How to Transfer Money to a Nepal Bank Account from Australia?

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When sending money to Nepal from Australia, knowing your options is better for successful money transfers. Nevertheless, there is a traditional bank-to-bank transfer available; there are other money transfer services in the market offering money transfers to bank accounts.

Options like wire transfers, remittance services, international money orders, etc; each come with their respective perks, speed, and convenience, providing uniqueness to them. In this blog, we will mention all the most preferred ways to send money to a Nepal bank account from Australia, from traditional to the latest online options.

Different Ways to Send Money to Nepal Bank from Australia

Let’s understand the differences between different money transfer services to choose the best option for your needs.

Transfer Method

Description

Transfer Limit

Time Taken

Transfer Charges

Bank drafts and cashier’s checks

Send a physical check in Nepali currency

Varies from bank to bank

A week to a month or more

Varies By Bank

SWIFT/wire transfer

Use a network of multiple banks for international money transfer

Varies from bank to bank

2-5 business days

Transaction fee and exchange rate markup

Western Union

Online transfer service available for swift transfer

AUD 5,000

Instant to same-day transfer possible

Transfer Fee And Exchange rate markup

Online Remittance Service

Digital platforms for convenient money transfer

Varies by provider

Instant to 1-3 business days

Varies by provider, usually with low exchange rates.

Bank Drafts and Cashier’s Checks

Although bank drafts and Cashier’s Checks aren’t widely used, they represent one of the safest methods for overseas money transfers. A sender demands the bank issue a bank draft on its behalf by paying them the transfer amount and necessary charges. After this, it is mailed to the recipient to collect money from their bank account. Similarly, the cashier’s check is issued by the bank and used for larger sums of money transfers. It is quite a slow process, and the transfer fee is rather high as well.

Steps to send money through bank draft or cashier’s check:

Visit a nearby bank in Australia
Demand a bank draft or cashier’s check.
Give the necessary recipient details to the bank.
Mention the transfer amount and pay them the overall transfer charges as well.
After this, a bank draft or cashier’s check is mailed or couriered to the recipient.
Once received, the recipient deposits the check into their bank account to fetch funds.

SWIFT/Wire Transfer

SWIFT, or international wire transfers, is considered quite a reliable method due to the involvement of major banks and trusted financial institutions. Basically, it includes sending and receiving money using the SWIFT banking network operating worldwide.

SWIFT/Wire Transfer has high transaction limits, so it is quite beneficial when transferring a large sum of money. However, the transfer charges are quite high due to the involvement of multiple intermediary banks and adding their respective fees at each step. Additionally, transfer time is usually a couple of days to a week, depending on the number of banks involved.

Also Read: Limitations on the Amount of Money While Sending to Nepal from Australia?

Here is a basic process for using SWIFT for money transfers:

Log in to the bank application using your credentials.
Select the “Payments” section from their main dashboard and pick the International Payments option.
Mention the required information, including the recipient’s name, bank details, and SWIFT/BIC code.
Enter the transfer amount and currency.
Confirm the transaction details and submit the transfer

Western Union

Western Union has been a leading money transfer service provider facilitating international money transfers since 1851. It offers a range of services to send money globally, including cash pickups, bank account transfers, and more.

The maximum limit for sending money is AUD 5,000, but it varies as per the account usage, and some other factors. Although their service is quite fast due to instant cash pickup and fast bank deposits, their exchange rates aren’t competitive.

Steps to transfer money using Western Union:

Visit the Western Union website
Provide your details and create a password to sign
Select a payment method (bank account, card, or cash).
Enter recipient details (name, location, and payout method).
Input the transfer amount and the receiving currency
Select the mode recipient will receive the funds
Confirm the amount and fees before proceeding.
Complete the transaction
Share the tracking number (MTCN) with the recipient.

Online Remittance Service

Online remittance services have become increasingly popular these days as they can transfer money quickly and at significantly lower costs than Western Union, bank wire transfers, and other methods. These services utilise advanced technologies to ensure secure and efficient money transfers. Moreover, they provide web as well as mobile applications, allowing users to send money online or on the go. Unlike traditional banks, they provide transparency by displaying upfront fees during the transfer process, avoiding hidden surprises.

Many providers, such as RemitBy and Speed Remit, specialise in facilitating transfers to Nepal from Australia. RemitBy stands at the top of the remittance industry, offering a seamless remittance experience for its customers. Here is our 3-step process:

Create an account citing basic information like name, phone number, email address, etc.
Mention the transfer amount and the recipient’s personal and bank details.
Make the payment and track the transaction status from your account.

Why Choose Remitby To Send Money To Nepal From Australia?

Fast Money Transfer

Recognising the significance of time sensitivity in financial transactions, we carry transactions at lightning-fast speeds, usually within a day.

Reasonable Exchange Rates

We provide favourable exchange rates with no hidden charges and extra costs to ensure your loved ones get the maximum value of your transferred money.

Security Measures

Emphasising the safety of our users, we secure personal details and finances using various robust encryption protocols.

Legal And Compliant

We provide completely legal cross-border remittance services. Our platform is compliant with all the legal regulations required to offer remittance services from Australia to Nepal.

Feature-rich Platform

Our money remittance platform is equipped with all the right features and powered with the latest technologies to efficiently manage and carry out multiple transactions.

Wrapping Up

In conclusion, there are multiple alternatives to transferring money to a Nepal bank from Australia. Traditional options like bank wire transfers and services like Western Union are reliable yet costly and time-consuming.

Though, online remittance services such as Remitby offer the best value for transferred money with fast, secure, and legal money transfers at competitive exchange rates. Whether you wish to transfer money to your family or carry out significant business transactions, Remitby is the name to trust when transferring from Australia to Nepal.