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saiko
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 How to bring Money from Nepal? ($30K))
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Posted on 04-20-16 10:37 AM     Reply [Subscribe]
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Nepal bata $20K/$30K kashari launa milcha, legal way bata?
Please advise.
Thanks.
 
Posted on 04-20-16 10:43 AM     [Snapshot: 3]     Reply [Subscribe]
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Last edited: 20-Apr-16 10:46 AM
Last edited: 20-Apr-16 10:46 AM

 
Posted on 04-20-16 2:17 PM     [Snapshot: 258]     Reply [Subscribe]
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There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).
https://help.cbp.gov/app/answers/detail/a_id/195/kw/%2410000/suggested/1
 
Posted on 04-20-16 2:21 PM     [Snapshot: 260]     Reply [Subscribe]
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Thanks for the info: so there is no limit of money that can be brought to US, but is there any similar limit in Nepal. I am asking because banks generally only allow $2K against passport with visa to US.
 
Posted on 04-20-16 2:38 PM     [Snapshot: 297]     Reply [Subscribe]
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I have no idea how that works in Nepal. Private money exchanges might do that without limit.
 
Posted on 04-20-16 2:43 PM     [Snapshot: 303]     Reply [Subscribe]
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yea 2K is limit for nepal...see custom rules in nepal...both way 2k is limit
 
Posted on 04-20-16 2:47 PM     [Snapshot: 313]     Reply [Subscribe]
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Yes, I feared so. That is why I needed some suggestion on how it can be done, or if anyone has done similar things before.

BioMed: any suggestions on the private money exchanges, that are more reliable mayeb.
 
Posted on 04-20-16 2:50 PM     [Snapshot: 320]     Reply [Subscribe]
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If 2K is the limit then going through private money exchange also makes it NOT legal. I think you should consult Bankers in Nepal who does Travel Check.
 
Posted on 04-20-16 3:18 PM     [Snapshot: 368]     Reply [Subscribe]
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As far as I know, travelers check are not issued any more (don't know the reason). I was there last month and Std. Chartered and few others stopped issuing them.
I will again talk to them about 30K though.
 
Posted on 04-20-16 4:36 PM     [Snapshot: 461]     Reply [Subscribe]
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Biomed you sound like over smart when u say there is no limit and you don't know to do it. Just saying u sound like.

@saiko what ur need? If it's for tuition or medical reason,there might be legal based on documented requirement. If not there is no legal way. US doesn't care as long as u pay tax, from Nepali side there is no legal way.
 
Posted on 04-20-16 7:39 PM     [Snapshot: 561]     Reply [Subscribe]
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Posted on 04-20-16 8:45 PM     [Snapshot: 626]     Reply [Subscribe]
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The only way I know is you should have good and reliable contacts in US and Nepal.
So do $ transaction here to and do Rs transaction in Nepal by passing all rules and regulations.
If you don't understand please send me your email I will explain.
 
Posted on 04-20-16 10:41 PM     [Snapshot: 720]     Reply [Subscribe]
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@meraj; we are no expert by any means, I was just trying to help OP. OP is looking for something which mostly likely nobody here in Sajha has done it before. Doing right things and doing things right are completely different things.
 
Posted on 04-21-16 8:48 AM     [Snapshot: 887]     Reply [Subscribe]
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These days I believe limit with Visa is $ 2.5 K.
There is no legal way to bring money out of Nepal for any reason except F-1 (to the best of my knowledge). You can bring or do transfer from Nepal banks to US if money send to US is for higher educational purposes and I think the amount can be no more than one year of expenses. Off-course I don't have all details on the total limit or the no of transactions limit and the relationship that needs to be provided. You will have to send I-20 and also get no objection letter from ministry of education and also some other docs. Check if there are any other details..
I had done 5K and 7K twice few years back.

OR hundi but risky ..and they charge around 3% ....
better is finding people who are sending money to Nepal ...good for both but needs to be careful..
I did around 40 K recently transaction ranging from 1 K to 12 K.....
 
Posted on 04-21-16 10:03 AM     [Snapshot: 885]     Reply [Subscribe]
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@saiko: It looks like the only way that is reasonably easier, if not impossible, is to receive US Dollars here in US through help of middlemen or friends and relatives who are sending money to Nepal in NPR. Like everyone suggested before me, make an arrangement to pay NPR to someone who is needing to receive NPR in Nepal and request USD be transferred to your account here in US. This is cumbersome process and may even be risky, to some degree, because of the sequencing of transactions and trust issues. I am not that familiar about Hundi process but it may also be considered another risky alternative to bring in Nepali Rupees from Nepal to US. Please be very much aware, actually please be cautioned, that Hundi is illegal. The first approach of transferring small amounts of money from one person to another here in US, for no apparent transactional reason because the actual service or monetary transaction has occurred in Nepal, may also be deemed illegal but I am not sure how those are interpreted. Since this is a one time thing and the amount is not huge (approx $30K), you may be able to take the risk of remitting NPR to USD through smaller transactions, using Nepali community. Be aware that KYC and Compliance data analytics by FinTech companies' data marts do have the ability to observe money movements in your account but I don't think Department of Treasury will sweat over your triggered data set of USD 30K. Bottom line: Options that are available: 1) Do it through friends, family and Nepali diaspora 2) Do it through Hundi Resources: Department of Treasury on Money Laundering Information: https://www.treasury.gov/resource-center/terrorist-illicit-finance/Pages/Money-Laundering.aspx End of Story -------------------------------------------X------------------------------------------------------------------------------------ Another reason to post this was to seek your viewpoint on why Nepal restricts outward remittances. In plain view, there seems to be multiple reasons, and be aware that Forex outward remittance is not a banned process, it's just that there are plenty of restrictions. Stabilizing and controlling USD reserves, surely sounds as one of the pertinent reasons, Anti Money Laundering another big reason, may be. Nothing against bulk of regulations restricting Forex movements, I think they are essential. But going through Nepal Rastra Bank's Foreign Exchange Management Rules publications, it looks like eventually they will have to update some of these rules. For example there is a Circular (rule) (LINK) to allow outward remittance of Forex funds, albeit within huge restrictions. On the other hand, through section 5 (Restriction on export or import of certain currency and bullion) of Foreign Exchange (Regulation) Act, 2019 (1962) (LINK) Central Bank of Nepal has power to completely restrict outward Forex remittance. Circular 617, although looks like it was recently updated, does not materially change the allowable foreign exchange conversion limit of USD 3000. That amount seems like hasn't changed since I worked in a Bank around 2005. Nepal's government should foresee better and at least increase that limit to USD 10000. What do you think? India seemed to have similar closed policies until recently (past 10 -15 years) where it began to ease some of the restrictions on outward money movement, especially for Non Resident Indians (LINK). While I am writing this, I lost track of why I am posting all these details. Probably, I am learning. There are not big changes. There are only smaller incremental policy changes that may have long lasting impacts. In this case, I am not sure how to research and quantify the results.
 


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