3 Tips while you exchange Currency in Nepal

Those who wonder how to exchange currency in Nepal, be relieved. You can readily exchange almost every type of currency in Nepal. However, if you travel with USD and Euros you have to consider yourself lucky because there are numerous travel agencies, hotels and airlines who accept these currencies directly in cash payments. Nepal does have modern banking facilities and some international banks also have their branches in Kathmandu. If you want you can land in Kathmandu only with your debit or credit card supposing  you don’t want to carry a lot of cash. Cards such as Visa, Master Card, American Express, Diners Club, Cirrus and  Maestro are readily accepted in Nepal. You need to pay 3.5% service charge for each ATM (Cash Point) withdrawal or payment transaction.

Getting your Money

Nepal’s currency is Nepalese Rupee. Merchants and service providers use NRP, NRs and Rs to denote the price in Nepalese currency. There are many ways to convert your cash into Rupees in major cities of Nepal. Ask your travel agent or hotel and they can help you exchange your cash into Nepalese rupees as per the exchange rate generated by Nepal Rastra Bank. This is the easiest way to exchange currency in Nepal. However, if you have a traveler’s check you need to visit one of the major banks to do so.

If you have lesser known currency in cash with you, it is best if you exchange it in Thamel area of Kathmandu. There are ATM cash points even in major tourist attractions in Pokhara and other smaller cities but the availability is much lesser. You are lucky if you find a cash machine lying around during your trek. However if you plan for a trek it is advisable that you exchange the required cash into rupees before you leave. Exchanges in such rural areas will give you very little with their high exchange rates.

Also, it is better if you do not leave your cash unattended in your hotel room if you have large quantities of cash. Ask for a locker at the reception of your hotel  to keep your valuables safe.

Note: ATM cash withdrawal limit is only NRs 35,000 per transaction.

Your ATMs

Cash Machines or ATMs(Automated Teller Machines) are available throughout the country. But it is not evenly distributed across all the towns and cities of the country. Kathmandu city has most of the ATMs in the whole country. Machines in Kathmandu and Pokhara are mostly working in regular basis and almost every machine accepts international cards. These machines dispatch cash in Nepalese rupees.

Make sure the cash machine you are about to use is tourist friendly. Generally, banks appoint a guard to an ATM to guard it. ATM machines near shopping malls and crowded places are in ATM lounges. ‘ATM lounges’ have more than one ATM machines and you may pick the most suitable one as per your card. Standalone ATMs are usually around its bank branch. If you don’t see any banks around such stand-alone cash machines, it is better you don’t use it.

Always try to use an ATM that does not take your card in. In case of a power outage this will avoid the cash machine eathing your card during the transaction. You save a great deal of time getting to the tourist police department to get your card back. It is advisable that you don’t go to withdraw cash late at night. Also, always make sure you inspect the legitimacy of the ATM machine.

Note: Your hotel and travel agent can always give you a better exchange currency rate if you ask them.

Your Travellers Cheques and Credit cards

We don’t advise you to carry travellers cheques while you travel to Nepal. Travellers Cheques are rarely accepted here. If you come with a travellers cheque the only place you are able to exchange it is in a Bank. It is easy for you to get hold of a bank in Kathmandu but if you travel outside the valley with your travellers cheques it is likely you are not going to find a place to exchange it.  Therefore it is advisable, you don’t travel with travellers cheque when you come to Nepal.

You can freely use credit cards in Nepal. Major hotels, stores, travel agencies, banks and hotels have started using credit cards since a while now. Nonetheless, service charge of 3.5% per transaction is   added to your bill on every use. Cirrus, Diners Club, American Express, Mastercard, Maestro and Visa these are major cards that can be used during your visit in Nepal. Never leave your card unattended with anybody, whatever be the excuse. Although major banks accept the cards, regional banks might not be able to do so. So it is better if you stick to larger international banks to withdraw cash. If you decide to pay for your meals in restaurants you are liable to additional charges like VAT and service charge along with the currency exchange.

So please keep in mind that you will have to pay some extra amount of money in the transaction. Always remember to take your receipt when you use your card. However it is always safer to make payments in cash rather than by your credit card. Make sure you notify your card provider about your travel to because some might have put Nepal in their black lists. You would not want to be disconnected to the cash source during your travel in a foreign country.

Exchanging currency in nepal is extremely easy if you follow these tips.