How To Open A Foreign Currency Account in Nepal

foreign currency account
foreign currency account

Foreign currency account in Nepal: An account where we deposit, withdraw, or transaction rather than Nepalese rupees is known as (FCY) foreign currency account. The banks are permitted by Nepal Rastra bank to open foreign currency accounts like Dollar, Euro, Canadian, Australian, Pound sterling, Japanese yen, and many more on customer demand. You can open a savings account as well as a fixed deposit account in FCY to these banks. The interest rate is also provided by banks on the FCY account.

As you can see Civil Bank Ltd's interest rate is HIGHER than all other banks where Sanima Bank Ltd's interest rate is the second highest for this quarter. Updated on 02-06-2020
Nepal Bank Ltd. (NBL)20.4
Agriculture Development Bank Ltd. (ADBNL)
NIC ASIA Bank Ltd. (NIC)
Rastriya Banijya Bank Ltd. (RBB)1.750.750.75
Himalayan Bank Ltd. (HBL)
Machhapuchhre Bank Ltd. (MBL)322
Prabhu Bank Ltd. (PRABHU)1.51111
Mega Bank Nepal Ltd. (Mega)30.5
Nepal Investment Bank Ltd. (NIBL)
Everest Bank Ltd. (EBL)20.250.5
Global IME Bank Ltd. (Global)20.750.75
Bank of Kathmandu Lumbini Ltd. (BOK)1.25
Nepal Credit and Commerce Bank Ltd. (NCC)3
Kumari Bank Ltd. (Kumari)1.75
Sanima Bank Ltd. (Sanima)3.25111
Sunrise Bank Ltd. (Sunrise)211
NMB Bank Ltd. (NMB)2.750.25111
Siddhartha Bank Ltd. (SBL)20.50.5
Citizens Bank International Ltd. (Citizens)1.511
Prime Commercial Bank Ltd. (Prime)20.750.75
Civil Bank Ltd. (Civil)422
Century Commercial Bank Ltd. (Century)211
Standard Chartered Bank Nepal Ltd. (SCBNL)0.250.1

Why Do We Need A Foreign Currency Account

First, you have to know what you are using a bank account that is an NPR account which requires basic documents like ID proof and address proof to open an account. You can’t receive foreign currency in an NPR account. This means if someone tries to send foreign currency in your account the currency will be converted to Nepali rupees then it will be deposited to your account.

If your earnings are in foreign currency like dollar, euro, canadian, australian, pound sterling japanese yen and others then this article will help you. If you are a freelancer working in Nepal or an employee, job holder, worker, or company holder who is working abroad we know that sending money from abroad to Nepal is not easier. Each time we have to use a remittance service. They will charge you a lot. Then how you will decrease the charges. Before remitting you have to know two major charges. The first one is the fee (sending charges) second is the currency conversion charges (foreign currency to Nepalese rupees). 

The first one is the fee which the remittance company is charging in between $2 to $35. When you send money to any debit card the fee of $2 or a little bit more applies. Where some banks and wallet companies have this feature. But all remittances, banks, or wallets do not have this debit card deposit service. To know more about the service kindly contact the concerned institution where your existing account is. The fee of $35 will be charged when you send the money through wire transfer. Almost all banks have wire transfer services. The wire transfer is beneficial when you send at least or more than $1000. The second is the currency conversion charge which depends upon the sending amount and on the market exchange rate. Where remittance companies used mid market exchange rate. The market exchange is not fixed, it’s always fluctuating.

Without wasting your time we come to the point of why we need a foreign currency account and what are the benefits. You need foreign currency to save your hard earned money and avoid the exchange rate. This will save your thousands. If you’re earning in foreign currency then you have to pay the fee (sending charge) only to the foreign banks. The amount will deposit in foreign currency like a dollar to dollar, canadian dollar to canadian dollar to your account in Nepal. Now you got the flexibility to withdraw an amount when the exchange rate is high. Keep in mind the foreign currency rate is always going up & up, so keep you earning till you get the maximum exchange rate.

What Are The Required Documents To Open A Foreign Currency Account

Your earning should be from a legitimate source. Don’t get a deposit from a friend or relative if they do not have a legitimate reason. Deposits for personal expenses or medical expenses are a violation of the terms and conditions of the banks. Get a deposit for professional works only. Banks can verify the amount at any time if they find any illegal activity. These requirements should be fulfilled before account opening:

  1. Agreement letter with the company or organization.
  2. The salary slip or earning certificate.
  3. You need hard cash from $10 to $100 depending upon banks.
  4. Other relevant documents (optional).

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