Foreigners can open NPR accounts with a valid VISA. It will be deactivated after the visa expires. If the visa is extended, proof of the extension needs to be shown.
Foreigner have to apply to the bank for opening the bank account. They can also opt for e-banking. mobile banking services and can be used for local payments and bank transfers.
Documents Required:
- Passport with a Valid Visa
- A referral may be asked from an existing bank customer
- Address verification
- Evidence of employment in Nepal
- Valid NRN ID Card issued by NRN Association and GoN
- Relationship Verification document in case of minors
- Photographs and other regular documents
Minimum Deposit
Minimum deposit as per the bank’s policy have to be deposited. Usually it is around 1,000 USD
Deposit and repatriation of the deposit amount are done through banking channel including swift and remittance through corresponding foreign bank.
Repatriation of the account is generally only done to the corresponding foreign bank account number registered in another foreign bank registered at the time of account opening.
Bank charges are applicable for availing such services.
Foreign Company
In case of representative of foreign company or with foreign shareholding opening bank account in Nepal, following additional documents have to be provided:
- Certificate of Incorporation of the company.
- Memorandum and Articles of Association.
- Board resolution authorizing the opening of the account and specifying the authority signatory to operate the account.
- Passport copies of directors and other authorized signatories.
- Proof of registered address of the company.
- Letter of authorization to open account and authorization to conduct financial transaction provided by the foreign (parent) company.
- Other Charter documents of parent company
- Business permit (License), authority letter issued by the Government of Nepal, relevant department and agencies (i.e. Dept of Industry etc.)
Further, all additional procedure in accordance of relevant provisions required by Nepal Rastra Bank’s Anti -Money Laundering (AML) /Combating Financing of Terrorism (CFT) and Know Your Customers (KYC) Policy, 2021 have to be fulfilled subject to regular revision and update from NRB Unit.
