As someone eager to dive into stock trading in Nepal, I stumbled upon a video by Sanjog Koirala, a well-known figure in the Nepali financial sphere, endorsing Global IME Bank as a one-stop solution for stock trading needs. His endorsement detailed how Global IME Bank offered a complete package—savings account, demat account, mero share, CRN, and TMS account—eessential for beginning stock trading in Nepal. It seemed like the perfect fit, especially given that it supposedly simplified a notoriously complicated process. However, what unfolded was anything but simple and, frankly, a very frustrating experience.
Step 1: The Savings Account Application
To begin, I needed a Savings Account with Global IME Bank. Like any responsible customer, I followed their guidelines and chose the Video KYC option, which required me to select a specific date and time for the KYC process. Optimistic, I awaited their call. But the scheduled call never came, and neither did any communication from their side, despite repeated follow-ups through emails and calls. After several attempts, I finally received an email. However, instead of moving forward, they asked me to upload a “Shram Swikriti” document to open a Global Remit Savings Account. It felt like jumping through unnecessary hoops for something that should have been straightforward.
Adding to the frustration, I even reached out to Global IME Bank’s representative in the UAE, hoping to resolve these issues directly. Unfortunately, instead of offering any assistance with the online application process, she informed me that I would need to visit her office in person to fill out a new account opening form. She explained that she had no access or control over online applications, making my earlier efforts seem pointless. It was disappointing to see that even local representatives were unable to support online applicants, adding yet another layer of inconvenience to an already tedious process.
Step 2: The Delayed Video KYC Process
Finally, on October 23, after weeks of persistence and follow-ups, the Video KYC was conducted. However, this process, too, was far from smooth. They insisted on using only WhatsApp or Viber for the video call, both of which are restricted in the UAE without a VPN. It’s surprising that a bank would expect customers abroad, especially in countries like the UAE, to navigate around such limitations.
Moreover, the requirements for the Video KYC were quite demanding. They instructed me to have:
- My original passport or citizenship certificate,
- A blank paper and black-ink pen,
- A stamp pad for a thumb impression,
- A strong internet connection with no third person present,
- Proper official dress attire,
- And instructions not to flip the camera unless directed by the VKYC unit.
Now, here’s the problem: Though I managed to get the stamp pad, How they can expect blue-collar workers in the UAE to have a stamp pad for thumb impressions? It is completely unrealistic. Most of us, who come here to work, don’t carry such items with us. This lack of consideration for Nepalis working abroad highlighted the impracticality of their process.
Step 3: Applying for a Demat Account—Yet Another Round of Frustration
Once I finally had the Savings Account, I moved on to apply for a Demat Account, anticipating that the hardest part was behind me. But I was wrong. Surprisingly, they asked me to fill out and send another KYC form, despite already completing the Video KYC! This felt redundant and downright frustrating. I couldn’t understand why I needed to go through another KYC after already meeting their extensive list of requirements for the first one.
A Missed Opportunity for Simplification
Global IME Bank presented itself as the best option to get started with stock trading, but the cumbersome and redundant processes proved otherwise. While their service package seemed ideal on paper, the lack of practical support for customers outside Nepal, especially in the UAE, made the experience exhausting. It was disheartening to see a bank recommended for its convenience turn out to be anything but convenient.
After this drawn-out experience, I chose to halt the process. If Global IME Bank truly wants to help Nepalis abroad invest in Nepal, they must streamline their process, address realistic challenges, and respect the time and limitations of customers working outside the country.
In order to avoid frustrated customers like me, Global IME Bank needs to prioritize accessible, customer-centered solutions for Nepalis living abroad. This could include better digital support, like streamlining the online application process and providing remote assistance through flexible, unrestricted communication channels. Additionally, empowering local representatives with access to online applications and account processing tools would go a long way in bridging the service gap for overseas clients. By addressing these practical challenges and modernizing their approach, Global IME Bank could truly live up to its promise of being a convenient, comprehensive choice for Nepalis looking to invest in Nepal from abroad.
About Global IME Bank
Global IME Bank is one of Nepal’s leading financial institutions, known for its extensive range of banking and financial services. Established with a vision to provide accessible and reliable banking solutions, the bank has grown to serve customers both within Nepal and internationally. Offering services like savings accounts, Demat accounts, Mero Share, and TMS accounts, Global IME Bank positions itself as a comprehensive solution for Nepalis looking to invest or engage in stock trading. However, despite its promising offerings, the bank’s services sometimes fall short in addressing the unique challenges faced by its customers abroad, as my experience illustrates below.