Take extra care while exchanging Australian Dollars in Nepal

Visa granted, did a party for friends, informed friends in Australia, shopping is done, everything packed and ticket booked to board on a flight to be landed in dreamland. What left? Oh, exchange Nepalese rupees into Australian dollars.

Though you have already paid university or college fee via bank still you need some money in had so you could manage shopping and initial settlement in Australia. But, managing this you need to be careful about legal requirements, there is a limitation on how much money you can bring overseas from Nepal. As per the regulations Nepalese are allowed to carry not more than 1500 USD for an overseas visit. That should be mentioned in the Passport. So, to be safe and happy journey stay on the limit. 

Here at this point, you need to be very careful, there is a couple of choices to bring money with you such as cash, traveler’s cheque, and bank draft. The best idea is to split your amount into two type cash and bank draft, keep small amount about 500 dollars in cash and rest bank draft. You can deposit bank drat here in Australian bank and get cash within a couple of days. While you exchange your Nepalese money into Australian dollars in Nepal you need to take extra care so you would not get counterfeit dollar notes.

Read Also: Study Australia guide for international students

Take extra care while exchanging Australian Dollars in Nepal - NepaliPage
Photos: Supplied

Recently a Nepalese student in Australia complaint he got a counterfeit hundred dollars Australian dollar note from Jyoti Development Bank Kamaladi branch. It was became known when he was depositing his cash in an Australian bank, a friend of him Suraj Chhetri told NepaliPage. It is known that the Nepalese student exchanged 1500 dollars from that Nepalese bank on April 6, 2019.

Read Also: The unique feature of Australian $50 banknote

Take extra care while exchanging Australian Dollars in Nepal - NepaliPage
A Facebook Post regarding this issue. Photo: Screen Record of the Post

Lack of knowledge and skill to identify counterfeit Australian dollars Nepalese bank could give you such notes, and you later could get into trouble. So, best before you move out from confirming the dollar notes you got from the bank is not a counterfeit one. It’s your responsibility too to buy only genuine notes from any financial institutions while exchanging Nepalese rupees into Australian dollars in Nepal. In Australia Bank notes counterfeiting is prosecuted under the Crimes (Currency) Act 1981, which prescribes a number of offenses that include making, buying or selling counterfeit money, passing counterfeit money and possessing, importing or exporting counterfeit money. And, penalties for counterfeiting could be as severe with fines up to $75,000 and/or up to 14 years jail for involved.

Though Australian bank notes have strong security features and a low counterfeiting rate, Reserve Bank of Australia still receives around 30,000 counterfeits per year from its circulation, an RBA document says.

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