Exchanging currencies is an essential part when it comes to traveling to any foreign land. The Nepalese Rupee is the official currency of Nepal which is abbreviated as NPR 100 paisa making up to 1 NPR. The currency notes are issued by the Central Bank of Nepal in denominations as NPR 1, 2, 5, and 10 and paisa 1, 5, 10, 25, and 50.
Current Exchange Rate in Nepal
The exchange rate is determined with hard currencies like the US Dollar, Euro, and Pound. The basic exchange rate for Nepal is:
- One gets NPR 119 for USD 1
- For EUR 1, you will get NPR 144.32
- For GBP 1, one gets NPR 158.62
All of these rates are market-determined so it might vary each day. However, if you travel from India, the exchange rate is fixed at NPR 1.61 at all times.
Certain places for exchanging currency in Nepal
Kathmandu has a lot of places to exchange currencies in one go. These include banks, forex banks, forex dealers, hotels, and Tribhuvan International Airport. These places accept all major and minor currencies from all over the world. Many well-known banks in the city are Himalayan Bank, Standard Chartered Bank Nepal, Nepal SBI, Everest Bank, etc. Many of these banks are open from 10 am to 5 pm from Sunday to Thursday. These are closed on Saturdays. Some of the money exchange centers in Kathmandu are Dolphin Money Exchange, Annapurna Money Exchange, NBL Satahi, Continental Money Exchange, etc.
Some of these transactions might involve fees and forex centers. The Tribhuvan International Airport offers benefits both for exchanging money directly on arrival in your country. At the arrival lounge, there are two money exchanging centers inside the airport. If you are planning to travel foreign, find a bank counter at the departure lounge which will provide you with all the services.
Kathmandu has also many ATMs which helps you to withdraw Nepalese Rupees. ATM’s are there in many parts of the city. The ATM transactions might vary and extra charges. One can withdraw NPR 10,000 to NPR 30,000 at a time from the ATMs.
Which currency to carry in Nepal?
In the entire Nepal, Nepalese is the only currency that is accepted. Some places might accept INR but it is better to give NPR even in that case. The payment system will be hassle-free if you pay NPR. Many hotels, restaurants, and cafes accept debit and credit cards like Visa, Mastercard, or American Express.
If you are planning for trekking in Nepal, carry a lot of cash with you as you will not find any ATM’s in the smaller areas of Nepal. Traveler’s cheques are not used in Nepal.
Some tips while exchanging currencies
- Airports give the lowest rates so try not to exchange it at the airport. Change them in banks or money exchange centers as much as possible. If at all you need a small amount for paying any charges, convert some of your money.
- NPR is not accepted in any other parts of the world, so exchange it before it becomes useless.
- Preserve your money receipts and carry passports wherever you go. This is necessary when you exchange money through banks.
- Forex centers are best when it comes to exchanging money. Bank transactions require time as you have to deal with a lot of paperwork.
- Talk to your credit card agencies beforehand regarding using cards in Nepal because sometimes it might not be allowed or the charges are too hefty.
Nepal is not such an expensive country but you should know how to exchange currency and utilize it properly.
