Guide to Money Exchange In Kathmandu
Kathmandu being the exhilarating capital of Nepal, not only abounds in the enriched culture and centuries-old history but also is classic for travelers to visit. All these factors include transacting money and so is the money exchange in Kathmandu.
Nevertheless, as exciting as it sounds, if you are planning to visit or are shifting to Kathmandu, you need to be aware of how the money exchange takes place. Knowing more about the willing currency exchange depths about currency transactions in Kathmandu gives you the chance to conduct the perfect financial transactions without any hindrance.
Table of Contents
Denominations and Design
Nepalese Rupee (NPR) Denominations
The official money of Nepal is the Nepalese Rupee, connoted as NPR. It comes in sub-units as well as in large notes; a fact that makes its handling when transacting relatively easy. The denominations of banknotes include: The denominations of banknotes include:
- 1 Rupee: Today it is still in use, although maybe not as frequently as the other words in this list.
- 5 Rupees
- 10 Rupees
- 20 Rupees
- 50 Rupees
- 100 Rupees
- 500 Rupees
- 1000 Rupees
There are smaller coins too like one rupee, two rupees, five rupees, and ten rupees, However, these are not often used because they have a lower value than the notes.
Design Features
Like the coins, Nepalese banknotes are also unique in terms of their color and the depictions of different symbols, which are indeed part of Nepali culture as well as geographical features of the country. For instance:
- The 1,000 Rupee Note: Portrait featuring Mount Everest and images of the world-famous Swayambhunath Stupa also called Monkey Temple.
- The 500 Rupee Note: Exhibits such an image of the well-known, Lumbini, the birthplace of Lord Buddha.
These aspects also aimed at beautifying the notes and bills while also displaying the pride and culture of the country in the Nepalese context.
Exchange Rates
Understanding Exchange Rates
Volatility is a typical characteristic of exchange rates, which depend on the economic and political climate, global trends as well as market needs. The best source of information regarding the current exchange rates of the Nepalese Rupee, thus, it is recommended to use online services of currency exchange and converters.
Where to Check Exchange Rates
- Online: On such sites as XE and OANDA, they provide real-time exchange rate feedback.
- Local Banks and Exchange Offices: The Nepali banks and exchange offices, especially those in Kathmandu display the current rates but they are quite different from the online rates.
Typical Rates
As of the latest data, the exchange rate for NPR against major currencies like USD and EUR generally hovers around: As of the latest data, the exchange rate for NPR against major currencies like USD and EUR generally hovers around:
Today (at the time of writing) the exchange rate is
- $ 1 USD = NPR 133. 00
- 1 EUR = 145 NPR
Always check the latest rates before exchanging any currency to ensure you grab the best deal.
Currency Symbol and Code
Symbol and Code
The Nepalese Rupee has the symbol “Rs. ”, and the ISO code is NPR. Symbol is used for both, writing and print media, which makes it easy to identify when it comes to financial documents and activities.
Usage
To write prices or figures, there is generally the preferred abbreviation ‘Rs.’ for instance, Rs. 1,000: one thousand Nepalese Rupees. This may use the international designation NPR which is the string abbreviation for the Nepalese currency.
Regulations on Currency
Legal Tender
The official currency of Nepal is Nepalese Rupee which is abbreviated as NPR locally. The national currency may not be used for daily purchases and services, but foreign exchange is allowed to be bought and sold in authorized places.
Currency Exchange Regulations
- Currency Limits: The foreign currency that tourists are allowed to bring to Nepal and which does not need a prior declaration from the customs officials is up to NPR 10,000 in Nepalese rupees. Any over this amount is required to be reported.
- Declaration: Foreign currency exceeding USD 5,000 or its equivalent if in any currency must be declared on arrival. If such actions are not taken, then one may receive fines, or the amount so declared may be confiscated.
Import and Export Restrictions
Exporting NPR is not allowed as they are subjected to some regulations. There is no restriction to import foreign currency notes or traveler’s cheques up to an amount of NPR 25000 when one is departing from the country. Cross-border exportation beyond this amount must get the approval of the authorities.
Currency Converter and Calculation
Using Currency Converters
Travelers cannot do without currency converters as they help them change their foreign currency to the local currency without being ripped off. Online converters like XE.com and applications such as Currency Converter Plus assist you in easily finding the equivalent price in your home currency for NPR.
Manual Calculation
To manually calculate exchange rates, use the formula: To manually calculate exchange rates, use the formula:
EXCHANGE: Amount in Home Currency = Amount in NPR × Exchange Rate = 200 × 102 = 20400.
Money Exchange in Thamel
Thamel is a touristic town located in Kathmandu characterized by a large commercial activity and many shops, restaurants, and hotels. It also has several accurate money exchange services without leaving the building.
Where to Exchange Money
- Banks: Most of the banks such as Nepal Bank Limited and Standard Chartered have their branches in Thamel where you get your money changed. Rates are commonly offered by banks at fairly standard prices but this normally comes with a lengthy turnaround time.
- Exchange Bureaus: Many exchange bureaus are scattered all over Thamel and they are very efficient and fast. In this step, it is recommended to turn to well-sounding ones to avoid adverse rates and possible scams.
- Hotels: A number of the up-scale hotels have exchange counters but are likely to charge a little higher than the exchange bureaus.
Tips for Exchanging Money in Thamel
- Compare Rates: When using these services comparing the rates of various exchange services is advisable so that the best rate is found.
- Check Fees: There are normally hidden fees or charges that are paid in commission; these cut down the actual money received in NPR.
- Keep Receipts: In case of exchanging money back to the initial type of money or if you need to prove when using the exchanged money, it is advised to save the receipts.
Frequently Asked Questions for Currency in Nepal
1. Are dollars or any other foreign currencies acceptable in Nepal?
Foreign currencies are not accepted for various day-to-day transactions in Nepal. You have to pay in Nepalese Rupees hence you have to change your foreign currency for this currency.
2. Where are there ATMs in Kathmandu?
There are several ATMs placed in the different parts of Kathmandu notably Thamel and Durbar Square. Most international cards like the Visa and Master cards are recognized.
3. Is there any restriction on the foreign currency that can legally be brought to Nepal?
Yes, up to the amount of up to USD 5000, one can take the currency into the country without necessarily declaring it. This lies in the fact that considerable thresholds must be declared at customs.
4. What preparations should I make so I do not accept counterfeit money?
To deal with fake money avoid using individuals carrying big amounts of money to exchange in other areas apart from recognized banks or exchange bureaus. It will be wise to know the characteristics of the real Nepalese Rupee banknotes like the watermark and security threads.
5. Where should I go for help if I lose my money or get a con artist?
In any case of loss or scam, please report to the police local authority and your embassy or consulate promptly. It is also advisable to maintain the records of your exchange transactions and receipts to be useful in case of any dispute.
Conclusion
It is possible to find a simple pattern of swapping money in Kathmandu depending on the information that one has acquired regarding the currency, relative value of money, and legal measures used by the Nepalese Government.
It is therefore advantageous to acquaint yourself with the design & denominations of the Nepali Rupee and how the exchange rates work, or where and how to safely exchange this foreign currency in this beautiful city.
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