How to Open a Bank Account in Nepal from Dubai: A Guide for Nepalese Expats

Open a Bank Account in Nepal from Dubai – For Nepalese living in Dubai who want to maintain financial connections back home, opening a bank account in Nepal from abroad is a practical way to manage finances, remit funds, and invest in Nepal. With technological advancements and new banking policies, this process has become more accessible for Nepali expatriates. Here’s a comprehensive guide on how you can open a bank account in Nepal while residing in Dubai.

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1. Choose a Suitable Bank in Nepal

Several Nepali banks now cater specifically to the needs of Nepali expatriates. Major banks like Siddartha Bank, Nepal Investment Bank Limited (NIBL), Nabil Bank, Himalayan Bank Limited, and Global IME Bank provide easy options for overseas account openings.

Key Points to Consider:

• Look for banks offering dedicated services to Nepalese working overseas.
• Check for remittance options, online banking facilities, and currency exchange services.
• Some banks provide special accounts for remittance, saving, and investment purposes.

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2. Types of Bank Accounts Available for Nepalese on Foreign Employment

Nepali banks offer various account types, including:

• NPR Saving Accounts: Standard savings accounts in Nepalese Rupees.
• Fixed Deposit Accounts: Offer higher interest rates on long-term deposits.
• Foreign Currency Accounts: Usually in USD, Euro, or other currencies, allowing you to hold funds in your currency of choice.
• Remittance Accounts: Designed to simplify remittances from Dubai and other countries.

Each account type has its requirements and benefits, so consider your financial goals when selecting one.

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3. Gather Required Documents

The documentation process can vary slightly among banks, but most require the following:

• Valid Passport: A clear copy of your passport showing all necessary details.
• Dubai Residency Visa: A copy of your valid UAE residency visa.
• Shram Approval: Shram Approval, issued by Nepal’s Department of Foreign Employment, is required for Nepalese opening a bank account from overseas to verify legal foreign employment. It’s also called a labor permit.
• Passport-sized Photos: Usually two recent photos.
• Proof of Address: Your address in Dubai, such as a utility bill or tenancy agreement, may be requested.
• Source of Income: Some banks may require salary slips or proof of employment to comply with anti-money laundering regulations.

Be sure to have both physical and scanned copies of these documents in case you need to upload them online.

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4. Applying Online

Most Nepali banks now support online application processes for opening an account from overseas:

1. Visit the bank’s website: Navigate to the “Open an Account” section on the bank’s website.
2. Fill Out the Application Form: Complete the form with all the necessary details, ensuring accuracy.
3. Upload Documents: Upload scanned copies of the documents as required.
4. Verification: The bank may conduct a verification call or request further documentation. Be prepared for a follow-up call and keep your original documents handy for reference.
5. Initial Deposit: Some banks require an initial deposit to activate the account, which can be transferred from Dubai using remittance services.

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5. Verifying Your Identity

To finalize the process, most banks require an in-person verification. While this may be challenging from abroad, some banks provide two solutions:

1. Visit the Nearest Branch Upon Arrival: If you plan to visit Nepal soon, you can finalize your account by visiting a branch with the original documents.
2. Authorized Representative: Some banks allow you to designate a family member or representative in Nepal to complete verification on your behalf. They will need an authorization letter, copies of your documents, and their own identification.

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6. Using Remittance Services to Fund Your Account

Nepalese living in Dubai have various options for transferring money to their Nepali bank accounts:

• Remittance Services: Transfer funds directly using services like Prabhu, IME, or UAE Exchange.
• SWIFT Transfers: For larger sums, wire transfers can be made using SWIFT codes.
• Bank Apps: Almost all Nepalese banks offer dedicated mobile apps with built-in remittance services.

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7. Benefits of Having a Nepali Bank Account for Nepalese working overseas.

Having a bank account in Nepal allows you to:

• Save and Invest in Nepal: Make fixed deposits, buy property, or participate in Nepali stock markets.
• Simplify Remittances: Send money to your family in Nepal directly into their accounts.
• Tax and Financial Planning: Benefit from competitive interest rates and access your savings upon returning to Nepal.

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Important Considerations

• Bank Fees: Some accounts may have maintenance fees for foreign currency holdings.
• Exchange Rates: For foreign currency accounts, be aware of exchange rates when converting funds.
• Compliance: Stay updated on Foreign Employement regulations and bank policies to avoid potential legal issues.

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Opening a bank account in Nepal from Dubai, UAE has never been more convenient. By following these steps and preparing your documents, you can secure a financial presence in Nepal, making it easier to support your family, invest in assets, and save for the future. Happy banking, and Namaste!

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