| Username |
Post |
| acharya |
Posted
on 28-Jun-03 01:24 AM
Can anyone suggest me what is the easiest way to send/transfer money from Nepal to USA ?. I think something similar to this was inquired by someone a few months back. Yes, I am in the same situation where my relatives In Nepal want send some money to the account in an American bank.
Any help will be gladly appreciated!
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| babaal |
Posted
on 28-Jun-03 10:10 PM
I also need some info on this. Anyone?
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| thapap |
Posted
on 30-Jun-03 04:42 AM
email me. (o:
i can help you guys.
tnx
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| tick |
Posted
on 30-Jun-03 11:53 AM
1. Exchanging money with the people that have account in USA. For example give some one Nepali Rs and get a written check from American Bank.
2. Open a dollar account in Nepali bank.
3. Buy dollar in Nepal and hand carry.
4. Hundi - I hear hundi is very popular.
Any other ideas?
Good luck acharya jyu.
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| acharya |
Posted
on 01-Jul-03 07:40 AM
Tick, Thanks for your info.
What's Hundi? Never heard this before.
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| Prem Charo |
Posted
on 01-Jul-03 09:37 AM
Acharyaji,
Ghar kinne wa business garne bichar cha ki kya ho? Nepal baata paisa maagaayera?
Ani tapahi Tanahu ko Acharya ho ki Biratnagar ko ho? Ya antai ko ? Just curious. I have one broda works with me, he is tanahune acharya re.
Prem Charo :)
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| tick |
Posted
on 01-Jul-03 11:05 AM
There are people who laundry money across the globe. Please do let us know if you find more about it.
I found some definition of hundi after goggling
http://www.ex.ac.uk/politics/pol_data/undergrad/naz/pl.html
This is cut and paste from the site above
Hawala System
This is an alternative underground banking method of placing and transferring money, even though often Hawala transfer occurs legitimately and is often heavily advertised.
"Hawala" consists of transferring money without physical or electronic transfer of funds. Money changers ("Hawaladar") receive cash in one country, no questions asked. Correspondent hawaladars in another country dispense an identical amount (minus minimal fees and commissions) to a recipient or, less often, to a bank account. E-mail, or letter ("Hundi") carrying couriers are used to convey the necessary information (the amount of money, the date it has to be paid on) between Hawaladars. The sender provides the recipient with code words (or numbers, for instance the serial numbers of currency notes), a digital encrypted message, or agreed signals (like handshakes), to be used to retrieve the money. Big Hawaladars use a chain of middlemen in cities around the globe. The basis for the Hawala transfer system is trust and the use of networks, usually family or local networks of people.
The OECD's Financial Action Task Force (FATF) says that:
"Hawala remains a significant method for large numbers of businesses of all sizes and individuals to repatriate funds and purchase gold.... It is favoured because it usually costs less than moving funds through the banking system, it operates 24 hours per day and every day of the year, it is virtually completely reliable, and there is minimal paperwork required."
(Organisation for Economic Co-Operation and Development (OECD), "Report on Money Laundering Typologies 1999-2000," Financial Action Task Force, FATF-XI, February 3, 2000
Good luck.
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| tick |
Posted
on 01-Jul-03 11:07 AM
Premcharo ji,
Ma bishalnagar/dhumbarrai ko acharya haru lai chine ko chu, tapai le kallai chinnu bha cha?
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| Logical Sense |
Posted
on 01-Jul-03 12:06 PM
Guys/gals, please be careful when you transfer money back and forth.
Hundi, and personal money exchange should not be encouraged. Stay away from potential grief in the futrue. Haven't you heard of news like 'Paisa Liyra Farar'? Bad idea. Just transfer the money through bank or legal institutions (contact our Baljoshiji in Thamel.Com, he will advise you in the right direction).
It is good for the economy, and it is headache free.
But, mind it if you transfer money over $10,000 then the transaction information is sent to IRS. It is nothing bad, but, the uncle SAM wants to know the money trail.
With all these terrorists looking for transferring money in illigal way, Government is watching this very closely, so, again be careful.
Also, if you transfer hug amount (I am not sure how huge, may be > $70,000) then there could be tax consequences.
This makes people scared and they use personal way or hundi, but, I feel Uncle SAM is easy to deal with rather than CHOR people gobbling all the money from innocent people.
good luck.
- iti
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| tick |
Posted
on 01-Jul-03 12:37 PM
I have also heard that the full amount can only be paid once the other party receives the money. This is just the things that I have heard, probably rumors. Beware it is better to be safe than sorry.
Good luck.
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| Gunaraj |
Posted
on 01-Jul-03 01:58 PM
I have used Hundi system before. When foreign exchange was very tight in Nepal, people earned money from hundi. For example, Hundiwala paid me Rs. 5 more than the usual bank rate when I sent money from UK to Nepal. They were paying more than bank because nepali merchants would not easily get the foreign exchange from Nepal. Transaction costs were high because of Nepali bank hassles, time and other things. Thus merchants also preferred to use this chanel for easy and quick payment of dollars in foreign trade. This was one of the way hundi system worked.
I had both good and bad experience. Whenever, I remained in UK no problem. My relative got money within 2 days in Kathmandu. However, in the last Hundi (it was the time when I handed my money to the hundi wala in UK and I returned back to Nepal) I was paid 100,000 less. I had no proof, nothing. I had to call the person from Nepal a couple of time to settle this error, perhaps Rs. 4,000 gone. It was because our group had a long-term business with the person, he corrected the error and sent another fax to his agent authorizing another payment.
I don't know if hundiwalas still pay higher than bank rates or not. It's upto you if you take risk or not. If you use banking chanel, your money is safe, though it might be a month or two before your relatives get money, or if you use hundi and you are not cheated, your money is right there in two days.
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