KATHMANDU
Neo Money Transfer is a fast, reliable, and secure money transfer operator in Nepal, providing remittance services at the lowest cost, giving a new dimension to the traditional remittance service.
Panos Remit Pvt. Ltd., which has been working in the remittance industry for more than a decade, has rebranded itself as Neo Money Transfer Pvt. Ltd. The main vision of this money transfer is to facilitate moving the hard-earned money of Nepalese brothers and sisters living aboard to their families, friends, and relatives at the lowest possible cost, i.e., minimizing the cost of moving funds.
With Neo Money Transfer, Nepalese living abroad can send money instantly through digital means in the bank accounts (including microfinance institutions and cooperatives) and wallet IDs of their loved ones. Additionally, funds can be sent through traditional means, i.e., cash pickup, which can be collected by the beneficiaries from Neo Money Transfer agents located all over Nepal.
Mr. Sagar Khanal, Chief Executive Officer and Managing Director of Neo Money Transfer, said, “We are excited to introduce Neo Money Transfer as the next chapter in our journey to serve the Nepalese community. With our new identity and unwavering commitment to speed and affordability, we aim to redefine the remittance experience for Nepalese migrant workers at the lowest possible cost. As the cost of moving funds via digital remittance is comparatively lower, we will prioritize the digital means, which are not only cheap but also fast, secure, reliable, and trustworthy.”
Neo means a new or revived form, and Neo Money Transfer is not just a new name; it is a reliable institution that brings new positive changes to the world by modernizing the remittance service and focusing on customer sentiments.
Digital remittances play a significant role in reducing the cost of moving funds. Digital means, such as bank transfers and wallet load transactions, instantly credit the funds to the bank accounts and wallet IDs of the beneficiaries. Receiving remittances through traditional means, i.e., cash pickup, is neither easy nor fast nor safe. According to the study conducted by the World Bank, the average cost of moving funds was 10 percent in 2009, which reduced to 6.18 percent in 2023. The target for the average cost of moving funds to be achieved by 2030 is 3 percent, which is only possible after the digitalization of traditional means of remittance involving intermediaries or agents. Focusing on this goal of reducing the cost of moving money, Neo Money Transfer aims to digitalize the traditional means of remittance and spread awareness regarding the benefits and significance of digital means.
