Remittances are an important aspect of Nepal’s economy, contributing a significant portion to the country’s GDP. Approximately 2.1 million Nepalese people are working abroad due to the limited employment opportunities in the country. As per the 2021 census report, 7% of the total population resides outside the country. Among them, most of the workers have migrated to Malaysia, the six countries of the Gulf, and India. As the number of people migrating outside the country is growing outrageously, the inflow of remittance has also increased significantly. As per the central bank of Nepal, Nepal Rastra Bank, the inflow of remittance stood at Rs. 1.007 trillion in 2022. The remittance alone has contributed 20.8% of the country’s GDP in the fiscal year.
The migrant workers who have left the country for foreign employment hope to send some of their hard-earned money to family members still living in Nepal. Money transfer across international borders is a quite complex process. In earlier days, sending money through a traditional remittance process including bank transfer or wire transfer would take a long processing time and involve high fees and complicated paperwork. Thus, sending money using traditional remittance was not always feasible. With the improvement in technology, sending money across the border has been much easier. Additionally, digital remittance is taking over traditional remittance. In the context of Nepal, Esewa Money Transfer, a leading remittance company in Nepal is promoting digital remittance.
Esewa Money Transfer: Leading Remittance Company in Nepal
Esewa Money Transfer, a leading remittance company in Nepal has been affiliated with Nepal’s largest fintech company, F1Soft Group since 2004. With over a decade of trust from more than 18 million users for financial transactions, Esewa Money Transfer has been making remittance services more feasible in the country. Esewa Money Transfer is a digital platform that allows users to send and receive money from anywhere in the world. Moreover, it offers a fast, competitive exchange rate, and cost-effective solution for remittance. The transactions are processed within minutes and the receiver can get their money instantly.
To streamline the remittance process, Esewa Money Transfer has partnered with international money transfer companies like Remitly, MoneyGram, WireBarley, WorldRemit, Ria Money Transfer, etc. The partnership with the giant remittance companies has made it easier for Nepalese migrant workers to send their money home easily. Likewise, it also allows users to send money directly to bank accounts and e-wallets in Nepal.
Esewa Money Transfer Provides Three Options To Receive Remittance
The major objective of Esewa Money Transfer is to provide a fast and reliable way to send money to Nepal by reducing the cost of moving money. The remittance company offers three modes of transactions for sending money. The sender can send money directly to the beneficiary eSewa wallet, bank account, and cash pickup. We make receiving remittances effortless with a network of 100,000+ eSewa wallet agents and 10,000+ payout agents across Nepal. Thus, while choosing a cash pickup as a receiving option, the receiver can easily visit the nearest payout agents to collect the money.
Apart from this, the sender can also use the digital remittance option such as sending money directly to the beneficiary’s eSewa wallet or bank account in Nepal. While using the digital form of remittance, the receiver can receive the fund instantly in real time. Additionally, Esewa Money Transfer also promotes the digital form of remittance. As of now, 80% of transactions are conducted digitally through Esewa Money Transfer.
How To Receive Remittance Using eSewa Wallet
With the advancement in technology, receiving remittances has become more accessible and convenient. The migrant workers can easily send their money directly to an eSewa wallet in Nepal. eSewa is Nepal’s first online payment gateway that allows users to make online transactions, pay bills, and receive money. It has made receiving remittances from abroad more accessible, convenient, and faster. Receiving remittances through eSewa is a simple and hassle-free process. Follow these steps to receive remittance digitally from abroad using eSewa:
Step 1: Register for an eSewa account
The first step to receiving remittance through eSewa is to register for an eSewa account. To register, you will need to provide your name, mobile number, and email address, and create a password. You will also need to verify your mobile number through a One Time Password (OTP) sent to your phone.
Step 2: Provide your KYC details
To comply with the regulations of the Nepal Rastra Bank, eSewa requires users to complete their Know Your Customer (KYC) details. You can complete your KYC details by visiting an eSewa KYC center and providing your identity proof, such as your citizenship certificate or passport.
Step 3: Receive remittance
Once you have completed the above steps, you are now ready to receive remittance through eSewa. To receive a remittance, you will need to provide the following information to the sender:
- Your name as it appears on your eSewa account
- Your address information
- Your mobile number registered with eSewa
The sender can then initiate the remittance transfer using their preferred remittance service provider, such as WorldRemit, Remitly, MoneyGram, etc. The remittance amount will then be transferred to your eSewa account.
Step 4: Withdraw the remittance
Once the remittance has been transferred to your eSewa account, you simply start using your funds for making payments of bills. In addition to this, you can also transfer the fund to desire bank accounts.
Benefits of Using eSewa Wallet for receiving remittance
Using eSewa for receiving remittance from abroad offers several benefits:
Convenience: eSewa offers a convenient way to receive remittances from abroad. You can receive money from anywhere in the world without visiting a bank or money transfer agent.
Speed: With eSewa, you can receive money instantly. You don’t have to wait for days or weeks to receive the money.
Security: eSewa uses advanced security measures to protect your account and transactions. Your personal and financial information is safe and secure with eSewa.
In conclusion, embracing digital cash like eSewa can greatly ease the financial burden for families of migrant workers. With its convenience, security, and accessibility, eSewa provides a safe and efficient way to pay for household bills like Electricity Bills, Khanepani Bills, Internet Bills, TV Bills, School Fees for children and other regular expenses. By utilizing this technology, family members of migrant workers can ensure that their loved ones’ hard-earned money is well spent, and their financial obligations are met on time. Therefore, we urge all family members of migrant workers to explore the benefits of eSewa and start utilizing it today to simplify their financial transactions and improve their overall quality of life.