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Banks 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 and less frequently also in Rs. 1, 2, 5 denominations. Paisa coins are not generally used for common transactions.

Foreign currency and traveler cheques can easily be exchanged at banks and authorized agencies. 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 especially while trekking, change for Rs. 500 and Rs.1000 bills are not easily available.

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 68.30 (July 2008).

Banking
Banks are open between 10:00 A.M. to 2:30 p.m, Sundays through 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 late evening. The following are the major Banks of Nepal
Nepal Bangladesh Bank> Kathmandu Plaza (Ph: 4258308), New Road (Ph: 4256734)
Standard Charted Bank>Kantipath (Ph: 4228474)
Himalayan Bank>Thamel (Ph: 4227749), New Road (Ph: 4243107)
Arab Bank, Kantipath (Ph: 4226786)
Nepal SBI Bank, Durbar Marg (Ph: 4225326)
Everest Bank, New Baneswar (Ph: 4482578)
Nepal Indosuez Bank, Durbar Marg (Ph: 4228229)
Nepal Sri Lanka Merchant Bank, Bagh Bazar (Ph: 4227555)
Bank of Kathmandu, Thamel (Ph: 4430640)

Wire Transfer
Money can be wired through Western Union (costly, but efficient), Money Gram - fast, safe, easy and cheaper (Ph: 4417775 or 4418508) or through banks (very tedious and sometimes timely). Major Nepal banks use the SWIFT system, in place of the older telex systems, to negotiate wire transfers. The major banks also have accounts in New York and other world banking centers to expedite transfers.