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Exchange
Rates and Money
Currency
The unit of the
Nepalese Currency is Rupee. One Nepali Rupee is made up of 100 paisa. Nepali Rupee notes
come in Rs. 1, 2, 5, 10, 20, 25, 50, 100, 500 and 1,000. Coins come in paisa 5,10,25,50
Rs. 1 , 2, 5 denominations. Paisa coins are not currently used for common
transactions.
Foreign currency, and
traveller cheques, can easily be exchanged at banks or authorized agents. In
Kathmandu banks have money exchange counters, which are quick and convenient.
Mastercard, Visa and
American Express are accepted at all major Hotels, Travel Agencies, Restaurants and
Stores. Only the first two though, are currently accepted at banks for money
advances. As from august 2000 ATM services are available in Kathmandu.
In the cities, and
specially while trekking, change for Rs500 and Rs1000 bills is not easily available.
Money Transfer/received:
Normally there is no problem to transfer and received money from Nepal,
however there are few restrictions to send money out of Nepal. If some one
who want to transfer money from Nepal to any other countries out of Nepal
and amount more than US$500./ need authorization from Nepal Rastra Bank
(Centre (Government) Bank of Nepal). You need to supply proper documents and
good reason for the same.
Basically there is no any restrictions to
transfer money to Nepal and there are many agents, offices who offer
services to transfer money in Nepal. such as:-
1. Secure way to
receive
money from overseas. Leading company provides easiest and safest online
money transfer service in the world.
2. Western Union Money Transfer, and so on...
Exchange
Rates
Nepal's
currency is set at a fixed exchange rate with the Indian Rupee. 100 Indian Rupees =
160 Nepali Rupees. The US dollar is about US$ 1 = NRs 76.10 (November
2001).
Banking
Banks are open between 10:00
A.M. to 2:30 p.m, Sunday to Thursdays and between 1 0:00 A.M. to 12:30 p.m. on Fridays.
Closed on Saturdays and national holidays. Some Banks in Thamel, Kathmandu are open
till later.
How Much
Does It Cost
Costs
vary widely according to the luxury one expects while traveling, and are suited for the
relaxed tourist as well as for the adventurous backpacker. Dinner in a western style
restaurant is about US$10-20, while in a local inn US$1-2. Hotel prices range from
US$2-3 to US$40-150 a night.
On the
whole, you are likely to spend $50-80 a day. But can cut it as low as US$10 a day, by
staying in low end hotels and eating local food.
Tips and
Service Charges
Tipping is becoming fairly common in
upmarket restaurants in Kathmandu, so leave around 10% of the bill if service was good.
There's no need to tip in cheaper establishments or to tip taxi drivers. Porters on treks,
however, should be tipped around Rs 100 per day.
Bargaining
Bargaining is commonplace in markets and tourist shops, but treat it as a form of polite
social discourse and with a good sense of humor, rather than as a matter of life and
death.
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