21 Sep 2023
One confusion always confronts Nepalese migrants who live abroad. Do you know what that confusion is? And does that worry Nepalese migrants alone or other migrants, too?
Well, the answer to the second question depends on the answer to the first. Confusion arises when Nepalese migrants travel abroad to earn a living and then have to decide how to send money to Nepal to offer financial support to their families back home. Don’t you think?
The presence of several online money transfer companies and several other financial institutions, including banks offering online remittance transfer services, will only make it a challenge to choose a service provider that offers the best quality services cost-effectively.
A report by Taylor & Francis Online revealed that the number of Nepali migrants seeking jobs in foreign countries reached 800,000 in 2022. These Nepalese seek permanent jobs abroad, while those with temporary jobs in foreign countries number between 2 to 3 million.
Whether they seek permanent jobs or work abroad temporarily, Nepalese migrants have one thing in common, and that is that they have to send back financial support. And given the acute financial challenges that drive them out of Nepal, they have to find a service provider that offers them the best deals in their every money transfer to Nepal.
In this context, one of the leading online money transfer companies, ACE Money Transfer, has added a few exciting service features you must know about. These features are unique to ACE Money Transfer and will offer you a cost-effective money transfer deal.
But before knowing about these service features, it is imperative to look at some of the reasons that push Nepalese out of their native land to seek better employment opportunities abroad.
A look at these reasons will help you fully appreciate the service features ACE Money Transfer offers for a quick, economical, and secure money transfer to Nepal from overseas.
These reasons that compel Nepalese to travel abroad can be divided into two categories. The first category is the push factors, while the other category is the pull factors.
Let’s discuss these factors separately.
One of the first push factors is the lack of reasonable employment opportunities. In Nepal, you may find jobs and work opportunities, but you cannot rely on those jobs because they are mostly not sustainable. Their type, in most cases, is laborious. Additionally, their wages are not sufficient to help you make ends meet.
Nepal is known for repeated spells of political instability. The first impact of political instability in a country is on its economy, which shrinks substantially and leads to a loss of employment opportunities. Therefore, this political instability serves as another major push factor for the Nepalese.
One of the primary reasons that push people in low-to-middle-income countries to move abroad is the weakening economies. Limited resources and weaker economic conditions never provide the nations with enough opportunities to pursue their career dreams, for which they tend to move to foreign countries, typically the most advanced ones. Here’s an overview of Nepal’s economy, which may be one of the reasons its people migrate to other countries.
Remittances to middle-income countries are an economic lifeline, giving a much-needed boost to the respective country's economy. And the bigger the amount, the better. However, a report by the World Bank said that the inward remittances to Nepal were only $9.29 billion in 2022.
This, coupled with poor economic conditions, pushes people out of the country to seek employment opportunities with reasonable incomes. So, after earning a living abroad, Nepalese send money to Nepal to offer financial support to their families back home.
As a Nepali aspiring to go abroad to seek a better job, you must know about the countries that pay the most to expatriate workers.
A few other push factors include poverty and destitution, lack of quality education, lack of savings with the financial means at hand, and so on.
Now, let’s list some important pull factors.
Listed below are some of the pull factors.
Now, let’s see the service features that ACE Money Transfer has on offer for you as a Nepalese migrant.
Following are the features that you can benefit from as a Nepalese migrant.
As a welcoming gesture, ACE Money Transfer offers you a fee-free money transfer with it. It means that when you join the ACE family for the first time, you will be transferring funds simply without incurring a single penny as a fee.
The firm offers you live and market-competitive currency exchange rates by linking its rates with the international market, where these rates constantly fluctuate. This allows you to initiate a transfer when the rates move in your favour. But wait. There is a catch!
Do you know what that is?
The catch is that there is no hidden fee involved for these live rates! And carefully watch out for the hidden fee if you find this type of rate elsewhere.
While transferring funds via ACE Money Transfer, you can request the firm to add a new payment method if you do not find the required method in the app or on the firm’s official website.
If you do not find the country you wish to send money to or from, you can place your request to add a new country either for sending funds or for receiving them. So, it doesn’t leave you wondering which service provider to choose to send money to a particular country you do not find with ACE.
Not only does the firm offer you live currency exchange rates, but it also allows you to seek the latest currency exchange rates by simply placing your request for these. This allows you to either wait or initiate a transfer right away, which is made easy by the firm’s 24/7 presence and availability.
Once you join the ACE family, you will have to pay fees, which is only a fraction of the amount being processed and that too, if your amount reaches a certain threshold, below which your transfer will likely remain fee-free.
Not only will you get all the above-listed features, but you will also get speed, Safety, and wider service access and availability from just one stop on your every online money transfer to Nepal with ACE Money Transfer.
FAQs
How many Nepali migrants are working in foreign countries?
The number of Nepali migrants with permanent jobs has surged to around 800,000 in 2022. At the same time, those working abroad on temporary assignments make up 2 to 3 million Nepali migrants.
Why do Nepalese leave the country to work abroad?
Nepalese travel abroad because they cannot find jobs in their native country. It breeds unemployment, which leads to poverty and destitution, due to which people cannot make ends meet.
How does working abroad benefit me as a Nepali migrant?
Working abroad benefits you in several ways, including offering reasonable working opportunities, high wages, good quality of life, high-quality education and chances to get international employment opportunities.
What special service features does ACE Money Transfer offer me?
The special service features include a first fee-free money transfer as a welcoming gesture, low service charges afterwards, the addition by request of a new payment method, the addition of a new country for sending or receiving funds if a country is not already listed and getting to know the latest currency exchange rates at the time of transfer.
Why should I transfer funds to Nepal through ACE Money Transfer?
You should send money to Nepal online with ACE Money Transfer because the firm offers you the listed features in addition to speed, safety, wider access and service availability and much more from just one stop.
Resources
(Full article: The Nepali diaspora’s role in national development (tandfonline.com)
(GDP (current US$) - Nepal | Data (worldbank.org)
(GDP per capita (current US$) - Nepal | Data (worldbank.org)
(Personal remittances, received (current US$) - Nepal | Data (worldbank.org)
