NEFT (National Electronic Fund Transfer)
Bhutan has introduced NEFT(National Electronic Fund Transfer ) in the country in compliance with all the commercial banks .
National Electronic Fund Transfer(NEFT) system is an nation wide funds transfer system to facilitate transfer from one bank branch to any other bank branch.
NEFT facilitates transfer of funds from one individuals to other individual, one institution to other institution, one institution to one individual. in other words, under NEFT funds can be transferred only between two parties.
It is a mode of electronic funds transfer from one bank account to another bank account. Customer can remit money to any branch of any bank within the country through NEFT.
The customer desiring to transfer funds through NEFT should normally have account with the bank as NEFT is an account to account funds transfer system. However, to enable the walkin customers to avail of this facility, NEFT transaction may be initiated by accepting cash (cash limit upto Nu.50,000/-).
Charges for NEFT Transactions
As per the directives by Royal Monetary Authority of Bhutan, following Charges shall be recovered on NEFT transactions within Bhutan with effect from 1st July 2014.
|NEFT Charges(with effect from 1st July 2014)|
|A||Inward NEFT (receipt through NEFT)||Free of Charge|
|B||Outward NEFT (remittance through NEFT)|
|1||Upto Nu. 50,000.00||Free of Charge|
|2||Above Nu. 50,000.00 to Nu. 100,000.00||Nu. 15.00|
|3||Above Nu. 100,000.00 to Nu. 1,000,000.00||Nu. 20.00|
|4||Above Nu. 1,000,000.00||Nu.50.00|