Whether it’s running ads on Facebook or Google, shopping from Amazon, subscribing to Netflix or shopping online from abroad, it’s much easier now. Finally, Nepal Rastra Bank has approved the Prepaid Dollar Cards for International online payments. Nepali Banks are issuing prepaid dollar cards up to USD 500.
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Paying in foreign currency for purposes other than the business was illegal under the NRB directive. Online purchases of goods and services were being made illegally and large sums of money were being laundered abroad. To regulate it, the NRB allowed banks to issue prepaid dollar cards.
Prepaid dollar cards or prepaid cards and international dollar cards are the same. These cards were issued in US Dollars after the customer’s request. Customers can apply for the Prepaid Dollar Cards from the banks.
Here is some information you need to know about dollar cards
What is a Dollar Cards?
Dollar Cards are like ordinary prepaid cards but with USD currency equivalent to USD 500. These cards were issued by Commercial banks, which can be used to make payments for online goods & services.
Which Banks are issuing Dollar Cards in Nepal?
In Nepal, 11 banks are now issuing dollar cards, Here is the list.
- Global IME Bank : Global E-com Card
- Himalayan Bank : HBL Dollar Prepaid Card
- Kumari Bank : Kumari $eCom Card
- Machhapuchchre Bank : Machhapuchchre Dollar Card
- Mahalaxmi Bikas Bank : Mahalaxmi Dollar Card
- Nabil Bank : Nabil iCard
- Nepal Investment Bank : NIBL vPrepaid International Card
- NMB Bank : NMB Dollar Card
- Prabhu Bank : Prabhu 500 Card
- Siddhartha Bank : Siddhartha eCom Card
- Sunrise Bank : Sunrise E-card
How to get dollar cards?
To get a dollar card, You need to apply for it first. You should have filled the form, updated KYC details and required documentation in the bank. Another thing is you must have a PAN number to apply for this card. After providing documents, PAN number and small processing fees, it will take some days to issue.
Banks are charging small processing fees to issue dollar cards, from Rs. 500 -1000. It may vary depending upon banks.
Can I use Dollar cards for online payment?
Yes, you can use this card for online payment for shopping goods and services internationally. This card can be used for online transactions such as Paypal, Online Streaming sites ( Netflix, Amazon Prime), Social sites for marketing (Facebook, Twitter, YouTube, Google, etc.), Domain Registration, Web Hosting, Subscription of applications, etc.
But using these cards for betting online, buying porn subscriptions or investing in cryptocurrencies or using other illegal sites is prohibited.
What is the US$ Limit for this card?
Nepali Banks are issuing dollar cards for the period of one year, with convertible foreign currency of equivalent to US$ 500.
The limit of this card is US$ 500 per person for a year. Loading more than USD 500 is not allowed. If you need more you should wait for next year or try other alternates like the international Payoneer Mastercard.
Is there Restriction/Prohibition for cards to use?
Yes, You must keep in mind that this card comes with restrictions/prohibitions according to the NRB. NRB has clear directives, where it can be used and where not.
You can use this card only for online payment of goods and services according to NRB. Buying property or prohibited services, withdrawing money from ATM or POS is not allowed and holding more than one card is restricted. If anyone is found to have done so, they will be punished according to the law of Nepal.
Buying cryptocurrency, betting online or subscribing porn sites are prohibited.
Can a bank ask for details of goods or services purchased using a dollar card?
Yes, absolutely. According to the directive of NRB, the bank may ask for details and invoices of the goods and services purchased online using the dollar card, only if required. You also have to submit all the details. So using cards for prohibited services is illegal and attracts the law of Nepal.
Can I Surrender my card to the bank?
Yes, you can make a request to the bank and surrender the card if you don’t need it. The balance on your dollar card is converted into Nepali currency and credited to your account.