Nepal Rastra Bank, Nepal’s National Bank has recently announced the provision to allow international payment through a prepaid card.
Previously, International prepaid cards were not allowed to the general public and only those who have dollar account to receive dollar payment from international sources could get International prepaid card. Even them couldn’t load dollar directly from our Nepali rupees.
Most of the people had to use cards or PayPal of their relatives living abroad or had to go through illegal third party service to use international services like Netflix, Amazon prime, Facebook Ad, international hosting, and more.
Recently, NRB announces new circular by amending Forex Unified Circular 2076 to permit international payment through prepaid card.
With this development, anyone in Nepal can enjoy international service by paying through legitimate source.
Summary of new circular (Paripatra) from NRB to use an International prepaid card in Nepal.
Ka and Kha class bank can issue international prepaid cards to individuals and organizations and users can load a maximum sum of $500 on yearly basis.
Other rules that need to abide by the cardholder to use the international payment service in Nepal.
- Any individual or organization can get prepaid card for international payment.
- KYC and PAN must be submitted to bank before receiving prepaid card.
- Existing NPR balance in the bank account can be exchanged and loaded into international prepaid card.
- User can spend maximum of $500 equivalent in foreign currency through a international prepaid card in a year.
- If the cardholder can generate foreign income, card holder can spend up to sum of $500 and foreign income but it will be limited to $5000 per year.
- These card can be used only for payment made for the purchase of goods and services allowed by the law. We can’t use these card to transfer money to other account or withdraw money from ATM or use in POS
- Single user can have only one international prepaid card.