Bank of Asia Nepal Limited

FAQS

• Questions Relating to Inward Remittance

• How can I receive payments into my bank's account directly from a person who is settled abroad?
  You can receive payments either electronically or sending a draft by postage.
   
• What is the difference between electronic and postage methods?
  Electronic transfers are faster and payments can be received within a fews days, depending on which foreign bank or agent is.
  
  Postage method is the conventional method. It involves the issuance of a demand draft by the sender's bank. The demand draft are usually "A/c payee", which means that the amount mentioned in the draft can only be paid to the account of the Payee. The sender then has to post the draft (which is basically a type of cheque) to the receiver. The receiver then has to go to his/her bank and deposit the draft into the account of the Payee. The draft then has to sent for collection. So the entire process could take almost a month or even more.
   
• Receiving money through postage is very hectic. I need a more simpler and faster way to receive money from a foreign country. What are the ways in which I can do that?
  Electronic transfers include several types of services. Most popular way to electronically receive money in Nepal is via Money Transfer agents. Bank of Asia Nepal Limited is also an agent of Western Union Money Transfer, MoneyGram, and Sewa Money Transfer. Customers can receive payments using these services once they have received a code number from the sender. The receiver needs to present the code number at the counter with the relevant identification documents such as citizenship certificate.
  
  However, customers will need to come to the bank to collect the payment in cash. The customer will have to deposit the cash into his/her bank account.
   
• Is there a mode of payment in which the payment can be immediately deposited into my bank account?
  Customers can avail the swift facility to directly receive payment into their bank account.
   
• How can I avail the SWIFT facility to receive payment from abroad?
  All you need to do is to give the proper information to the sender. The following information need to be given.
  
  Beneficiary's Name
  This is the name of the receiver.
  
  Beneficiary's Bank
  This is the name of the Bank where the receiver has opened an account in his/her name
  
  SWIFT Code
  This is an 8-character identification code of beneficiary's bank. The swift code of Bank of Asia Nepal Limited is "BOALNPKA"
  
  Intermediary Bank:(optional)
  Though this information is optional, giving this information could improve the speed of payment. Intermediary bank is the channel (foreign banks) via whom Bank of Asia Nepal Limited can receive payments from. The list of Foreign banks that Bank of Asia Corresponds with are:
  
  

  Bank's Name	Location	SWIFT Code
  Standard Chartered Bank	SCB, Mumbai	SCBLINBB
  Standard Chartered Bank	SCB, New York	SCBLUS33
  Standard Chartered Bank	SCB, London	SCBLGB2L
  Standard Chartered Bank	SCB, Tokyo	SCBLJPJT
  Mashreqbank Psc	MASHREQ, MUMBAI	MSHQINBB
  Mashreqbank Psc	MASHREQ, NEW YORK	MSHQUS33
  Mashreqbank Psc	MSHQGB2L	MASHREQ, LONDON

• Which Intermediary Bank do I use?
  It is best to specify the Intermediary Bank that is located in the region of the sender's bank.
   
• What happens if I don't give an intermediary bank?
  It may take longer for the payment to arrive.