Cool Buddies

How to transfer money from India to Nepal?

Posted in Travel, Trekking by Ratheesh & Sharada on June 2, 2015

We have written about our previous experience of trying to send money to Nepal in our book. We spent several days and did several trips to banks, numerous phone calls and finally were unsuccessful. After that, since there was no need, we left it at that. Now, an urgent need again came up. This time, we were prepared mentally. We knew money transfer would not be easy, but we also had to send it urgently due to the Earthquake relief work that needed it badly. So, we started where we left off back in 2010, were careful not to repeat the same mistakes and still it was not easy.

Finally, as a last resort, we had to call up Pasang (our tour operator for EBC trek in 2010 and who is now on a mission to work for earthquake victims in the Everest Area) and request him to setup a bank account in Nepal SBI! And guess what, since we were so persistent, he agreed to do so!

Note: We do not have credit cards, probably that would have made it easier, but not sure.

So, here are the pre-requisites, without which do not even try to go further:

1. Sender from India should have an account in SBI in the same branch from where they want to send money
2. Recepient should have an account in Nepal SBI Bank Ltd.
3. Account number, Cheque book, ID proof, preferably passport (attested photocopy) or DL of Sender
4. Name of account holder, Account number, Branch name, contact no. of the Receipent in Nepal

Once these are ready, a trip to the bank is all it takes. We are now one small step away to send the money. This visit to bank is broken down into smaller steps:

1. Go to SBI bank and speak to NEFT transfer department or Branch Manager and request a transfer. Clearly explain that it is to Nepal SBI and Nepal is another country (it might look stupid or rude, but better to be careful)
2. Fill in an NEFT transfer form (challan) using the details mentioned in pre-requisite
3. Nominal charges for transfer are applicable. Check with the bank personnel the charge applicable for the amount you wish to send. Eg: for Rs.20,000, the charge was Rs.100
4. Write a cheque in name of “YOURSELF” for the amount you wish to send + Charge applicable. Eg. If you are sending Rs.20,000 to the recepient, the cheque should be issued for Rs. 20,100, including charges of Rs.100. Do not cross the cheque
5. Attach a self-attested copy of your Identify proof (passport) to the challan and cheque. In the challan, write the recepient phone no. right on top (there is no field to enter this, but it is required)
6. Wait till they confirm the details and stamp a seal on the acknowledgement
7. Inform the recepient in Nepal, they would need to go and check at the bank. It takes 2-3 days for the money to get transferred.

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