Nepal’s currency is called the rupee, the smallest unit being the paisa. One rupee equals to a hundred paisa, a relation similar between dollar & cents. There are paper notes of denominations 1, 2, 5, 10, 25, 50, 100, 500, and 1000 rupees. The King’s photo that all notes used to carry have been replaced by the image of Sagarmatha(Mt. Everest) on newly printed notes after country was declared a republic in 2008. The notes are printed in Nepali language, the English equivalent in figures printed on the upper or lower right corners.
Although there are coins of all denominations, mostly the coins of denominations 2 and 1 are found in the market. Exchange Rate: The exchange rate for Nepali currency is determined by the central bank called Nepal Rastra Bank. The exchange rate fluctuates slightly according to the market, but the exchange rate against the Indian currency remains fixed. At the current exchange rate, 100 Indian rupees equal 160 Nepali rupees.
Credit Cards Vs Cash
There are several banks national and international banks throughout Nepal’s urban places. Hundreds of money exchange counters are scattered in Kathmandu and Pokhara. Credit Cards & travelers cheques are also accepted by hotels & restaurants in major tourist hubs & towns. However, cash is still most preferred mode of transaction in Nepal, and in rural trekking areas, cash is the only mode of payment.
Normally there is no problem to transfer and receive money from Nepal; however, here are few restrictions to send money out of Nepal. If someone wants to transfer money from Nepal to any other foreign countries more than US$500 need authorization from Nepal Rastra Bank (Central Bank of Nepal). You need to furnish proper documents and good cause for the same.
Basically there is no any restriction to transfer money to Nepal. There are many banks and money transfer agents who offer services to transfer money in Nepal.
Nepal’s currency is set at a fixed exchange rate with the Indian Rupee. 100 Indian Rupees = 160 Nepali Rupees. The US dollar is about US$ 1 = NRS 94 (July 2013).
Banks are open between 10:00 A.M. to 4:00 P.M., Sunday to Thursday and between 1 0:00 A.M. to 3:30 P.M. on Friday. Closed on Saturday and national holidays. Some Banks in Thamel, Kathmandu are open till late hour.