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Trusted by 150plus million consumers spread across the world, MoneyGram has been serving the community for more than 80 years. MoneyGram offers money transfer and other financial services around the globe for individuals and businesses to send and receive money internationally. It operates in over 200 countries and territories and has a network of agents and branches around the world.

How to Send Money from MoneyGram to Nepal?

MoneyGram allows customers to send money back to their friends, family, or businesses in different currencies throughout the world. Customers can send money to Nepal through Moneygram by following very easy and simple steps:

• Find a MoneyGram agent location:Customers can Visit the MoneyGram website or use their mobile app to find a nearby agent location that offers services to Nepal.
• Collect necessary information:
  1. Recipient’s details, including their full name as it appears on their identification document,
  2. Contact information, and
  3.  Pick-up City
• Visit the agent location:Visit the chosen MoneyGram agent location and fill out a send form. Provide the necessary information, including your name, address, and contact information.
• Provide the recipient’s details:Fill in the recipient’s information accurately on the form. Double-check the spelling of the name and other details to avoid any issues.
• Choose the payout option:Select the payout option for the recipient in Nepal. IME offers cash pickup, bank deposit and direct wallet deposit facility in Nepal.
• Payment:Make payment to the agent the amount of money you want to send, along with the transfer fee and any additional charges.
• Collect the receipt: After making the payment, the agent will provide you with a receipt that contains the reference number (also known as the tracking number or transfer control number). Keep this receipt safe, as you will need it for tracking the transfer and sharing the reference number with the recipient.
• Share the reference number with the recipient:Inform the recipient in Nepal about the transfer and provide them with the reference number. They will need it to pick up the money.IME has 35000 plus agent payout locations spread across Nepal which allows customers to receive their sent money in cash.

For countries like Nepal, overseas migration has become one of the leading sources for earning foreign currency and has played a crucial role in reducing the unemployment problem that has hindered the economic stability of the country.

The trend of Nepalese workers going for foreign employment has been increasing every year. Not just unskilled but also highly skilled, efficient, and trained manpower are moving out of the country in search of better opportunities, better pay, and better living standard.

Send Money from All over the world to Nepal:

One can send money from any part of The remittance facility has been one of the major boons for most families in developing nations.  These remittance facilities have helped most families to sustain their livelihood as well as improve their living standards. Most families in developing nations depend on the money sent by their family members back home in order to fulfill their basic and additional needs.

Not just families, but remittance facilities also play a very important in the economic growth and development of the country. Most of the developing countries depend on remittance in order to sustain economically and carry out their infrastructural development activities.

the world to Nepal through:

1. Agent’s Website or App

2. Money Transfer Agent location

3. Mobile Wallet

Most money transfer companies like RIA, MoneyGram, Unimoni Exchange, Al-Ansari Exchange, and many more allow senders to send money to Nepal directly from their websites. However, one can visit their physical location nearby and provide all the necessary details like the receiver’s name, location, mode of receiving the sent money, and so on to the agent counter and send the required amount back to their loved ones.

IME has 35,000 plus agent locations spread all over Nepal which allows customers to receive their money in a very easy and safe manner.

For the past 20 years, IME Limited is a forerunner thriving to serve the migrant workers involved in foreign employment by facilitating them to send back their hard-earned money to their families at home in the safest, most credible, and most secure way. No matter the hardship of the situation, IME has always made an effort to make remittance services affordable and accessible. We believe the reliable service we have been offering for the past 20 years is the sole reason for IME to stand where it is today. As a pioneer in formalizing the remittance channel, today, IME takes pride in bringing in remittance money from more than 100 countries.

A leading global provider of cross-border remittance, foreign exchange, and payment solutions, Unimoni Exchange offers a wide range of services to help individuals and businesses send and receive money across the world.

Unimoni enables individuals to send money to their loved ones from various countries and the same can be received by the receiver back at the destination country either in their respective bank account, cash or directly in their mobile wallet.

How to Send Money to Nepal from Unimoni Exchange:

1. Visit a Unimoni branch or agent in a location nearby. The information regarding the location can be found on  Unimoni’s website or one can contact their customer service.

2. Prepare necessary documents:

• Identification documents (such as a passport or national ID), proof of address, and any other documentation requested by Unimoni.

3. Provide recipient details:

• Recipient’s information, including their name, address, and contact details.
• Recipient’s bank account details or a cash pickup option if available.

4. Specify the transfer amount:

•  Inform the Unimoni representative about the amount you wish to send. They will provide you with the exchange rate and any applicable fees or charges.

