Direct Remittance to Nepali Banks from US via Xuno

Nepali bank accounts can now receive direct remittances through the American fintech company Xuno. The company, in partnership with Siddhartha Bank, has launched a service allowing money to be sent directly to Nepali banks and financial institutions via QR codes.

Compared to traditional remittance companies, sending money through Xuno is easier and cheaper, according to company founder Bal Krishna Joshi. Those with Xuno accounts in the US can directly transfer money by scanning the QR codes of Nepali banks and financial institutions through the Xuno mobile app. The company claims that this service offers higher transaction limits and lower fees than existing remittance channels.

Customers can transfer funds to Nepali bank accounts in real time at the exchange rate set by Nepal Rastra Bank. In addition, the app also allows users to hold US dollars and convert them into Nepali currency whenever they wish.

For this service, Xuno has partnered with US-based banks, including Axos, Evolve Bank & Trust and others. Customers with accounts in these banks can use the Xuno app to send remittances. Xuno is a company backed by investments from non-resident Nepalis.