Finally, Nepal Rastra Bank has approved the use of prepaid dollar cards for online transactions. It had been coming for a while. And we couldn’t be more ecstatic that the day is finally here. As you might’ve known by now, the cap has been set at USD 500 per year. Now, you might be wondering how you can get the dollar prepaid cards and what they can be used for. Don’t fret, cause that’s what we’re going to get into today. So, keep on reading in order to find out how you can get the dollar prepaid card in Nepal.
How to get a Dollar Prepaid Card in Nepal?
First off, as mentioned above, the dollar prepaid card that you’ll receive from the bank will have a maximum cap of USD 500/per year. That means you cannot store more than USD 500 on that card and cannot use more than the mentioned amount throughout the year either. Furthermore, you’ll also need to mention the purpose/reason as to why you want the card.
The application for the card is pretty straightforward. If you have an account in any class ‘A’ or class ‘B’ bank then you can simply fill up a form at the bank’s counter. However, a PAN card and a KYC form are mandatory items in order to apply for the card.
Class A Commercial Banks in Nepal
|Agriculture Development Bank||Himalayan Bank||Nepal Bank||Prabhu Commercial Bank|
|Bank of Kathmandu||Kumari Bank||Nepal Commerce and Credit Bank||Rastriya Banijya Bank|
|Century Commercial Bank||Laxmi Bank||Nepal Investment Bank||Sanima Bank|
|Citizens Bank International||Machhapuchchre Bank||Nepal SBI Bank||Siddhartha Bank|
|Civil Bank||Mega Bank||NIC Asia Bank||Standard Chartered Bank|
|Everest Bank||Nabil Bank||NMB Bank||Sunrise Bank|
|Global IME Bank||Nepal Bangladesh Bank||Prabhu Bank|
Class B Development Banks in Nepal
|Corporate Development Bank||Kamana Sewa Bikas Bank||Muktinath Bikash Bank||Shangri-la Development Bank|
|Excel Development Bank||Karnali Bikash Bank||Narayani Development Bank||Shine Rasunga Development Bank|
|Garima Bikas Bank||Lumbini Bikash Bank||Sahara Bikas Bank||Sindhu Bikas Bank|
|Green Development Bank||Mahalaxmi Bikash Bank||Salapa Bikash Bank|
|Jyoti Bikas Bank||Miteri Development Bank||Saptakoshi Development Bank|
Once you submit the form at the bank, then the bank will create a linked dollar account. That is another account to hold cash in dollars that will be linked with your main account in the bank. In that account, the bank will transfer your requested amount (up to USD 500) in dollars according to the exchange rate of the day you submitted the form.
Depending upon the bank, the charges for the prepaid card will be levied. And the bank will probably provide you with the dollar card within 4-5 working days. However, some banks may also provide instant cards.
The dollar prepaid cards can only be used for online transactions. And that too on those sites that accept payment in USD (or other equivalent currency). Also not to forget, you can transfer back the dollar amount from your linked account to the main account i.e the NPR one by filling out a form in the bank.
As of now, the following banks have already started providing this service in Nepal:
- Global IME Bank: Global E-com Card
- Himalayan Bank: HBL Dollar Prepaid Card
- Kumari Bank: Kumari $eCom Card
- Machhapuchchre Bank: Machhapuchchre Dollar Card
- Mahalaxmi Bikas Bank: Mahalaxmi Dollar Card
- Nabil Bank: Nabil iCard
- Nepal Investment Bank: NIBL vPrepaid International Card
- NMB Bank: NMB Dollar Card
- Prabhu Bank: Prabhu 500 Card
- Siddhartha Bank: Siddhartha eCom Card
- Sunrise Bank: Sunrise E-card
What’s the use?
Oh, so many. From paying for streaming services like Netflix, Amazon Prime Video, Spotify, Apple Music, content distribution platforms like Steam, or even buying goods from Amazon, Newegg, etc. this move from Nepal Rastra Bank opens up so many avenues. And if it wasn’t already obvious, you’re not allowed to buy any goods/services deemed illegal by the Nepal government.
For now, USD 500 might not seem like a significant amount, however, it is just the beginning. And the signs seem positive. Hopefully in the future things will improve significantly.
- Meanwhile, check out our review of the Lenovo Yoga 7i (2021).