In today’s world, using dollars for online shopping and learning is key. The Nepal Rastra Bank has made it easier with a new Prepaid eCommerce Dollar card. This card lets people in Nepal load up to $500 a year and get payments up to $5,000 for services they sell online.
Key Takeaways
- Nepal’s central bank has introduced Prepaid eCommerce Dollar cards for international transactions
- Nepali citizens and residents can load up to $500 per year on these cards
- Cards can be used for online purchases, e-learning, and receiving payments for exported services
- Cards are issued by 13 authorized banks in Nepal, including NMB Bank, Nabil Bank, Global IME Bank, Nepal Investment Bank, and Prabhu Bank1
- Application process involves submitting a PAN card and KYC form1
What is a Dollar Card in Nepal?
A dollar card is a financial tool that lets users make purchases in U.S. dollars. It’s great for international online shopping, subscriptions, and travel expenses2. The Nepal Rastra Bank has rules for using dollar cards in Nepal.
Overview of Dollar Cards and Their Purpose
Anyone with a bank account and PAN card can get a Prepaid eCommerce Dollar card in Nepal. These cards let users spend up to $500 a year and earn up to $5,000 a year from international services2. This makes dollar cards handy for online shopping and business across borders.
Regulations Surrounding Dollar Cards in Nepal
The Nepal Rastra Bank has set rules for dollar cards. These include fees for physical cards at $10, virtual cards at $5, and 3D Secure registration at $12. Also, cross-border fees are 1% of the transaction, and balance inquiry fees at other ATMs are $0.502.
The cards can be loaded up to $500, with the same amount for reloads2. They are valid for 1 year from issuance or expiry, whichever is sooner, with a renewal or replacement fee of $10 for physical and $5 for virtual cards2. The annual fee is free for 1 year. Remember, these limits and fees can change based on the Nepal Rastra Bank’s or individual bank’s rules2.
In short, the dollar card in Nepal is a useful tool for international transactions, especially for e-commerce. It follows the Nepal Rastra Bank’s rules.
Banks Offering Dollar Cards in Nepal
Many commercial banks in Nepal, rated as “A” or “B” by the Nepal Rastra Bank, now offer Prepaid eCommerce Dollar cards3. These include NMB Bank, Nepal Investment Bank, and Prabhu Bank. Also, Siddhartha Bank, Nabil Bank, and Mahalaxmi Bikas Bank are among the providers. Kumari Bank, Global IME Bank, Himalayan Bank, Machhapuchchhre Bank, and Sunrise Bank also offer these cards4.
These dollar cards make it easy for Nepalese people to buy things online and use services internationally. They can hold different currencies, helping users manage their money better when traveling3.
The Nepal Rastra Bank has strict rules for these cards to keep transactions safe and legal. When you apply, you need a valid passport, A2 form, and PAN card. There are also yearly limits and other rules to follow3.
Having dollar cards from these trusted Nepalese banks is a great way for people and businesses to do international deals. It makes it easier to buy and sell things across borders. This way, Nepalese folks can better manage their money and do business worldwide4.
In summary, the list of banks offering dollar cards shows Nepal’s growing financial scene. It gives people the tools they need to join the global economy. As more people want to do business across borders, these banks will be key in helping them achieve their financial goals5.
Eligibility Criteria for Getting a Dollar Card
To get a Prepaid eCommerce Dollar Card in Nepal, you need a few things. You must have a bank account and a PAN (Permanent Account Number) card6. With these documents, you can start the application process. This involves filling out a form at your bank and sharing your PAN card details.
Required Documents
- Valid bank account
- PAN (Permanent Account Number) card
Minimum Account Balance Requirements
Some banks in Nepal might ask for a minimum balance to get a Dollar Card. But, this rule can change based on the bank’s policies6. It’s best to ask about the balance requirement when you apply for the card.
“The Prepaid Dollar Card allows Nepali customers to conveniently make online purchases and receive payments for exported services up to certain annual limits.”
Meeting the basic requirements lets Nepali customers enjoy the Prepaid Dollar Card’s benefits. These include making online buys and getting payments for services exported6. But, remember the card has annual and transaction limits you should know about.
Application Process for Dollar card in Nepal
Getting a Dollar card in Nepal is easy. You can apply online or in person at a bank7. It’s up to you to decide what works best.
Online vs In-branch Application
If you want a Dollar card fast, apply online. You can get a virtual card the same day8. But, if you want a card with your name on it, go to a bank branch. It takes about 10 working days to get it.
Processing Time for Card Issuance
The time it takes to get a physical Dollar card varies. It usually takes about 1-3 working days7. This lets the bank check your info and send the card safely.
Remember, the time can change based on the bank’s work and your application details. Knowing the process and time helps you plan. This way, getting your Dollar card in Nepal is smooth.
Activating and Using Your Dollar Card
After getting your Prepaid eCommerce Dollar card from a Nepali bank, you need to activate the 3D Secure feature. This is for safe online shopping. You can do this through the bank’s mobile app or website9. With 3D Secure on, your online buys are extra secure and easy.
