- Cross border card to card remittance transfer has become possible
- The monetary policy for the Fiscal Year 079/80 BS has made the provision for card-to-card transfer
- The Nepalese living abroad can now send a remittance from a bank-issued digital card back home easily.
Sending remittance from foreign digital cards to Nepali digital cards has now become possible. The cross-border ‘card to card’ transfer is made possible as per the monetary policy of the FY 079/80 BS.
The governor of the federal bank of Nepal, Nepal Rastra Bank Maha Prasad Adhikari announced the policy recently at a program. He was announcing the monetary policies for Nepal for the Fiscal Year 079/80 that started from Shrawan 1st.
The policy has paved way for sending remittances from foreign digital cards to Nepali digital cards.
This will benefit Nepali citizens working and studying abroad money transfers. With the NRB giving its consent, Nepalese abroad will be able to send money using a digital card issued by their respective foreign banks to any digital card back home.
The central bank will soon finalize the necessary regulations for it.
Cross border card to card remittance transfer is in line with the growing trend
Cross-border payment has become the norm lately in Nepal. Indian and Nepali fintech companies have collaborated on digital payment in both countries. eSewa Money Transfer has also agreed on terms with various payment service providers to facilitate such transfers. Recently, NMB Bank also partnered with Flywire to allow Nepali students to pay for abroad studies settling one of the biggest inconveniences for Nepali foreign study aspirants.
Now, the cross border card to card remittance transfer has brought another crucial feasibility for money transfer for the citizens living outside Nepal. How big relief is this for the citizens living outside? Do share your opinion in the comments below.