Money Matters

Currency: Nepalese Rupee

• Meals
  
• Budget: US$2-3
• Mid-range: US$3-10
• Top-end: US$10 and upwards,
  
  Lodging
  
• Budget: US$3-10
• Mid-range: US$10-50
• Top-end: US$50 and upwards

If you stay in rock-bottom accommodation and survive on a predominantly Nepalese diet, you could easily live in Nepal on less than US$15 a day. If you prefer to stay in comfortable lodgings, eat in tourist-oriented restaurants and take the occasional taxi, your living costs are likely to be between US$20 and US$40 a day. On an independent trek between village inns, your living costs are likely to be between US$15 and US$30 a day, as long as you don't indulge in too many 'luxury' items, like beer and chocolate.

There are effectively three exchange rates in Nepal: the rate set by the government's Nepal Rastra Bank, the slightly more generous (but still legal) rate set by the private banks, and the even more generous black-market rate set by carpet shops and travel agents. The daily Rising Nepal newspaper lists the Nepal Rastra Bank's rate, which is a useful reference point. Exchange rates and commissions can vary quite significantly, so shop around.

General Information
Payment in hotels, travel agencies, and airlines are made in foreign exchange. You can pay your hotel though in Nepali currency. Nepal has modern banking facilities and some of the International Banks have their own offices in Kathmandu. Almost all foreign currencies along with credit cards such as American Express, Visa and Master Card, etc. are accepted in Nepal at major hotels, shops and restaurants.

Remember: Check your credit card expiration dates if you are leaving for an extended journey.

All visitors are required to exchange their money through the bank or authorized agents. In Kathmandu banks have money exchange counters (Standard Chartered Bank and Himalayan Bank at Tridevi Marg next to Thamel). When you change money legally, you are issued with a Foreign Exchange Encashment Receipt showing the amount of hard currency you have exchanged. If you leave Nepal via Kathmandu airport and haven't spent all your rupees, you can exchange up to 15% of the amount shown on these unused receipts back into hard currency.

Note: Retain Rs. 1100 for airport tax when departing Nepal by air. You can also pay in bucks but their exchange rate is somewhat behind.

Major banks, hotels, and the exchange counters at Tribhuvan Airport provide services for exchanging foreign currency. US dollar traveler's checks can be purchased from American Express at Durbar Marg and other major banks in Kathmandu. Banks typically charge 1% of the face value to cash traveler's checks.

In Pokhara Standard Chartered has a branch right at Lakeside.

When traveling around Nepal, change large bills whenever you can.  Taxis, Bicycle Rickshaws and small shops seldom have the means to change large bills.

ATM
Standard Chartered Bank operates a ATM at its branches in Kantipath, Thamel (next to Ying Yang Rest.) and New Baneswor. Mastercard, Visa, Maestro, Cirrus are accepted. There is also one in Pokhara next to Ht. Snowland.

Forex

Standard Chartered Bank runs a foreing exchange service at Kantipat. Transaction hours: Mo-Fri 9.30 am-7.30 pm, Public Holidays/Sundays 10 am-5 pm, Sat closed. PH #: 4421787, 4422787.

Banks

Banks are open 10 am to 2:30 pm Monday through Thursday, and 10 am to 12 pm on Friday. Nepal Bank Ltd. on New Road (Ph: 4221185) is open 7 am to 7 pm all days of the week. The Kantipath branch (Ph: 4227375) is open 9 am to 5 pm Monday through Friday, 9 am to 1 pm on Saturday, and closed on Sunday. Rastriya Banijya Bank exchange counter at Bishal Bazaar (Ph: 4228335) is open 10 am to 3 pm daily except holidays.

Nepal Bangladesh Bank at Ramshah Path (Ph: 419297) is open 10 am to 3 pm, and its branch at New Road (Ph: 4217541) is open till 7 pm. Standard Chartered Bank branch at Thamel (Ph: 4233128) is open 10 am to 4:15 pm for credit card services. Counters of Himalayan Bank at Thamel (Ph: 4227749) and Bishal Bazaar (Ph: 4224787) are open 8 am to 8 pm, closed on Saturdays. Other banks are Nepal Arab Bank, Kantipath (Ph: 4227181); Nepal SBI Bank, Durbar Marg (Ph: 4225326); Everest Bank, New Baneswar (Ph: 214878); Nepal Investment Bank, Durbar Marg (Ph: 4228229); Nepal Sri Lanka Merchant Bank, Bagh Bazar (Ph: 4227555) and the Bank of Kathmandu, Kamaladi (Ph: 4418068).

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Currency and Exchange Rates
Exchange rates are published in English daily newspapers such as The Rising Nepal and The Kathmandu Post. Nepalese Rupees are found in denominations of 1000, 500, 100, 50, 25, 20, 10, 5, 2 and 1. Coins are found in denominations of 10, 25 and 50 paisa. One rupee equals 100 paisa.  

Note: Indian rupees are accepted and freely convertible in Nepal.  100 Indian Rupees = 160 Nepali Rupees.  Do not worry about exchanging your Indian currency when traveling into Nepal. Be aware though that 500 Indian Rupee notes are illegal in Nepal!

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Wiring Money

Money can be wired through Western Union (costly, but efficiently), Money Gram (cheaper) or through banks.  Major Nepal banks use the SWIFT system, in place of the older telex systems, to negotiate wire transfers.   The major banks also have accounts in New York and other world banking centers to expedite transfers. Nepali banks do not have ABA # or routing # (just in case your counter party asks).

Outside the Kathmandu Valley, it may be difficult to use large-denomination Nepalese notes, so keep a good load of your money in small-denomination notes. If you're trekking, take enough small-denomination cash with you to last the whole trek.

Tipping is de rigeur throughout, though the in the west usual 10% of the bill is way too high, except in top hotels. There's no need to tip in cheaper establishments or to tip taxi drivers. Porters on treks, however, should be tipped around Rs 100 per day. Bargaining is commonplace in markets and tourist shops, and if you don't go along people question your sanity. Look at it as a game.