🌏 How to Send and Receive International Payments Legally in Nepal (2025)
Sending and receiving international payments in Nepal requires following legal guidelines set by Nepal Rastra Bank (NRB). This guide helps freelancers, exporters, importers, and individuals do it safely and legally.
1. Use Authorized Banks and Financial Institutions
Only banks licensed by Nepal Rastra Bank (NRB) can legally handle foreign currency transactions. Use these for sending and receiving payments.
2. Open a Foreign Currency Account (Dollar Account)
If you regularly receive or send international payments, open a foreign currency account with any authorized bank to hold funds in USD or other currencies.
3. Provide Valid KYC and Documentation
Submit documents like Citizenship, PAN, contract or invoice, source of funds, and declaration forms when dealing with international payments.
4. For Receiving Payments (Remittance)
- Provide your foreign currency account number or NPR account details to the sender.
- Ensure the remittance source is legal and declared.
- Use services like IME Pay, Western Union, or direct bank transfer.
5. For Sending Payments Abroad
- Provide your bank with the beneficiary's bank details (SWIFT/BIC code, IBAN, etc.).
- Submit invoices, contracts, or purpose of payment documents.
- Follow NRB's limits on outward remittance (usually Rs. 2 million per year for individuals).
6. Follow Tax and Reporting Requirements
All international payments must be reported to NRB. Declare income and pay taxes as per Nepal Income Tax Act.
💡 Tips for Freelancers and Exporters
- Register your business or freelancer status with Inland Revenue Department (IRD).
- Maintain invoices and contracts for audit purposes.
- Use authorized payment gateways or bank transfer to comply with NRB.
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Published by Barala Finance Blog • Updated 2025 • Visit Blog