Mobile-Based India–Nepal Personal Account Money Transfer Service Launched
A service allowing individuals to send money between Nepal and India directly through mobile phones has been launched. The facility has been introduced through selected banks and financial institutions.
According to Nepal Clearing House Limited (NCHL), around 9 to 10 major commercial banks have already started providing this service to their customers. Users can send cross-border funds through their respective banks’ mobile banking apps or via the Connect IPS mobile application.
A “cross-border fund transfer” option has been introduced for this service. To transfer money, users must use a virtual payment address such as a bank account number or mobile number.
On the Indian side as well, the service is currently live only with selected major banks. NCHL stated that the service will be gradually expanded to other commercial banks, development banks, and financial institutions.
The system has been in internal testing for the past week, and NCHL is preparing to make an official announcement soon. Daily and monthly transaction limits and service fees have already been set.
Meanwhile, Nabil Bank has officially announced that it has launched a Nepal–India–Nepal real-time P2P remittance service through its mobile banking app, N Bank.
Under this service, Indian citizens with accounts in Nabil Bank can instantly send money to family and friends in India via mobile app. Similarly, both Nepali and Indian citizens can transfer money from India to the accounts of their family and friends in Nepal held at Nabil Bank.
The bank has set a daily limit of INR 15,000 and a monthly limit of INR 100,000 for sending money from Nepal to India. For transfers from India to Nepal, the daily limit is INR 200,000, while no monthly limit has been specified (i.e., unlimited).