Remittance in Nepal
Concept of Remittance
The remittance is related with the foreign currency. In order to facilitate the transfer of funds between countries, banking companies provide this service. As Nepalese youth travel to foreign countries in search of jobs, the remittance services provided by banks provide a safe and legal way for them to send their earnings home. Banks are also transferring funds from Nepal to other countries as part of this business. Inward remittances and Outward remittances are two sides of the business; the inward remittance means receiving funds from abroad and the outward remittance means sending money abroad. Banks use different methods for these types of fund transfers.