But to be successful in the world, you need to do all of this buying and selling with a broad vision- something that extends beyond a country. That being said How do you buy and sell things internationally when payment is restricted to National Currency In Nepal?
How about using the process to verify a PayPal account in Nepal?
Well, Paypal is one of the better options as long as you follow the process to verify it. For those who don’ know what PayPal is, it is an online payment medium that lets you pay across the world easily.
That being said, since you can’t really use international currency as a means of payment how do you even do this?
For this, we need to create and verify a PayPal account in Nepal.
You can’t use International Currency In Nepal?
Is Paypal a viable option?
Before we go into the nitty-gritty of the How’s, this is the first important answer to know.
Well technically Paypal is not a viable option- nothing is if we are considering how to pay and get payments from foreign countries. The reason for this is because the regulations by Nepal Rastra Bank – the Central Bank of Nepal, prohibits the use of international Currency as a mode of payment to any Nepali bank.
Although technically it isn’t available, that doesn’t mean we cannot exploit the loopholes between. There is nothing stopping us from opening a bank account overseas and receiving payment through it. Afterward, we can transfer the currency to our Nepal Bank after exchanging it for Nepali Rupees.
Because of this small loophole, Paypal does become a viable option for Nepal as long as you can make an International Bank account or have a debit/credit card that supports international transactions.
Side note* yes the restriction applies to Nepali Debit and credit cards as well including master cards.
How do you Verify a PayPal account in Nepal?
Here is the thing, before you verify a Paypal account in Nepal you need to create a PayPal account in Nepal. So let’s first talk about the process of creating a Paypal account.
To create a PayPal account, you need to follow the following steps
Sign up for PayPal
In this step, you go to the official website of Paypal and sign up. In this step of signing up you will need to:
- Input your mobile number
- You will receive a code number on your phone.
- Insert the code
- Enter your Email and Password
- Select the type of account you need
Input your Personal Information
In this part of creating a PayPal account, you will need to input your personnel information. This will include information such as :
- Full name
- Date of Birth
- Postal Code
- Phone Number
You will need to make sure that each one of these details is correct and legal.
Credit Card/Debit Card Information
In this phase of creating a PayPal account, you will need to insert your credit card/debit card information. This includes information such as:
- Card’s Number
- Expiry Date
- CVV code
- Billing address
But before you do this, you need to remember that you cannot activate PayPal using Nepali Credit or Debit card.
Nepali credit cards/ debit card cannot verify PayPal.
Any other alternative?
The simple answer to this question of “How can you verify a PayPal account in Nepal if you cannot use Nepali Debit or Credit card” is – use a card that is not from Nepal.
This can be something as simple as a Debit/Credit card from a foreign Country Such as India.
But apart from that, you can also use Payoneer to order a free MasterCard provided by Bank of America to verify a PayPal account in Nepal as well.
To do this you need to:
- Sign up to Payoneer
- Submit the required Documents
- Order for International Master Card
Link sign up page of Payoneer
Do note that while you will get a master card you will need to pay to get it as well and you will receive the card within 15-20 days.
Charges for Payoneer Mastercard
Nothing is free of cost and Payoneer Master Card isn’t either. While you may be able to receive and pay in the international market using this, there will also be some service charges as well. They are as follows:
- Annual Card Activation: $29,95 which is equivalent to 3688 NRs as per the date of writing
- Card Replacement (In case of lost, stolen or Expired)”: $12.95 which is equivalent to 1542 NRs
- ATM charge: $3.15, equivalent to 375 NRs
This fee will be charged in every withdrawal from any local or international Bank
- ATM Queiry Charge: $1, equivalent to 119 NRs
This fee will be charged for every ATM transaction
Apart from this, it is free to do any online shopping with this form of master Card.
So you see, while you can create and Verify a PayPal account in Nepal using this method, you will have to spend some extra money. That being said, if you are a working individual with regular payments the amount you spend through this form of Mastercard is worth the effort.
The gist is that you can Verify a PayPal account in Nepal but you will need to go a few extra miles for that. But if your business runs from international Payment, this extra mile is worth it.
Hope you found this helpful. If you have any suggestions for us, do let us know them down in the comments below. And as always, thank you for reading till the end.
Links you should Check out After knowing How to Verify a Paypal account in Nepal: