International Payment Allowed in Nepal as NRB approves Prepaid Card of Foreign Currency.

Nepal Rastra Bank has decided to allow international payment in exchange for international service. It means Nepalese users could pay for Netflix, Amazon as well as pay on their own for TOEFL/GRE test and many more. This should bar you from asking to use Paypal from your friends and family living abroad.

NRB has also urged to provide suggestions and recommendations for implementation of this policy. On the first quarterly of the current fiscal year, the central bank had brought ways through which you could pay a certain amount in exchange of international services.

International payment from Nepal using prepaid card

According to NRB, commercial banks could issue prepaid card up to 500 USD for payment of international services.

If any person, firm, company or organization wants a prepaid card of foreign currency, they can exchange Nepali currency residing on their bank account with foreign currency and use the card.

The user has to verify the KYC and take the PAN number according to Nepal Rastra Bank. The commercial banks would issue a card on the basis of the foreign exchange rate of the following day.

If there is purchase tax involved while buying services from abroad, it should be paid in advance.

The users could use this service once a year if they want to use this more than once, they should stick up to the limit of 500 USD per year. The users could buy any services online which is not illegal in Nepal.

Nepal Rastra Bank has requested to provide them with enough suggestions and recommendations on this topic up to end of this poush month.

Here is NRB’s official document on this issue.

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