The Nepalese Rupees is the official currency of Nepal and one Rupee equals a Hundred Paisa i.e. Rs. 1= 100 Paisa. The Nepal Rastra Bank, the central bank of Nepal, controlled the issuance of the Nepalese currency and administered them as well. Nepalese Rupee is the National currency of Nepal and the most common symbol used NPR is Rs, and sometimes Rp is also used.
The first time in Nepal the rupee was introduced as Mohares in 1932. The first NPR banknotes were printed and distributed beginning in 1951 which unit included one, five, 10, and 100 rupees and, coins of 1, 5, 10, 25, and 50 Paisa and coins of 1, 2, 5 and 10 Rupees are circulating in Nepal.
Which Currency to Use
Convertible currencies are restricted in Nepal, but most currencies like the Euro, the U.S. Dollar, the Swiss Franc, and the other major currencies are accepted in Nepal. The Euro is great to take on trips, no need to change at home Euro in U.S. Dollars in Nepal. The coins are not changed by the banks and then the recipient so that do not use coins to give as a tip. If you have any small size currencies (must be noted/bills) for tips it will be fine on travel and during international journeys where they can be useful for small expenses, such as drinks during transits at airports.
Automatic Tailoring Machine (ATMs)
Lots of Commercial and Development Banks are offering ATM services and many banks are also accepting foreign/ international cards such as visa cards, American Express, Master card, etc. You can withdraw 15000 per transaction.
You have to inform your bank that you’ll be using your card in Nepal; otherwise, they might suspect fraud and can freeze your card.
In Nepal, Banknotes are issued in 5, 10, 20, 50, 100, 500, and 1000 NPR bills, and the coins are available in 1, 2, 5, and 10 NPR, but the 5 and 10 NPR coins are limited issuance in specials occasions and not commonly use in daily transactions.
As the way of the many Asian cities, money exchangers are the best place to buy local currency in Nepal with the best exchange rate accessibility. All of them are government certified changers you can find in Kathmandu city and many more places in Nepal. We do have many more options for exchange money in Nepal.
You can find exchange counters at the international terminal at Kathmandu’s Tribhuwan Airport and banks. The major towns like Kathmandu, Pokhara have official money-changing facilities. If you are trekking, then you have to take enough cash in small-denomination rupees to last the whole trek. The best private banks are Himalaya Bank, Nepal Bank and Standard Chartered Bank, Nabil Bank, and also you can find may other banks. Most of the star hotels and resorts are licensed to change money, but their rates are lower. You are required to show a passport when you change the money in Nepal. You can change rupees back into foreign currency at most of the Government certified money changers
In addition to the banks, there are licensed moneychangers in Kathmandu, Pokhara, and many other major cities you can get easily from there. Most government-certified licensed moneychangers will provide an exchange receipt.
Please go through the Nepal Rastra Bank website for the latest exchange rate.
Using Credit Cards in Nepal
Most of the credit cards are widely accepted at midrange and star hotels, restaurants, and fancy shops in the Kathmandu Valley and Pokhara only. Most places take a 4% surcharge to cover the credit card company’s fees to the vendor.