5. Pay for Transfer:

• Unimoni accepts various payment methods such as cash, bank transfers, or card payments, depending on the location.

6. Obtain the receipt and reference number:

• Once the transaction is completed, ensure you receive a receipt with a reference number. This reference number is essential for tracking and verifying the status of your transfer.

7. Share the reference number with the recipient:

• Provide the reference number to the intended recipient, along with any other instructions they may need to receive the money. If the recipient is picking up cash, they will usually need to provide identification to collect the funds.

IME has 35,000 plus agent payout locations spread across Nepal which allows customers to receive their sent money in cash.

It is important to ensure every individual is provided with an opportunity to utilize their financial earnings not just for the purpose of saving it but also investing it in the right kind of investment tools.

Are you Financially Included?

It is important for every individual and community to examine whether they are financially included or not as it will have impact on their overall financial being. An individual or a community is considered to be financially included, if and only if they have proper access to financial services which enables them to save money, invest it in a profitable manner, send or receive money and also apply for lending facilities.

Digital Financial Inclusion:

With digitization taking over the banking and financial industry, the need to be digitally financially included has gained the utmost importance. The use of the latest tools and technologies in the financial sector indeed has made financial services much more accessible and convenient but at the same time, ensuring those services are accessible to every individual irrespective of their social or financial status holds utmost importance. Digital financial services include mobile money, online banking, electronic payments, and other fintech services which has the potential to reach even those excluded before digitization took over.

Financial Inclusion Initiatives Undertaken by Nepal:

Some of the financial inclusion initiatives undertaken by Nepal are listed below:

• Under The Strategic Plan (2012-2016) enhancing financial inclusion will be identified as a strategic priority.
• The Monitory policy of 2016/2017 focused on deepening financial inclusion through financial literacy and access to financial services.
• It has been made compulsory by the NRB for all financial institutions to make low-cost funds available to MFI which will facilitate access to financial services to underserved areas.

Major Highlights:

• According to data released by World Bank (2015), 25.3% of the adults in Nepal have an account at a financial institution.
• As per UNCDF (2015), 18% of Nepalese adults are excluded financially which means they have no access to financial services.
• 52% of the banked population are men whereas 48 %are women.
• 57% of adults claim to save money whereas 46% claim to borrow.
• The top five sources for taking loans are:

                1) Money lenders in the community (21 percent),

                2) Banks and MFI’s(10 percent),

                3) Co-Operatives (9 percent),

                4) Saving groups (8 percent),

                5) Family and Near/Dear ones (8 percent).

Despite the efforts undertaken by the fintech companies, government, and communities, the challenges like low financial literacy, inadequate infrastructural facilities, and lack of technological knowledge have significantly impacted achieving financial inclusion goals. For a country like Nepal, financial inclusion should not just be a choice but a necessity for the economic growth of the country.

A leading money transfer company with a worldwide network of 507,000 locations in 160 countries, RIA has been offering world-class money transfer services since its inception. Established with the mission to ensure migrant workers had options of sending money without the need to sacrifice peace of mind for a fair price, RIA has been making the world a smaller place by closing the distance between families and loved ones living across different countries of the world.

You can send money to Nepal from all over the world through Ria Money Transfer from:

1. The RIA App
2. Website
3. In-person

RIA App

If you want to send money directly from the RIA app, follow these easy steps:

1.   Create an account (if you haven’t already)

2.   Tap Send or Send money now

3.   Enter your money transfer details:

• The Country you are sending to
• The amount you want to send
• Payment method
• Delivery method

4.   Review the total cost and tap Continue

5.   Select or add a recipient

6.   Select a saved Payment method or add a new one and click Continue

7.    Review the details of your transfer and tap Confirm to send

You can also send the money directly to IME PAY wallet from RIA app.

Sending money from the website

1.    Create an account (if you haven’t already)

2.    Click ‘Send money’ on the left-hand side of the screen

3.    Choose the country you’re sending money to

4.    Enter the amount you want to send

5.    Choose your Payment method

6.    Choose the Delivery Method

7.    If you have a promo code, add this now

8.    Click Continue

9.    Now add your recipient. You can choose an existing recipient or click Add a new recipient

10.  Click Continue

11.  Choose one of your existing payment methods, or add a new one

12.  On the Review details screen, check that everything looks correct

13.  Click Send to get your money on its way.

Sending money in person

With more than 490,000 locations around the world, you can find a Ria location near you to send money. Scan the QR code below to find a Ria location today:

You can receive your sent money in Nepal directly in the receiver’s IME pay wallet or in their bank account. If you wish to receive it in cash, IME has 35000 plus agent network spread across the country, you can cash out your remittance amount from any of these agent counters.

