You are currently viewing Are you ready to get your International Prepaid Card in Nepal in 2022? | Opening International Payment Gateway

Are you ready to get your International Prepaid Card in Nepal in 2022? | Opening International Payment Gateway

Nepal Rastriya Bank (NRB) finally passes a second curriculum regarding International Prepaid Card in Nepal. On the circular NRB clearly mentions that the card can be used for buying International legal goods from Nepal, however, the current price limit is just USD 500 / year as of now.

NRB Circular | Prepaid Card | International Prepaid Card

To follow the previous article, visit the International Online Payment Gateway in Nepal. As per NRB, only A-Class Banks and B-Class Banks are licensed to distribute Prepaid Card for now.

Class A Commercial BanksClass B Development Banks
Kumari BankNarayani Development Bank
Nepal BankKarnali Bikas Bank
Rastriya Banijya BankExcel Development Bank
Agriculture Development BankTinau Mission Development Bank
Nabil BankMuktinath Bikash Bank
Nepal Investment BankLumbini Bikash Bank
Standard Chartered BankCorporate Development Bank
Himalayan BankSindhu Bikas Bank
Nepal SBI BankMiteri Development Bank
NIC Asia BankSaptakoshi Development Bank
Find More at List of A-Class Commercial BanksFind More at List of B-Class Development Banks

Perks of having International Prepaid Card

Do you remember the phrase ” I know a guy who knows a guy” when you asked your friend for a Netflix account?

I know a guy who knows a guy | Netflix | Sumir Acharya

Well, I know there are plenty of middlemen that distribute your Netflix accounts in Nepal, but however, you can have your own Netflix Account with this International Prepaid Card. That’s only 0.1% of things you can do. The list goes on and on. You can boost your post yourself, if you are a learner, you can enroll in different learning courses.

Before you ask yourself “Wow, can I invest in cryptocurrency now?”, stop that. NRB is only allowed to purchase things that are under the legal act of Nepal.

Proposal to apply for International Prepaid Card

  1. To issue a prepaid card for an individual, institution, firm, or organization, the said party should first fill up and submit their KYC and PAN details.
  2. Commercial banks can deposit up to USD 500 (or its equivalent amount in other currency) on the request of their customers; based on the exchange rate of the requested date. Before making the deposit, the bank should adjust the appropriate taxes in advance.
  3. Throughout the year, a user can make transactions worth up to USD 500 only.
  4. Users will be strictly restricted from buying goods/services that are deemed illegal by upholding Nepalese law.
  5. In case the user has indulged in transactions worth less than USD 500 throughout the past year, the bank can make the next deposit not exceeding the stated amount at any time.
  6. If the user delivers proof that s/he has earned at least twice the deposited amount, then the user can deposit an additional amount on their Prepaid Card.
  7. One user cannot avail of the service from more than one bank. If found doing so, then s/he will be subjected to the action based on the existing Foreign Currency Act. Neither can a user deposit international currency in another person’s name/card.
  8. This system lies on top of the Money Laundering Prevention Act, 2064. So, the user will have to follow all the regulations directed by the act.
  9. The bank should submit the card, transaction details of its users every month; with one week’s buffer period.

Unseen Sights of International Prepaid Card

It’s definitely a brave and strong move to open International Payment Gateway in Nepal. Not only that will make Nepal a step closer to Digital Nepal but also helps to bring technologies to Nepal. But the dark side is that our local markets will also be heavily dominated by the international market.

Also, NRB has only mentioned how to deposit and purchase the goods through an international prepaid card, and for that, we have to deposit a certain amount ($500 or less) in your prepaid card. But if you have to receive the amount in your prepaid card, NRB has only mentioned that it will provide an additional (bonus) amount if the user brings more than $500 to their account.

However, the final notice regarding the receiving side is not mentioned yet. Even though $500 is a small amount for using up to a year, the law regarding this will be adaptable in near future as per the situation.

You can find Official Proposal of NRB here.

Leave a Reply