The world feels more connected than it did yesterday, all thanks to the internet. Yet, the use of regular debit or credit cards in Nepal is still largely unusable for international payment methods due to regulatory restrictions.
This is where the Dollar card comes to the rescue, unlocking doors to global online transactions, e-commerce, and subscriptions like Netflix, Spotify, ChatGPT, etc. Additionally, given the growing trend for freelancing and remote work, a Dollar card is a lifesaver for paying for tools and services that don't accept Nepali Rupees.
A Dollar card is a prepaid international Visa card that allows you to make international payments in USD currency. Banks in Nepal generally offer two types of Dollar card services: Physical and Virtual.
Physical Dollar card is similar to credit or debit cards and can be used to make both international purchases and ATM withdrawals that support Visa cards. Meanwhile, the Virtual Dollar card is the digital version that is used exclusively for online transactions. So, you can choose either depending on your needs and purpose of use. So, let us get started with steps to get your hands on a Dollar card in Nepal along with its fees and limitations.
Getting a Dollar card in Nepal is relatively easy with simple steps as all you need is the following documents for a physical Dollar card.
You can easily find the self-declaration and application form online for virtual cards by simply searching ‘Dollar card self-declaration and application form,’ in Google. Meanwhile, you can get them at the bank for the physical card.Remember, for a physical Dollar card you need to visit the bank and submit the documents along with the desired USD amount you want in your card. You can either load the USD ether using cash or transfer from a linked local currency bank account after applying the current conversion rate. Meanwhile, for a virtual Dollar card, you can open the mobile banking app, look for the virtual Dollar card option, and then follow the instructions. There you need to submit the necessary documents online via the app. If you don’t have an ATM card some banks may ask you to take them out to be eligible for applying for a virtual Dollar card.
Once the bank verifies your request, they will provide you with a Card Verification Value (CVV) along with its expiry date. After that, you can activate your virtual Dollar card via the mobile banking app and load USD into your card.
The fees and charges vary depending on which bank you take a Dollar card from. Regardless, the one-time Dollar card issuance fee typically ranges from Rs. 1,000 to Rs. 1,500 for physical cards, whereas Rs. 300 to Rs. 1,000 for virtual ones. In addition, banks also charge you for a Dollar Card subscription, which ranges from Rs. 500 to Rs. 1,000. Another important fee that comes along with a Dollar card is the cash load fee which costs Rs. 500 per transaction. However, some banks do not charge a cash load fee for your Dollar card. Likewise, the expiry date of the dollar card also varies depending on the bank, but it typically ranges from 3 to 5 years. Currently, all of the Dollar cards issued by Nepali banks have a $500 limit per year which varies from time to time as per Nepal Rastra Banks guidelines.
A Dollar card doesn’t just open doors to global opportunities, it simplifies how you connect with the world. Whether you are purchasing goods from an overseas store, subscribing to your favorite streaming platform, or paying for international courses to learn new skills, a Dollar card is your passport to international financial freedom that regular credit and debit cards could not.
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