Finally MasterCard Now Available In Nepal
No More Hassle To Boost Youtube Videos, Facebook Post, Websites Contents, To Buy On Any International Ecommerce Sites And Many More From Nepal.
December 9, 2020
How can we get a Mastercard in Nepal?
This was the question that ruined many Nepali peoples' minds who used to do Freelancing, TOEFL/GRE test, Netflix Subscription, buy products on Amazon’, do Online Ads, and many more.
We all definitely come under the same issue that to get a Mastercard in Nepal which works in other countries is quite difficult. Also, the payment gateway that was available in Nepal was limited within its own. There was no easy way to send or receive money from Nepal or to Nepal. In the past of course there are few ways to do so, but it's quite a hassle and time-consuming.
If we shop online from international sites or work online, you might have noticed that PayPal/Payoneer is the most preferred payment gateway used by millions of people and thousands of businesses world over. If you check the PayPal website in the past, you have often seen that Nepal is listed as a supported country. However before December 2020, we Nepali peoples had ever received funds on the PayPal account that we created from Nepal. Before December 2020, PayPal accounts in Nepal were just sent only. Technically speaking, it is also impossible to send funds via Nepal based PayPal accounts. In order to send funds, we need to either link our Credit/Debit cards or have funds in our account. Since Debit/Credit cards from Nepali banks do not allow international transactions, PayPal/Payoneer does not accept Credit/Debit cards from Nepal.
To short out these issues in Nepal from the previous couple of decades we people used to create an account based on the country where PayPal was accepted and do PayPal transactions without any problem.” Of course people lived in Nepal used to send or receive funds, however people could not withdraw the funds and use it for everyday needs. Many Nepali people used to take help from their friends/relatives in the US. They used to send their PayPal funds to their friend’s/relative's PayPal account and then they sent money via Western Union by withdrawing. This arrangement worked fine for years.
From couple of years ago many many Nepali tech enthusiast offered PayPal solutions in Nepal through several social media platform. They used to say that they will not only help us to create a verified PayPal account but also an account that allows us to send, receive and withdraw the balance to our bank. But most often people suffer from scam.
But Finally Nepal Rastra Bank reviewed this policy regarding international transactions. There are a lot of people working online from Nepal internationally. And finally we have some things to cheer about.
International Payment Finally Allowed in Nepal. NRB Approves Nepalese Equivalent of Paypal and Payoneer
How Paypal/Payoneer works? What are the benefits of using them ?
From now when we receive money via PayPal it does not sit in our PayPal account, rather it is automatically transferred to the bank account that we have linked to. Now when we will send funds, we will be sending directly from the linked bank account.
We all know that PayPal/Payoneer are the most preferred payment gateway. Now we will be able to shop online from international sites or work online.
They are the faster, more secure way to pay online. In addition to one-time purchases, they simply make recurring payments to all your monthly bills and subscriptions. More secure and reliable than National payment gateways like Khalti, Esewa and IME Pay.
Proposed Management By NRB :
In point 66 of the review document of the first quarter of the fiscal year 2077/78, there was a statement that can be translated into:
"Arrangement will be done for currency conversion for limited purchase/ import of foreign goods and services."
In continuation of that initiation, NRB has now unveiled a descriptive document. Here are some important points where we innovatorsnepal.tech members want to overlook at:
1. Those person, firm, company & organization who wants to issue a changed foreign currency 's prepaid card, amount in NRs. deposited in certain bank will be converted to preferred currency accordingly. While issuing a a card , the concerned user needs to specify their (Know Your Customer) KYC details & should own PAN no.
2. Commercial banks on users request will allow deposition of lesser or equal to $500 only in prepaid cards, taking into great care of that day's exchange rate.
3. Commercial banks, on purchase of the international goods & services, will deduct tax from the same account as per the rules specified by govt.
4. Users are facilitated to utilize a max amount of $500 on a single or multiple withdrawal basis annually.
5. Users are encouraged to go on a bundle with the international payment system as per the specifications of govt rule.
6. Deposition on the account also is limited to $500 for a year.
7. The Prepaid card users should not be bound with the same facility from other banks. Users should solely deposit an amount on his/her private account with their own identity.
Note:
Meanwhile, commercial banks were allowed to make the payment on behalf of their clients. While they could pay for amounts up to $3,000 on the client's request, amounts higher than $3,000 and up to $10,000 needed the regulator's recommendation.
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