Common Mistakes When Sending Money To Nepal
Sending money overseas and… BOOM! ..the initial $1,000 you sent is noticeably less.
Nov 10, 2020
How does this happen?
Well, Australians are no strangers to transferring money overseas, and for the purposes of this blog, to Nepal. There are many methods used to send money, including online platforms, banks and specialist remittance companies. These services differ, offering varied levels of speed, service, cost, platforms and security. With the continuous advancements in technology, sending money to Nepal has never been easier! However, when things are easier, it can also be easier to make mistakes – this includes the seasoned remitter too! We’ll break down the most common mistakes, to ensure your money is sent swifty and safely.
Mistake #1: Failing to enter correct recipient details
It is critical to ensure that you’re always entering the correct details when sending money to Nepal. By getting this wrong, you could be up for a costly bill. The details you must get correct include the:
- Full name of the recipient, including their account name and home address;
- Currency you want to exchange to (in this case, the Nepalese rupee);
- Bank account details of the recipient (note: this may be an International Bank Account Number, or IBAN); and
- SWIFT code or Bank Identifier Code (BIC) of the recipient’s bank.
It is very important to get this step correct, as the majority of errors happen here. Not getting this right can lead to a tedious process to clawback funds, and this isn’t always guaranteed. If you do notice an error, contact your financial institution or transfer provider instantly. Each provider will have a different process to claw these funds back e.g. Commonwealth Bank of Australia can return funds if it is reported within 10 business days – any later, and it’s a difficult process.
ASIC studies highlight that 83% of transactional errors occur at the point of sending money; that is, when they are entering recipient details. The most common details to be entered incorrectly are BSB or account numbers. This translates into a similarly large number of errors with international money transfers. Another issue to consider here is selecting the incorrect recipient.
Whilst there are recourse options available, we recommend to always treat this step cautiously and triple check the details before hitting send.