Banks have started issuing dollar cards as soon as the Nepal Rastra Bank has made arrangements for the banks to issue dollar cards.

Along with the central bank's circular, Nabil Bank, NMB Bank, Siddhartha Bank and others have already started issuing such cards while other banks are also preparing to issue such cards.

Nabil Bank had launched 'US Dollar Nabil iCard'. Keeping in view the circular brought by Nepal Rastra Bank regarding international prepaid card, the bank has stated that it has brought 'Nabil iCard' which can be used for international payments.

Similarly, Siddhartha Bank has launched Siddhartha Icome Card from Thursday while NMB Bank has also started issuing international prepaid cards to make payments in international currency.

Customers will now be able to exchange Nepali Rupees for USD 500 or its equivalent in other convertible foreign currencies using bank cards abroad from Nepal. Customers will only get a maximum of डलर 500 per year. There is a provision to exchange dollars even below that limit.

The bank has stated that by availing the exchange facility, the customer can make online transactions through prepaid cards of up to USD 500 or its equivalent annually at one or more times.

Customers can now make payments on platforms such as Netflix and Amazon through their own cards, while their own business can be promoted immediately through social media. With this card, shopping, education and other payments can be made using your own card.

How to get a card?

In order to get the dollar card issued by the bank, the customer must have a bank account in the bank concerned and the customer must have filled the customer identity card in the bank. In addition, PAN number has also been made mandatory for getting a dollar card.

Customers who do not have a bank account can open a bank account with their PAN card and citizenship and get the card by filling up a customer identification form. When a customer takes a dollar card from the bank where he has an account, he has to fill up a form for the card.

Banks will also charge a fixed rupee fee for the dollar card issued by the banks, which may vary from bank to bank. NMB Bank and Nabil Bank have been charging Rs 500 for issuing such cards.

Customers will be able to get only one dollar card from any one bank. The central bank has stated that action will be taken as per the Foreign Exchange Act 2019 if it is found that the facility has been used by taking cards from more than one bank.