In Nepal, the amount of money you can transfer abroad for living expenses is subject to specific regulations set by the Nepal Rastra Bank (NRB). Here are the key details regarding these limits:
Transfer Limits for Living Expenses
- Annual Limit:
- An individual can transfer a maximum of USD 30,000 or its equivalent in other currencies per year for personal remittances, which includes living expenses. This limit applies to various purposes such as education, medical expenses, and general living costs.
- Daily Transfer Limit:
- The daily limit for remitting money abroad is set at NPR 1 million (approximately USD 7,500), which applies to both single transactions and cumulative transactions within a day.
- Documentation Requirements:
- Transfers need to be sent through authorized financial institutions. Depending on the amount and purpose, you may need to provide documentation justifying the transfer, such as proof of enrollment in an educational institution or medical bills.
- Cash Limits When Traveling:
- If you are traveling abroad, you can carry up to NPR 50,000 in cash without declaration. Amounts exceeding this require prior approval from the authorities.
- Special Provisions for Students and Workers:
- Students traveling abroad for education can carry up to USD 12,000, while workers going to specific countries may have different limits based on their employment contracts.
By adhering to these guidelines, individuals can effectively manage their living expense transfers from Nepal while remaining compliant with local regulations.