I recently used Bank of America wire transfer to transfer funds to Nepal. The online exchange rate was NRs.103.35. However, when I completed transfer the rate given was NRs. 97.56. This is much less and makes lot of difference for big transfer. I was wondering why the rate is so different? If someone has done wire transfer, could you shed some light on this.

Thanks.

Ok,
Before you initiate a transfer with BOA, you gotta tell the agent that you want to send the money in USD not Rs. This way recepient in Nepal will get the exchange rate of the bank in Nepal, usually Rastra Bank rate.

I doubt the rate would be 97.56. I am not sure about BOA but I have done several wires through Chase which usually charges about $45 flat. The only option to send it to Nepal is in USD, there is no NPR like furke said. However if you are sending small amount it would not make sense since I calculated that about $25 is lost in the middle.. maybe the bank in Nepal charges that amount.. but other than that exchange rate has been pretty accurate to the NRB.

Mr. D,
Bank of America is different. I learnt that few months ago. They charge $45 wire transfer fee to send in USD and less (around $35 or less) to send in NPR. They eat that exchange rate difference when sending in NPR. Nepalese banks may charge only a small fee. They won't eat up your exchange rate.

Thanks guys for your input. I will try sending it in USD. Will update the difference.

Last time someone mentioned about PayPal, which give you more and less fees are charges.

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