Foreign Currency can be Exchanged from POS Machines

  1 min 33 sec to read

March 21: Foreign tourists in Nepal can now exchange Nepali currency from POS (Point of Sales) machines using their international cards. POS machines will make the exchanging procedure easier for the tourists.

Earlier, travelers were compelled to carry cash to exchange their currency which was unsafe considering theft and the policy binding them to carry money equivalent to only USD 2500. Thus, the new exchange protocol has made the exchange of currency easier with the use of cards.

The new provision was made by the Nepal Rastra Bank after amending the integrated circular 2074 keeping in mind the convenience of the travelers. The circular has made it mandatory for any bank or financial institution to inform the central bank about the transaction of foreign exchange.

After analyzing the foreign currency exchange policy, the central bank directed BFIs for POS provision, informed Rajendra Pandit, deputy spokesperson at Nepal Rastra Bank. Money exchangers had also been demanding for such provision, he added.

Previously, travelers were amazed and worried to know about lack of POS technology in Nepal. Many were troubled by the absence of such technology but now after the implementation of the provision they are expected to spend more in Nepal.

Foreigners can now exchange Nepali currency using any of Visa International, MasterCard and Union Pay international card from POS machines. Money exchangers are allowed to mark their exchange charges but the rates should be in Nepali currency. The charges will be marked according to the agreement between banks and money exchangers as per the amended circular issued by the central bank.

According to Foreign Exchange Management Department, money exchangers are required to mandatorily collect a copy of the customers’ passport in case of foreigners whereas a copy of relief card will make Indians eligible for the transaction.

No comments yet. Be the first one to comment.