Hello guys,

I am going to Nepal this winter and want to take some funds around 5k with me. Can anyone suggest me what is the best/ cheapest way to transfer money to Nepal. Do you think having it cash with me is a terrible idea? What alternatives do I have?

Any suggestions much appreciated! Have a great holidays!

no problem as long as you keep your money safe while traveling!

Financial advice: Do NOT carry cash in any circumstance.

Rather you may do one of the following:

- 'Check Deposit' - this is one of the safest way to transfer your fund to Nepal with minimum fee (Rs.450 fee charged by only Nepalese bank and this is how I transfer my money to Nepal). There is no minimum cap on Check Deposit.

- Travelers' Check is okay (your bank may charge minimal fee for this service).

-You may direct deposit your fund to any Nepalese Bank with your US or other country's bank account ($35 dollar fee is charged by US bank).  

[I never use other money transfer services like MoneyGram, Western Union Money Transfer, Muncha House, etc, because: (1) I don't feel secured, and (2) They charge high fee on our hard earned money]

 

Plhearts: I want to know if we can deposit US bank check directly to nepalese bank. what is the check deposit you are talking about? Thanks

Get travellers check.  cash get you Rs 2 to Rs 4 less per $ than travellers check.  I learnt it hard way.  Not to mention TC is safe!

thanks plhearts for the response,

how are exchange rates on different methods like check deposit vs traveller's check...

last time I went to Nepal, I just used my visa card in ATMs and was charged like 3% + 2$ every transaction.. could take out only like 40K Rs per day though...

do you guys think traveller's check is the best way? I dont feel secured carrying money with me but I guess its okay to carry a little bit!

Hello Mankokura: 'Check Deposit' is very simple but you have to have bank account in the country where you reside (or if your friend has one, then that will work aslo). Then you do the same way that you write check for any other people. In order to Check Deposit, either you or your family member have to have bank account in Nepal (any bank).

So here is conclusion: 

- You or your friend has bank account in the country where you reside (lets say US, City Bank)

- You or your family member has bank account in Nepal (lest say Sunrise Bank)

- You simply write a check (or your friend writes a check) to your Nepalese bank and you deposit there or your family can deposits for you. You can write a check right now and carry with you and deposit it when you arrive in Nepal. Checks are vallid for 6 months.  

- Since this is Check Deposit, you will be writting 'Name of the Nepalese bank and Account Number" on the "Pay to:" row. [For example: Pay to: Sunrise Bank, A/C 00054980456]. Please don't confuse that above A/C number: 00054980456 is your or your family's Sunrise Bank account number. Then you write $$$ amount that you want to deposit and sign the check as you normally do when we write check.

- On the back of the check, you will write: "Only Check Deposit" Sunrise Bank: A/C 00054980456

So, great thing about this 'Check Deposit' is neither anyone can cash your check if it is lost nor it is valid to deposit to any other bank or account number rather than only your Sunrise Bank's A/C number: 00054980456.