About Nepal Bank Swift Codes
Welcome to the most comprehensive directory of SWIFT/BIC codes for all banks in Nepal. Our mission is to simplify international banking for individuals and businesses by providing accurate, up-to-date information about SWIFT codes and banking services in Nepal.
Our Purpose
This website was created to address the common challenges faced by Nepalese citizens and businesses when conducting international transactions. We understand how crucial it is to have correct banking information when sending or receiving money from abroad.
What We Offer
- Complete directory of SWIFT codes for all Nepalese banks
- Detailed bank information including contact details
- Educational resources about international banking
- User-friendly search functionality
- Regularly updated information
Why Trust Us?
Our team verifies all information directly with bank sources to ensure accuracy. We maintain relationships with banking professionals to keep our data current. While we strive for perfection, we always recommend verifying SWIFT codes with your bank before initiating transactions.
Bank Swift Codes
FAQs
A SWIFT code (Society for Worldwide Interbank Financial Telecommunication) is a unique identification code for banks and financial institutions globally. It's essential for international wire transfers as it ensures your money reaches the correct bank. Without the proper SWIFT code, your international transfer may be delayed, returned, or even lost.
You can find your bank's SWIFT code through several methods:
- Check your bank's official website (usually in the international banking section)
- Contact your bank's customer service
- Visit your local branch
- Use this comprehensive directory
- Check your bank statement if you've previously received international transfers
In most cases, yes - Nepalese banks typically use the same SWIFT code for all their branches. However, there are exceptions:
- Some international banks operating in Nepal may have different codes for different branches
- Banks that have undergone mergers might have transitional codes
- Some banks may have separate codes for specific types of transactions
When in doubt, always confirm with your specific branch.
For a complete international transfer, you'll typically need:
- Recipient's full name as it appears on their bank account
- Recipient's complete bank account number
- Bank's full name and address
- SWIFT/BIC code
- Purpose of the transfer (personal, business, etc.)
- Your identification details as required by your bank
- Amount and currency to be transferred
Some banks may require additional information depending on the amount and destination.
Transfer times can vary depending on several factors:
- Standard transfers: 2-5 business days
- Express transfers: 1-2 business days (may incur higher fees)
- Weekends/holidays: Transfers don't process on these days
- Currency conversion: May add extra time
- Bank processing: Some banks have cutoff times for same-day processing
Nepal's banking hours and holidays may affect when the funds become available to the recipient.
If you can't find your bank's SWIFT code in our directory:
- Double-check the spelling of your bank's name in our search
- Contact your bank directly - they can provide the most accurate information
- Check if your bank has recently changed names or merged with another institution
- Verify if you're using the correct legal name of the bank
- Let us know so we can update our records
We strive to maintain the most comprehensive list, but new banks may emerge or codes may change.
Yes, there are several alternatives to traditional SWIFT transfers:
- Money transfer operators: Western Union, MoneyGram, etc.
- Online remittance services: Wise (TransferWise), Remitly, WorldRemit
- Mobile wallet services: Some providers offer direct to mobile wallet transfers
- Cryptocurrency transfers: Some platforms facilitate crypto to fiat conversions
- Direct correspondent banking: Some banks have direct relationships
Each option has different fees, exchange rates, and processing times.
The Complete Guide to SWIFT Codes and International Banking in Nepal
Introduction to International Banking in Nepal
Nepal's banking sector has undergone significant transformation in recent decades, particularly in international banking services. With over $8 billion in annual remittances accounting for about 25% of the country's GDP, efficient international money transfer systems are crucial. This comprehensive guide explores everything you need to know about SWIFT codes and international banking in Nepal.
Understanding SWIFT Codes: The Basics
SWIFT codes, also known as BIC (Business Identifier Codes), serve as international bank identification numbers. The SWIFT network, established in 1973, connects over 11,000 financial institutions across 200+ countries. For Nepal, which receives substantial remittances from its diaspora, these codes are particularly important.
Structure of a SWIFT Code
A standard SWIFT code consists of 8-11 characters:
| Characters | Component | Example (Nabil Bank) | Description |
|---|---|---|---|
| 1-4 | Bank Code | NARB | Unique identifier for the bank (letters only) |
| 5-6 | Country Code | NP | ISO country code (NP for Nepal) |
| 7-8 | Location Code | KA | Identifies the bank's head office location |
| 9-11 | Branch Code | (Optional) | Specific branch identifier if needed |
The Role of SWIFT in Nepal's Economy
SWIFT plays a vital role in Nepal's economy through several channels:
- Remittances: Facilitating billions in annual worker remittances
- Trade Finance: Enabling international trade transactions
- Foreign Investment: Supporting FDI inflows and outflows
- Tourism: Processing international payments for the tourism sector
- Diplomatic Transactions: Handling embassy and diplomatic transfers
Key Statistics:
- Nepal receives over 2 million international transactions annually
- SWIFT transactions account for approximately 65% of formal remittance channels
- The average SWIFT transfer to Nepal is $500
- Over 30 commercial banks in Nepal maintain SWIFT connectivity
How Nepali Banks Use SWIFT Codes
Nepali financial institutions utilize SWIFT codes for various purposes:
- Inbound Remittances: Processing transfers from Nepali workers abroad
- Outbound Payments: Facilitating payments for imports and services
- Interbank Settlements: Clearing transactions between domestic banks
- Correspondent Banking: Maintaining relationships with foreign banks
- Trade Services: Handling letters of credit and guarantees
Challenges in Nepal's SWIFT System
Despite its importance, Nepal faces several challenges with SWIFT transactions:
- Regulatory Constraints: Nepal Rastra Bank's foreign exchange controls
- Limited Dollar Liquidity: Occasional shortages affecting conversion
- Technological Gaps: Some banks have outdated interfaces
- Customer Awareness: Many users don't understand SWIFT processes
- Cost Factors: High fees for small transactions
The Future of SWIFT in Nepal
The SWIFT system in Nepal is evolving with several developments:
- SWIFT gpi: New global payments innovation for faster, trackable transfers
- Blockchain Integration: Experiments with distributed ledger technology
- Mobile Solutions: App-based SWIFT code lookup and transfer initiation
- API Banking: Direct integration with business systems
- Enhanced Compliance: Improved AML/CFT measures
Practical Tips for Using SWIFT Codes
To ensure smooth international transactions:
- Always verify the SWIFT code with your bank
- Double-check all recipient details
- Understand the fees and exchange rates beforehand
- Keep transaction references and receipts
- Be aware of both countries' banking holidays
- Consider transfer timing for optimal exchange rates
- Monitor your transaction until completion
Conclusion
SWIFT codes remain the backbone of international banking in Nepal, facilitating crucial economic flows. As Nepal's financial sector continues to modernize, understanding and properly using these codes becomes increasingly important for individuals and businesses alike. This directory aims to simplify that process while providing comprehensive educational resources about international banking in Nepal.
Remember that while we strive for accuracy, banking information can change. Always confirm details with your financial institution before initiating important transactions.