Effective Date: 19th Oct, 2024

This Payment Policy outlines the terms and conditions governing payments made via Nepal Escrow ("we," "us," or "our") services available on nepalescrow.com. By using our services, you agree to adhere to this Payment Policy.

1. Accepted Payment Methods

Nepal Escrow accepts the following payment methods:

  • Bank Transfers: Direct transfers from a Nepali bank account to our designated escrow account.
  • eSewa/Khalti and Other Mobile Wallets: Payments via popular digital wallets in Nepal, including eSewa, Khalti, and other similar platforms.
  • Credit/Debit Cards: We accept payments through internationally recognized credit and debit cards such as Visa, MasterCard, and local cards that are accepted in Nepal.
  • International Wire Transfers: For users outside Nepal, international wire transfers to our bank account may be available, subject to applicable fees and exchange rates.

2. Payment Process

  • Deposit: Once the buyer and seller agree to the terms of the transaction, the buyer deposits the agreed-upon amount into the escrow account. Payments must be made in Nepali Rupees (NPR) unless otherwise agreed upon.

  • Verification: Payments will be verified before they are credited to the escrow account. This may involve additional checks to comply with anti-money laundering (AML) laws in Nepal.

  • Holding of Funds: Nepal Escrow will securely hold the funds until the conditions for releasing the funds (as agreed upon by the buyer and seller) have been fulfilled.

  • Release of Funds: Upon the completion of the transaction, as confirmed by both the buyer and seller, the funds will be released from the escrow account to the seller. If there is any dispute, funds will be held until the issue is resolved per our dispute resolution process.

3. Transaction Fees

Nepal Escrow charges a service fee for each transaction, which will be clearly stated before initiating the transaction. The fees may vary depending on:

  • The value of the transaction.
  • The type of payment method used (e.g., bank transfer, mobile wallet, etc.).
  • Any applicable taxes or government levies.

Fee Structure:

  • Buyer Fee: The buyer may be charged a nominal fee to cover payment processing costs.
  • Seller Fee: The seller may be charged a transaction fee, which will be deducted from the final payment amount.

Both parties will agree upon the division of fees before initiating the transaction.

4. Payment Timing and Processing

  • Processing Time: Bank transfers may take 1-3 business days for processing, depending on the financial institution. Payments via mobile wallets or credit/debit cards are usually processed instantly.

  • Delays: Nepal Escrow is not responsible for any delays caused by third-party payment processors, banks, or technical issues beyond our control.

  • Currency Exchange: If international transactions involve currency exchange, the prevailing exchange rate at the time of the transaction will apply. The buyer is responsible for any conversion fees or foreign exchange rate differences.

5. Refunds and Cancellations

  • Before Transaction Completion: If the transaction is canceled before the seller delivers the goods or services, the buyer may request a refund of the escrowed funds, minus any applicable fees.

  • After Transaction Completion: Once the funds have been released to the seller, the transaction is considered final, and no refunds will be issued unless both parties agree to the refund or in case of a successful dispute claim.

  • Processing Refunds: Refund requests are subject to verification and approval. Approved refunds will be processed within 7 business days, but the timeline may vary based on the payment method and financial institution.

6. Anti-Fraud Measures

Nepal Escrow takes fraud prevention seriously and complies with applicable Nepalese laws, including the Anti-Money Laundering (AML) Act, 2064 (2008). We have implemented measures to detect, prevent, and address any fraudulent activities, including but not limited to:

  • Monitoring suspicious transactions.
  • Verifying users' identities.
  • Reporting suspicious transactions to the appropriate authorities as required under Nepalese law.

Any attempt to use Nepal Escrow for fraudulent activities will result in immediate suspension of the user’s account, withholding of funds, and potential legal action.

7. Tax Obligations

Nepal Escrow complies with Nepalese tax laws. It is the responsibility of both the buyer and seller to comply with their respective tax obligations, including VAT (Value Added Tax), income tax, or any other applicable taxes. Nepal Escrow may provide necessary documentation upon request to assist users in fulfilling their tax obligations.

8. Compliance with Nepalese Laws

All payments processed through Nepal Escrow are subject to Nepalese laws and regulations, including but not limited to:

  • Foreign Exchange Regulation Act, 2019 (1962): Governs foreign currency transactions.
  • Payment and Settlement Act, 2075 (2019): Establishes rules for electronic payments and settlements in Nepal.
  • Nepal Rastra Bank (NRB) Regulations: As the central bank of Nepal, NRB oversees all payment systems and financial transactions in the country. Nepal Escrow adheres to NRB guidelines for digital payments and currency exchange.

9. Dispute Resolution Related to Payments

In case of disputes regarding payments:

  • Nepal Escrow will act as a neutral mediator to resolve any payment-related issues between the buyer and seller.
  • If the dispute cannot be resolved amicably, it will follow the dispute resolution process outlined in our Terms and Conditions.
  • Nepal Escrow may withhold payment until the issue is resolved.

Any unresolved disputes may be referred to the courts in Nepal, and both parties agree to submit to the jurisdiction of Nepalese law.

10. Contact Information

If you have any questions or concerns regarding this Payment Policy, please contact us at:

Nepal Escrow
Kumarigal-08, Chabhill Kathmandu, Bagmati Province, Nepal
Email: info@nepalescrow.com
Phone: +977 9763535778