Guys, need some advise on a reliable way to send money to Nepal at competitive price. Earlier, I used Muncha.....it was alright but now their website is down and checked at Thamel too.....seems like they are being Dhotinized by Times of Money, a division of Times India.
Anyway, I need to send some money back home and can't wait for these websites to come alive. Any reference will be highly appreciated. I am looking to permanently move to new service away from Muncha.

How much do you need to send?
Have you heard about MoneyGram? You counterpart can receive money in 20 minutes from any bank in any major cities in Nepal.

This is what I see with Moneygram, didn't give me option for amount over 1500.....not a good option and besides I have to send more than 1500. I guess Moneygram, WesternUnion are good to send small amount for instantaneous receipt. i don't care about time, 4-5 business days is good but i need service that caters bigger amount like 5-6K and without exorbitant fees

Western union or some of the bank accept direct deposit in bankin kathmandu hope this help

How would transfer money from Nepal? Is bank transfer an option? Please share what you know.

Western union or some of the bank accept direct deposit in bankin kathmandu hope this help

Western union or some of the bank accept direct deposit in bankin kathmandu hope this help

Are you really sending money or just created an interested thread to see how many responses are there? Because you have not answered " How much do you need to send"?

Check Exchange Rate IQ to get the best USD to NPR rates. This website shows you live USD NPR rates from dozens of banks and money transfer services on a single page so that you can compare remit rates from western union, Muncha, ThamelRemit, Moneygram, xoom etc on a single page.

Thanks Monit Vyas. that Exchange Rate IQ is a useful website.

QQ - how does site like Exchange Rate IQ work - do they directly screen scrape data from other financial institution website or do they rely on services like Yodlee. I wanted to understand how platform financial data are shared amongst 3rd party free data providers. Because we are seeing increasing trends in Fintech industry where firms like Feex, Credit Karma, Motif are providing exceedingly freer financial products (which two years back nobody could imagine would be free).

Re Mucha - I see my Hermano angry about Muncha being taken over by another company. Not sure whether that is true. But recently I have been using Muncha because i) there are no fees for below $1000 transfer (or very minimal, e.g $5 for $1000 transfer). I have not sent more than $1000 at a time, so I am not sure about transfer fee above that amount. For me, Muncha is cheaper than Moneygram and Western Union. The only negative is that it takes few business days and money is deposited in receiver's bank account rather than directly providing cash. ii) they call my parents when they deposit money in my parent’s bank account iii) their exchange rates are always up to the par with Moneygram.

I have been using Prabhu or IME (now RIA) to send money to Nepal as they offer highest exchange rate and I also have folks working there so I feel safe and have not encountered any issues till now in past 5 years. And they charge flat $5 for any amount of money. However, they have branch only in few US cities.

I recently saw a commercial about xoom and downloaded their app and it looks good and they decent rate as well.

Why dont you give it a try and let us know how their service is ?

here are the details :

https://www.youtube.com/watch?v=I870xjmemSk


NE

You pay here and your relatives will get there on real time. 1% commission at govt exchange rate.

Thanks kalidasbhaisaab !! To Answer your question, I think ExchangeRateIQ.com have build specific integrations/APIs with most of the service providers and that's how in certain cases they might finally end up getting negotiated rates and promos or discounts specific to Exchange Rate IQ users.

Hi NE_Patriots - I think I would agree that Prabhu gives a better exchange Rate but since they charge $5 fees the realized rate comes down. Same is the case with Xoom. If you compare remit rates on Exchange Rate IQ, you will see that for sending $1000 to Nepal by Xoom, you get NPR 470 less after paying $4.99 more. Check on this link --> http://exchangerateiq.com/.../sendMoney.../1000-USD-to-NPR

As for security, I think all the companies on ExchangeRate IQ are verified & established service providers.

Important thing is I don't want to loose money just because my money is moving from USA to Nepal. I have already paid Tax and I dont want a single Penny to goto banks or big money transfer services.

Anyways.. great discussion.. Happy savings

Sorry the link for USD to NPR Live exchange rate comparison is this : Link

Xoom almost gives 2 ra less per dollar and money gram like 1.50..not only the feels but they rip u off on the rates as well

With services like Xoom, Muncha and IME, I think it is waste of money to use old wire transferees like Western Union and Money Gram. WU and Moneygram are only good for instant/urgent needs like sending money to my incarcerated brother in correction agency or if I did not have a bank account or if my wife needed money right now in Nepal. Just stereotyping but Old Banks and Financial Institutions have made billions. All downtown building from Shanghai to Sioux Falls are owned by banks and wire agencies.