As one of the important indicator showing relationship between migration and development, remittance plays a vital role in driving economic growth and prosperity mostly for the developing countries. Cross border remittance provide fuel for global economic growth. In many countries, the remittance contributes substantial portion of Gross Domestic Product making it one of the major factor for their economic stability.

With digitization taking over the world, the remittance industry too gradually started moving towards same. New fintech players have entered market with new digital remittance models with lower cost and better services. A new concept of getting the remittance amount directly into their mobile wallet came into existence which significantly changed the process of receiving and sending remittance.

Large number of mobile money operators started partnering with money transfer operators with the motive of facilitating international remittance payment. Today, wallet-to-wallet cross-border remittance service has been seen as a tremendous opportunity that has benefitted customers by making transfers easier, safer and faster.

In the context of Nepal which is one of the top 20 countries in the world that receives the highest amount of remittance, the wallet-to-wallet cross border service and real-time account deposit facility has played a significant role in remittance enhancement.

Globally, almost $2.1 billion money gets transacted every day via mobile and $1 billion international remittance gets transferred everyday through the same. This indicates that the trend of receiving or sending remittance directly into their digital wallets have increased tremendously making it a part of people’s livelihood.

The spike in usage of digital wallet was significantly high during the pandemic as a result of which digital transaction became necessity rather than an option. Covid 19 created new financial challenges and exacerbated the existing ones. Those who were dependent on traditional methods of send/receive money took a leap and started accepting the digital mediums. The acceptance rate of mobile money increased as the physical movement of people decreased due to the ongoing pandemic. In 2020, the number of registered accounts increased by 12.7 % i.e. to 1.21 billion accounts around the globe which was double than what was forecasted.

With the increase in the trend of carrying out financial transactions whether it be merchant payments, top-ups, utility bill payments through mobile wallets, the policy makers started recognizing the need to secure the authentication channel which indeed helped cross-border remittance to take off. Moreover, new partnerships and collaborations led to greater connectivity between mobile money users and diasporas networks resulting in greater flexibility.

Thus, with continuing innovations like that of digital wallets, the remittance industry will continue to grow. 

Every now and then we come across newspaper headlines that reads “Sharpest decline in Remittance” “Decline in Remittance predicted” “Economy fall due to remittance decline” and many more of such. Before we talk about how economy gets impacted due to fall or rise in remittance, we need to understand what remittance actually is.

What is Remittance?

Regarding the word formation, the term is derived from the word “remit” meaning “to send back”. Thus, in simple words, remittance refers to the act of transferring or sending certain amount of money by one party to the other. Most often people consider the transfer of funds overseas as remittance but the transfer within the country also comes under the same. As the trend of foreign migration is escalating, mostly among the working age group more so from the developing nations, the word “remittance” today has become a common household term. As a non-residents national, people face the need to send across money back home to their families for different purpose of life.

How helpful is remittance?

The remittance facility has been one of the major boon for most families of developing nations. These remittance facilities have helped most families to sustain their livelihood as well as improve their living standard. Most families of developing nations depend on the money sent by their family members back home in order to fulfill their basic and additional needs. Not just families, but remittance facility also play a very important in economic growth, development of the country. Similar to many developing nations like Haiti, Kyrgyzstan and Honduras; Nepal’s economy also relies on remittances. Almost 30% of Nepal’s GDP is contributed by remittance indicating it to be one of the most important source of revenue.

What are the types of remittance?

Since we have learned what remittance is and its role in economic growth, infrastructural development of a nation, let’s find out the different types of remittance based on the process of transaction. Based on same, remittance is divided into two different categories:

• Inward Remittance
• Outward Remittance

Inward Remittance:

The term inward remittance indicates transfer of funds from one account to another either domestically or internationally. In order to understand inward remittance, an easy example has to be the fact that most of the families have children living abroad either for work or study purpose and when they send money back home, it is termed as inward remittance for the family at home country. Likewise, when parents send across money to their children, it becomes inward remittance for them.

Outward Remittance:

The transfer of funds out of the country or overseas is termed as outward remittance. For instance, if parents transfer funds from their account to their children’s foreign account in order to support them, that becomes outward remittance for the parents. Outward remittance is applicable for the countries that send money whereas inward remittance is applicable to those countries that receive the same.

Keytakeaways:

• A remittance refers to the money sent by one party to another within or outside the country.
• Remittance is one of the important source of revenue for a country and plays a vital role in its economic growth and development.
• There are two types of remittance: Inward Remittance and Outward Remittance