Support of Remittance and transfer problems

Dear Mr. Editor,

Firstly, I would appreciate this article, ‘Support of Remittance’ written by Anup Bhandari, stated on increasing remittance more than Rs.100 billion comes from formal banking channels. But as we see the other part, 60% of remitted money enters through informal channels. The mentionable matter is, due to the many complexities that minimizing sending money through formal banking channel. The key root is due to the low currency exchange rate, expensive service charge and limitation on money while sending money. Most of the Nepalese, particularly working in Gulf, do not know about sending procedure because of language problem and illiteracy as well. Some newly opened money transfer companies, whose service is comparatively better than Western Union Money Transfer, could not be still considered regarding the upsurge of exchange rate and reduction of service charge. So, most of the Nepalese still send through Hundi.

In my viewpoint, if the serving money transfer companies along with banks consider on above cited points, I’m fully believed this policy will definitely mitigate the informal remittance.

Thanks & regards,

Bishnu Adhikari
Kingdom of Saudi Arabia
Email: bishnu@digi.net.sa (Res.)
bishnu@sigasco.com (Off.)

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