Transferring money back home should be as easy as paying money for shopping at a store.
According to the Nepal Rastra Bank, the total remittance to Nepal in 2020 was USD 8 billion. That is a recorded number only. A few extra billion dollars may land Nepal via informal channels like Hundi.
Today, Nepalese working abroad send money through two main channels - banks and Money transfer agencies. Unfortunately, both come with their own set of problems. Banks charge high transfer fees, the transfer usually takes a few days, and significant paperwork is required. On the other hand, money transfer agencies provide people with immediate services but at a much higher cost.
Nepal could easily increase remittance dollars if there were a better, easy-to-use, cost-effective money transfer facility. For example, if transferring money to Nepal was as easy as using Venmo in the US, many Nepalis would use formal channels instead of informal channels like Hundi.
With this problem in mind, the Hamro Patro team has initiated the Hamro Patro Remit service. The service is still at its nascent stage, but our engineers are constantly working to make our platform easy to use and the most cost-effective. We are already one of the lowest-cost platforms available to send money from the United States to Nepal and will gradually extend our services to other parts of the world. We also hope to strengthen Nepal Rastra Bank's ongoing focus to promote remittance through formal channels and believe this will be an excellent service for the nation.
Transferring money back home should be as easy as paying money at a store. It should be cost-effective and hassle-free. We can get there for Hamro Patro Remit service users.
Rudra Pandey
Chairman
Hamro Patro, Inc.
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