Allowable Transactions and Limits
The dollar card is made for online shopping and payments. You can load up to $500 a year on it2. For services sold abroad, you can get up to $5,000 a year on the same card.
For foreign withdrawals, you can take out USD 200 at a time, up to USD 200 daily, and USD 5,000 monthly9. But, this doesn’t apply in India. For foreign purchases, you can spend up to USD 2,500 at once and USD 2,500 daily, excluding India9.
Manual transactions are not allowed to keep your card safe9. You can block or unblock your card and reset your PIN anytime through the bank’s app9. You’ll also get SMS and email alerts for your transactions and bills9.
It’s wise to change your PIN often and sign up for email alerts9. This way, you can enjoy safe and easy online shopping with your dollar card.
dollar card in nepal Loading and Reloading
Getting a Dollar Prepaid Card in Nepal makes international transactions easy. But, knowing how to load and reload it is key10. Banks in Nepal give out these cards, mainly Dollar Prepaid Cards, with a yearly limit of $500 per person10. Big banks like Machhapuchchhre Bank Ltd, Nabil Bank Ltd, and NMB Bank Ltd now offer these cards as per the central bank’s rule11.
Eleven banks in Nepal can issue prepaid dollar cards. These include NMB Bank, Nepal Investment Bank, and Prabhu Bank. Also, Siddhartha Bank, Nabil Bank, Mahalaxmi Bikas Bank, and Kumari Bank. Global IME Bank, Himalayan Bank, Machhapuchchhre Bank, and Sunrise Bank are also on the list11.
Annual Load Limits
The yearly limit for loading a Dollar Prepaid Card in Nepal is $500 per person. This starts from when the card is activated. If someone earns more in foreign currency, they can get a higher limit10. But, you can only get a card from one bank. And you can’t go over the $500 limit unless you earn more10.
Fees for Loading and Reloading
The costs for loading and reloading a Dollar Prepaid Card vary by bank. There’s usually a one-time card application fee (around Rs. 500) and a balance topup fee (around Rs. 500 per request)10. For example, Nabil Bank Ltd charges Rs 1,000 as a subscription fee, Rs 500 as a reload fee, and $5 for re-issuance fees for their Dollar Prepaid Cards with a four-year validity1011. A load fee of Rs. 500 is charged each time customers reload their dollar account11.
Customers can add funds to their Prepaid eCommerce Dollar card through their bank’s mobile app, website, or by visiting a branch11. The yearly limit is $500, but you can load it all at once or spread it out as needed1011.
“The Dollar Prepaid Card allows me to conveniently make online purchases in foreign currencies without the hassle of carrying cash or exchanging currency.”
– A customer’s perspective on using a Dollar Prepaid Card in Nepal.
Benefits of Using a Dollar Card
The Prepaid eCommerce Dollar card is great for Nepali customers. It makes buying things online from abroad easy. You can pay in U.S. dollars without converting currencies, which saves time and effort12.
This card also keeps your online payments safe. It uses 3D Secure to protect against unauthorized transactions12.
Convenience for International Transactions
The Prepaid eCommerce Dollar card is perfect for online shopping abroad. It can only be linked to personal savings accounts, not business ones12. This makes it great for buying things online from other countries or subscribing to services.
Security Features for Online Payments
Using the Prepaid eCommerce Dollar card makes online payments safer. It has 3D Secure, which adds extra security against fraud. This ensures your payments are safe from unauthorized use.
Also, this card is more secure than regular debit or credit cards. If it gets lost or stolen, you only lose what’s on the card, not your whole bank account.
“The Prepaid eCommerce Dollar card offers a convenient and secure solution for Nepali customers to make international online transactions with ease.”
In summary, the Prepaid eCommerce Dollar card has many benefits of dollar card in nepal and advantages of using dollar card nepal. It makes international online shopping easy and safe. These features make it a good choice for Nepali customers who shop online abroad12.
Conclusion
The Nepal Rastra Bank has introduced Prepaid eCommerce Dollar cards in Nepal. This has opened new doors for Nepali customers to make international online payments and use services13. These cards allow users to load up to $500 a year and receive payments up to $5,000 for exported services13.
Understanding how to get these cards is key. It helps individuals and businesses make secure payments across borders. This opens up a world of global opportunities.
Different banks like Nabil, Global IME, and Kumari Bank offer dollar cards13. This gives customers the chance to pick the best card for them13. These cards come with benefits like mid-market exchange rates14 and no fees for spending in held currencies14.
They also have mobile apps for easy use14. This makes managing international transactions simple and safe.
The need for cross-border payments and online services is growing. The Prepaid eCommerce Dollar cards in Nepal are a big step forward. They let Nepali customers join the global digital economy.
By using these cards, people and businesses can reach out to new markets. They can explore opportunities beyond Nepal’s borders.
