Best Mediums for Bank Transfers in Nepal

Mobile banking has become an integral part of the digital and cashless society. We use such platforms almost daily. While sending money to the same bank is free, there are charges when it comes to a different bank. So, I have curated all the possible ways to make a bank transfer in Nepal. Without further ado, let’s head straight into the best medium ways for bank transfers in Nepal (Online Fund Transfer).

Best Mediums for Bank Transfers in Nepal (Online Fund Transfer)

Before stepping in, bank transfers hereinafter means online transferring money from your bank to a different bank. Plus, it doesn’t include the business or PAN-registered QRs you normally find in stores, cafes, and hotels. Because scanning such QRs doesn’t take extra charges from the senders’ end.

Through Mobile Banking Apps

1. FonePay Direct by F1 Soft

FonePay Direct is likely the most used platform for bank transfers in Nepal. Firstly, it lets you transfer money from your account to other banks using their phone number. You don’t need to input a lengthy account number here, saving you some time. Plus, if you want to do it the old-school way, you can also choose the “Account Number” option to satisfy your skeptic mind, who doesn’t trust the other way. Talking of the charges, Fonepay takes 10 + 1.38 rupees (VAT) for all sorts of transfers.

2. ConnectIPS by NCHL

And I assume, ConnectIPS also doesn’t need an introduction. This state-backed PSO by NCHL is also a very popular medium for bank transfers these days. It’s available in all major banks and does the same thing as FonePay Direct but at a cheaper charge. But it does require you to input the account number if you are using it on a mobile banking app. While, if you use the official ConnectIPS app, you can do it the mobile number way too but the receiver should also be a ConnectIPS verified user.

3. InstaFund Transfer by NPS

InstaFund Transfer might be something new for most of the users. But if you are a NIC Asia Mobank user, this feature has been there for quite some time now. It was and it still, is the cheapest PSO to transfer money from one bank to another. Developed by Nepal Payment Solution, this transfer medium works for various banks such as NIC Asia, NMB Bank, Nabil Bank, Machhapuchre Bank, and more. Currently, only a few banks have integrated this PSO inside their mobile banking app such as NIC Asia, Jyoti Bikas Bank, and Sanima Bank as far as I know.

But one important thing to note is that the fund transfer rates are comparatively cheaper on the NIC Asia mobile banking app while the same thing on other banks’s mobile banking apps may charge you higher. I haven’t had all of those partner banks available to test it out but I hope, a uniform charge rate will be applied all over soon.

Online Fund Transfer to Bank Via Digital Wallets

Doing bank transfers is also possible through digital wallets like eSewa, IME Pay, Khalti, MyPay, and such. As most of us are also used to using digital wallets, one can easily transfer the wallet money to a desired bank. eSewa and IME Pay offer free bank transfers to their linked bank accounts while Khalti only provides a 5000 rupees free transfer per month to your linked bank account.

But when it comes to transferring to a non-linked account or a bank account different than your linked account, most of the digital wallets charge a flat 10 rupees charge.

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Best Mediums for Bank Transfers in Nepal: Conclusion

So, we have come to the conclusion part. The cheapest medium for online fund transfer becomes the InstaFund Transfer by NPX but its charges are sadly not uniform across all partner banks. Meanwhile, FonePay Direct is the most expensive way of transferring money while ConnectIPS stays the middle ground. On the other hand, digital wallets are also the swift mediums for doing the same task, while incurring charges for transferring money to non-linked bank accounts. At the end of the day, it also depends on the mobile banking app you’re using and your personal preference. Buy yeah, InstaFund Transfer is still the technically cheapest medium, I’d say.