Remittance is the transfer of money, typically from one country to another. It’s a common practice among migrants who send money back to their home countries to support their families or for other purposes. Remittance plays an important role in supporting households, contributing to a national economy, and fostering community development.
Importance of Remittance for Nepal
Remittance plays a vital role in Nepal’s economy. With a significant portion of the population working abroad, money sent back home is a key source of foreign exchange. It also contributes to improving household living standards, poverty reduction and promotes local business.
Economic Backbone
Remittance has contributed to becoming the major contributor in the GDP of Nepal, which accounts for a significant share in the economy. It reduces poverty and helps maintain rural families.
Improve Living Standards
Remittance helps to improve the living standards of families. They can fulfill their basic needs like education, health, housing and others needs easily improving overall quality of life.
Foreign Currency Inflow
Remittances have helped stabilize Nepal’s Foreign exchange reserves, reducing its dependence on foreign aid.
Why Choose Global IME Bank for Remittance Services?
Global IME Bank has proved to be a trusted partner regarding remittance services. Along with the largest network across the country, the advancement of technology, and with solutions based on the demands of the customers, Global IME Bank has made remitting money fast, reliable, and convenient.
Large Global Network
Global IME Bank is associated with more than 150 partners globally, which helps the overseas Nepalese worker send money from any part of the world conveniently to Nepal. Global IME Bank has network and remittance partnership in multiple countries such as Australia, UK, Saudi Arab, UAE, Japan, Malaysia etc.
Reliable and Safe Transfers
Global IME Bank adopts advanced technology so that each and every transaction is safe and secure for the sender and recipient alike.
Easy Accessibility
Remitted funds can be easily accessed by the families from any part of the country through various branches and agents spread over Nepal.
Dedicated Remittance Support
Dedicated customer service via Global Connect and special remittance support ensures timely solutions to your queries.
Global IME offers three different remittance accounts.
Global Remit Savings Account: Specially designed to promote remittances made through the banking channel and foster a habit of regular saving among the foreign workers. This account offer additional premium in saving interest and can be used for applying IPO allocated for migrant workers.
Global Janmabhumi Bachat: Designed to facilitate everyone working in foreign countries who wish to send their hard-earned money through the safest way.
Global IME Remitters Term Deposit: High interest earning product designed for migrant workers and beneficiaries (Nepalese Citizens Only). This product provides an additional premium on fixed deposit.
Benefits of Saving Account
Global IME Bank offers different remit accounts, specially designed for those who rely on remittance as a primary source of income. Some of the benefits of Global IME Remit account are:
Easy Account Opening: You can open account through our representative officers abroad or open bank account online, making it accessible to everyone.
High-Interest Rates: Additional interest premium on remittance account
Mobile Banking Access: Manage your account using GIBL’s user-friendly mobile banking app.
Instant Loan: Instant Loan Against Fixed Deposit facility up to 90% of deposit in Global IME Remitters Team Deposit.
Eligibility for opening remittance account:
Documents as defined by NRB is required:
- Shram Swikriti from Ministry of Labor
- Remittance inflow transaction of at least NRP 50,000 in the account during the last 6 months for applying reserved IPO
Conclusion
Remittance is a lifeline for millions, fueling dreams and fostering hope. Global IME Bank, a trusted partner, has a proven track record in the remittance sector. By offering personalized solutions and robust support, GIBL ensures a seamless experience for both senders and recipients. Its extensive network, both locally and internationally, makes it the go-to choice for remittance services in Nepal, enabling migrants to send money to Nepal.
