5 Reasons You Need a Bank Account in Nepal (Especially) if You Live Abroad (2024)

Did you know: A whopping 4 million Nepalis live abroad? If you are one of them, whether a student, a job holder, or an NRN, you probably want to maintain a strong and secure financial connection with your home country.

Having a bank account in Nepal is a smart and convenient way to manage your money from anywhere in the world. And now, thanks to the innovative service of nBank, you can open a bank account in Nepal from any corner of the world in just 30 seconds using your international phone number. You can easily and securely verify your KYC online through our Video KYC system, and enjoy full access to your account from anywhere in the world using the nBank app and nBank web.

Here are five great benefits of opening a bank account in Nepal from abroad that you should know:

1. Attractive interest rates: You can earn interest on your savings in Nepal, which are higher than those in most developed countries. For instance, while the average interest rate on a savings account in the USA is only 0.42% per annum, a general savings account with nBank gives you a much higher interest rate (5.90% onwards at the time of publishing this article. Check out the latest interest rates here). On top of that, you can open a Fixed Deposit directly from your nBank app and earn an even higher interest rate. Opening a bank account in Nepal is the perfect solution to earn a little extra interest income.

2. Build your savings for retirement/visits: You can deposit money in a bank account in Nepal for your retirement, and use the interest earned from your deposits to fund your stay in Nepal whenever you visit. Don’t just save for your future in Nepal: spend using the interest earnings from your savings while you’re here! You can send money to your account in Nepal with ease through nRemit. All you need is an international Mastercard/Visa Card.

3. Apply for IPOs: Did you know: NRNs and Nepalis living abroad can easily apply for IPOs in Nepal electronically? To apply for an IPO, all you need is a bank account, a dematerialized (Demat) account, and a MeroShare account in Nepal. Once you open a bank account, you can quickly open your Demat and MeroShare accounts and start applying for IPOs. Companies issue IPOs exclusively for NRNs and those living abroad as well. So, don’t delay. Open your bank account today.

4. Send gifts to your loved ones thru Nepali e-commerce platforms: When you are away from your home country, you miss being with your loved ones on their important occasions like birthdays, anniversaries, and even festivals. Even if you can't be physically present and celebrate with them, you can show your love by buying gifts online and having them delivered to their doorsteps. Some of the platforms also provide gift wrapping, greeting cards, and customized messages to add more value to your gifts. You can pay for gifts conveniently through your nBank account.

5. Pay utility bills for family in Nepal with ease: Paying utility bills, such as electricity, water, internet, and TV bills no longer requires you to be physically present anymore. nBank gives you a convenient and safe way to pay utility bills for your family in Nepal from anywhere in the world. With nBank, you don’t have to worry about currency conversion, transaction fees, or delays. You can do all kinds of payments with just a few taps on your phone.

As you can see, a bank account in Nepal lets you handle your money with ease and flexibility from any corner of the world. With a bank account in Nepal, you can build your savings for your future plans or trips to Nepal and benefit from attractive interest rates, apply for IPOs, send gifts to your dear ones in Nepal, and support your family back in Nepal by paying utility bills from overseas. You can also check your account anytime, anywhere using nBank app or web. Wouldn’t it be amazing to do it all from abroad? So what are you waiting for? Download the nBank app today and get started with your new bank account in just 30 seconds.