance and money exchange agencies. One can send money from the local bank or remittance companies and payout through its network in Nepal.
Corporate Office Building, Kamladi, Kathmandu
Telephone: +977-1-4246218 / 4246219 / 4227749 / 4250201
P.O. Box: 20590
MoneyGram is an international money transfer agency in Nepal. It is a preferable remittance service since it provides person-to-person money transfer and payment services. It operates through regional networks in around 350,000 locations in more than 200 countries.
Money sent through MoneyGram can be collected from any remittance agent of Nepal. The beneficiary can receive the payout from the branches of other agencies like IME, City Express, Himalayan Bank, Prabhu Money Transfer, United Remit, Easy link Pvt. Ltd., Bank of Kathmandu, Samsara Money Transfer and many other.
Western Union is an American based corporate company that holds a world leading service record. The company offers instant cash payment to the receiver, while other remittance agencies might take several hours to complete the international transaction in Nepal. It serves in over 200 countries with 500,000+ payout locations worldwide.
Although Western Union has the quickest transaction, not many Nepalese prefer receiving money from the company. This is because it is mostly available only in city areas and the people in remote villages don’t have access to it. Whereas the service charge is also comparatively higher than other remits and has low exchange rates.
I Pay Remit Pvt. Ltd.
I Pay Remit is a progressive company in the remittance sector of Nepal, established in 2011. It has been able to grab adequate attention of Nepali remitters from the country and overseas ever since its starting phase. The company offers B2B and B2C services for both domestic and international money transactions.
I Pay Remit uses various advanced technologies and provides web based and non-web based services through its international business associates. Nepali migrant workers from different countries can send money through I Pay as a fast, secure and reliable means. Some of the nation include Saudi Arabia, Malaysia, Qatar, Bahrain, UAE, Kuwait, Oman, UK, Australia, USA, Canada, Europen Union Nation, etc.
Naxal -2, Gairidhara, Kathmandu
Telephone: +977-1-4435139 / 4435158
Toll-Free No.: 16600100016
Zenith Remit Pvt. Ltd.
Zenith Remit Pvt. Ltd. is an associate company with Speed Money Transfer Japan K.K. (SMTJ), an authorized remittance agency of Japan. Zenith Remit is a Nepal government officially registered agency authorized by Nepal Rastriya Bank, for money transactions from Japan. Nepalese working in Japan can send their earnings through Zenith Remit quickly, securely, and cheaply.
Zenith Remit is also associated with NepalRemit to provide a more efficient service to receive money sent from the Zenith Remit. Nepal Remit is a trusted agency with more than 2000 branches all across Nepal and all its agents are connected with an automated centralized money payout system.
Kathmandu Plaza, Kamaladi, Kathmandu
Telephone: +977-1-4168800 / 4168783
Xpress Money Service Ltd. is a global money transfer agency operating in Nepal. The company offers remittance service from more than 150 countries through over 170,000 payout locations around the world. It provides transaction services like ‘Cash to Cash’ and ‘Cash to Account’.
The remitter can send money to Nepal from any part of the world and the money is safely delivered to the beneficiary. After the money is deposited, the sender will get a 16 digits code which then the recipient can use to verify their identity. the money transaction service is very efficient and reliable for Nepalese working abroad.