How Much Money Can I Send to Nepal Online?

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Many Nepalese expatriates work hard in Australia and frequently transfer funds back home to Nepal. Their families rely on this capital to cover daily expenses and even urgent needs. Understanding the amount that can be sent online helps avoid surprises and potential delays. However, there is no precise figure for that because many factors work collectively to determine the transfer limit to send money to Nepal online from Australia.

In this guide, we will go over all of these factors, from platform-specific restrictions to legal requirements, to help you comprehend the transfer limits. But first, let’s explore why you should choose online remittance and that too from RemitBy.

Why Send Money To Nepal Online?

When sending money from Nepal to Australia, instead of knocking on the doors of banks and deal with time-consuming with their time-consuming remittance process, you can rely on RemitBy. Our online international money transfer service is far better than traditional methods due to the following reasons:

Online money transfer orders are processed in real time, whereas the traditional method takes days and even weeks.
You can transfer your funds from anywhere and anytime to Nepal through our mobile application.
We employ advanced encryption, authentication, fraud protection systems, and other security protocols to protect your funds.

RemitBy is the leading remittance service provider that offers online money transfer services from Australia to Nepal. We help our customers send money effortlessly to Nepal, maintaining compliance with necessary regulations.

Regulations and Compliance Governing Money Transfers

Both Australia and Nepal have strict regulations for international money transfers. AUSTRAC enforces Australia’s money transfer laws under the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) Act. They have set the transfer limit at AUD 10,000. Any amount exceeding this must be reported and the sender needs to provide valid proof, like proof of income and mention the transfer’s purpose.

Similarly, Nepal Rastra Bank (NRB) oversees the remittance operations in Nepal. It imposes daily or monthly withdrawal limits as per the account type. Furthermore, for large withdrawals, the account holder must provide the necessary documentation to the bank in order to verify the source of the funds.

Platform-Specific Limits To Send Money To Nepal Online

Now, the selected platform can establish a defined limit for transactions to enhance security and ensure regulation compliance of money transfers.

RemitBy is efficient at processing both small and larger financial transactions. Our transfer limit further depends on some parameters like your account’s age, which instills trust that your account is verified. Mostly, we don’t support large-sum transfers for first-time users due to safety concerns. However, you can request large transactions and provide the necessary documentation to support the transfer’s reason and authenticity.

Common Factors Affecting The Transfer Limits For Money Transfers To Nepal

Here is the list of factors that influence the transfer limit to send money to Nepal from Australia:

Verification Levels

Users who have verified their accounts with the required credentials, such as government-issued Australian ID, proof of address in Australia, and financial records, get better flexibility for sending larger-sum remittances.

Purpose of Transfer

Larger transfers, either for business transactions, educational fees, or some major emergency, mostly require additional documentation. You might need to mention the purpose in detail in order to verify the authenticity of your money transfer.

Exchange Rates and Fees

Although the exchange rates and fees don’t have a direct impact on the transfer limit, they do affect the actual amount that reaches Nepal. RemitBy offers the most competitive transfer fees and tailored exchange rates, maximising your transfer value.

Cumulative Transfers

If you make frequent transfers over a short period of time, it suggests that there are some suspicious reasons for the transfers. It may result in limitations since it may surpass your monthly limit and prevent approval.

Destination Bank Policies

Even the recipient’s bank can have some limit on incoming transactions. In such instances, larger transfers can be put on hold or even returned.

Tips For Large Money Transfers To Nepal From Australia

You can make these high-value transfers if you have more money to send to Nepal and it is for legitimate purposes. Here are some tips that can help you carry out bigger transactions while complying with government regulations:

You can break the transfer amount into smaller units and send them over a period of days and even weeks, considering the platform’s monthly limits.
Upgrade your account by providing extra credentials to verify your profile that could help you facilitate large-scale remittances.
Reach out to customer care and explain the reason for the transfer. Make sure to provide them all the documents and details they might demand to verify your request.
Keep the recipient’s bank withdrawal and incoming transaction limits to avoid substantial remittance failure.

Conclusion

To sum up, the amount you can send to Nepal from Australia depends on regulatory limits, platform rules, and your verification status. With RemitBy, you can send significant amounts easily, as long as the purpose and income source are legitimate. There is no need to wait in bank queues and wait for weeks for your money to reach your loved ones, as we can instantly send money to Nepal online. We ensure that you get the best value for your remittance by offering a customised exchange rate and no transfer fee for the first three transfers. Get in touch to know more.