From now on, transfer of funds up to Rs 500 will be free on mobile banking, digital wallet, and ConnectIPS. Nepal Clearing House Limited (NCHL) shared the new policy in a notice on Wednesday (April 04, 2081).
According to NCHL, the charges on the Retail Payment Switch (RPS) system will be revised and applied based on the transaction amount limit. According to the company, transferring money up to Rs 500 won’t incur a charge on mobile banking apps, digital wallets, and ConnectIPS.
Check: Limit of digital transactions in Nepal
NCHL says- fund transfer up to Rs 500 is free on mobile banking apps, digital wallets, and ConnectIPS
NCHL has shared that while transfer of funds up to Rs 500 is free, there is a minimal fee structure for amounts above it. For e.g., transferring an amount between Rs 500 to Rs 5,000 charges Rs 4. Likewise, transfer fee of above Rs 5,000 is set at Rs 8.
| Transfer amount on digital platforms | Fee |
| Rs 500-Rs 5,000 | Rs 4 |
| Rs 5,000 above | Rs 8 |
At the same time, there’s a different provision of fees for creditors and merchant payments. According to NCHL, fees for merchants is set at Rs 5,000.
Similarly, there is a provision for fees to be charged for creditor and merchant payments. For merchant payment, the fee is set at Rs 2 for transfer of up to Rs 500, Rs 4 for amount between Rs 500 to Rs 5,000, and Rs 8 for amounts above Rs 5,000.
Also, check out: How to Use Digital/Mobile Wallet in Nepal
However, transactions won’t cost a fee if the service provider or merchants are responsible for the fare. Also, the 13 percent VAT payable to the government will be added to such fees.
