With the recent update in NRB regulations, a commoner in Nepal can make a USD Prepaid Visa card for being able to buy goods and services globally in USD. The value that can be put in the prepaid card is maximum 500 USD.
Various banks have given various names to this particular type of facility-card. In essence, this provision has opened doors for a Nepali march confidently in the global arena.
As of now, commercial banks and development banks of Nepal have been making either physical or virtual debit card worth 500 USD. The customer should have savings account in the bank and updated the KYC form.
One can use this card for making various international payments, for instance, paying fees of English tests. All the purchases must contain the banned goods and services as defined by the law of Nepal.
Steps to Prepare USD Dollar Card in Nepal.
- Visit the bank and ask for the KYC form and Application form for USD Dollar Card for Online Transactions.
- Fill up the forms and submit along with copies of PAN card, and citizenship card.
- Get the card along with security details and terms and conditions regarding the card's connection with the potential USD income that you may make working remotely.
NOTE: While you are updating your details with KYC form, I recommend that you use the working email address and the mobile phone number in your own name. You can learn about changing the NTC's SIM card ownership with my article.
Rules of using Prepaid USD Dollar Card in Nepal
The circular from Nepal Rastra Bank clarifies on certain rules about using prepaid USD Dollar card in Nepal.
- The goods and services prohibited by Nepal Government should not be purchased online.
- Such USD prepaid debit card should be collected from only one 'A' class or 'B' class bank of Nepal.
- The transactions should comply with money laundering act of Nepal.
- The customer should not use such card on ATM and POS for cash withdrawal and counter purchase.
- This card should not be used for any transactions that signify capital gain. For example- buying stocks.
- Customer should be able to provide statement of all transactions made through this card, should the authorities initiate an inquiry.
Do check if your bank has this facility. While I am writing this article, I found that various banks have this facility. For example, Sanima Bank has Sanima Bank USD eCard facility.
I assume that Nepalese residing abroad do not need to buy any such card as most of the bank accounts in various foreign countries issue international debit card that has not many restrictions as Nepal does. Hence, I hope that Nepalese residing in Nepal find my article useful in making prepaid USD ecommerce card, should it be needed in daily/professional life.
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