Frequently Asked Questions
Here are a few questions that we are asked often and their responses.
FAQ on RIA Money Transfer
RIA Money Transfer is a service that allows you to send money to family and friends around the world. It provides a simple, reliable, and convenient way to handle global remittances.
RIA Money Transfer is available to all individuals, both Bhutanese and non-Bhutanese, who are residing abroad.
To create a RIA account via the mobile app, follow these steps:
- Download the RIA app from Google Play Store (Android) or the Apple App Store (iOS).
- Open the app and confirm your country of residence.
- Enter your cell phone number.
- Enter the 6-digit verification code sent to your phone.
- Create a password for your account.
- Read and accept RIA’s terms of service.
- Enter your first name, last name, email address, and date of birth. In some cases, you may also be asked for your country of birth, nationality, occupation, and a valid ID.
- Click “Continue.”
- Decide whether you wish to receive promotional information from RIA
Sending money online through the RIA mobile app is straightforward:
- Log in to your RIA account.
- Tap on the “Send money” button.
- Choose the destination country for the transfer.
- Enter the amount you wish to send.
- Select the payment method.
- Choose the delivery method for the recipient.
- Provide the recipient’s information.
- Complete the payment for the transfer.
- Confirm the transaction details to finalize the transfer.
To send money online to a bank account via the RIA app or website, you will need:
- The full name of the recipient.
- The recipient’s bank account number or card number.
- The name of the recipient’s bank.
You can track your money transfer using the RIA transfer tracking tool. Both the sender and the recipient can use this tool by entering the transfer PIN. You can also track the transfer in real-time through the RIA app.
RIA Money Transfer offers competitive rates and low fees. The exact fee may vary depending on the amount sent, destination, and payment method. For the most current rates, please check the RIA app or website.
FAQ on ATM
What are the facilities offered through ATM?
The facilities that will be offered through ATM as of now are:
- Cash Withdrawal
- Fast Cash
- Mini statement
- Balance Inquiry
- Pin Change
- Funds Transfer (between own accounts of the customer)
- Cheque Book request
- Account Statement request
- Coupon Dispensing
Apart from above, there are many more value added services in the pipeline.
How do I avail the ATM card facility?
All the new accounts opened with the bank have the ATM facility request included in the account opening form. In case you wish to avail ATM Card, customers need to fill in Card Application Form along with the Account Opening Form.
What is the eligibility for ATM card facility?
All the literate accounts (Signature Account) maintaining the minimum balance are eligible for the ATM facility.
What are the charges for ATM card?
For New customers – Nu.300, Renewal Fee on Expiry of Validity – Nu.200, Replacement – Nu.300, PIN Regeneration Fee – Nu.100
***Renewal/Replacement of ATM Card from mBoB is Nu.180.
How do I receive the ATM card?
The ATM card is to be collected from the branch that you have applied to or from the Branch at which you have opted to collect from (available in mBoB). The applicant has to personally visit the Branch to collect the Card as it is issued along with the Pin Code which otherwise imposes risk. In case the applicant is not able to come personally to collect the card from the branch, the applicant can send some other person with original authorization signed by him/her.
What are the steps in case the card is lost or stolen?
If you lose your Card or suspect fraudulent activity, contact us immediately at 1095 (toll free) or log in CWM immediately and block the card yourself. You can also request for Card Replacement Online. ATM Cards can also be blocked through mBoB.
How do I get the replacement card?
The ATM Card replacement can be done through mBoB or can be replaced by visiting the branch upon filling the Replacement Form. The replacement of cards through mBoB has mentioned below:
- Login to mBoB
- Cards/Loans
- Manage Cards
- Card Replacement/Renewal
- Select Account Source
- Select Collection Branch (The branch you wish to collect the card from)
- Submit
What is the daily cash withdrawal limit?
You can withdraw cash up to Nu 40,000 in a day from ATM. The maximum amount per transaction is 15,000/- for BoB Card Holder and the limit for other Card user depends on their Issuer Bank’s limit.
What is Fast Cash?
Fast Cash menu is the first menu that appears on the ATM after validating your pin. It gives you the option to select the amount of cash withdrawal from the displayed amounts in order to expedite your transaction.
FAQ on Mobile Banking
What are the facilities offered through Internet/Mobile Banking?
The facilities available under Internet banking are :
• Account Enquiries
• Check book Request
• Stop Check
• Check Status Enquiry
• Own Account Fund Transfer
• Internal Fund Transfer
• Customer services
• Beneficiary Maintenance
• Loan Repayment
Facilities available under Mobile Banking are:
• Account Balance
• Adhoc Statement Request
• Cheque Book Request
• Stop Cheque Request
• Cheque Status Inquiry
How do I avail the Internet/Mobile banking facility?
The Internet/Mobile banking facility can be availed by submitting the application form at the branch.
What is the eligibility for Internet/Mobile banking facility?
All the literate accounts maintaining minimum balance are eligible for Internet/Mobile banking.
What are the charges for Internet/Mobile banking?
As of now, there are no charges for these facilities.
How do I receive the User ID/Password?
The User ID and password (PIN) for mBoB can be generated from the mBoB app itself. If further help is required, customers can call 1095(Within Bhutan) or +975-2-349903(If customer are calling from abroad).
Note – Customers will need to visit the branch only for Internet Banking credentials. Upon reaching the branch, they are required to fill in Additional Request Form to retrieve the credentials
be collected from the branch personally.
What if I forget my Internet banking User ID or Password?
In case you forget your User ID, send an email at [email protected] (to be finalized) mentioning your branch and account details. User ID will be E mailed to you. In case you forget your password, send an email at [email protected] (to be finalized) mentioning your User ID and requesting for fresh passwords. The new passwords will be send to your branch which you can collect personally.
What is the Internet Banking website?
The Internet Banking website is www.bob.bt
When does my mBoB get blocked?
When the wrong mPin is entered 3 times, your mBoB gets automatically blocked will get a popup message ‘Invalid Access Attempt Detected’. In that case, either you can reset mPin from the mBoB itself or can walk to the Branch office to reset the pin.
Watch this video available in our youtube channel https://www.youtube.com/watch?v=akFIcUM2VIM to reset the mPin.
Why do i get ‘Currently Unavailable’ Error Message while accessing/trying to login to mBoB?
This happens mainly when your internet connection is unstable. When this happens, restart your device and try again. If that fails, check your phone Settings to check data has been enabled for mBoB App. To check, please follow the steps below:
For Android Devices:
- Go to Settings
- Select Apps/Application Manager/Default Apps/More Settings(This can vary depending on your device)
- From the list of apps, select mBoB
- Check whether Data has been enabled for mBoB
For IOS Devices:
- Go to Settings
- Select Cellular Data
- Scroll towards the bottom to view list of apps
- Check whether Data has been enabled for mBoB
Note – If all the above fails, you can access mBoB offline by dialing *262# or call 1095 for further help
How do I reset my M-Pin?
It can be reset by following the steps below from the mBoB Login Page.
- Enter your User Id, Registered Mobile Number and CID and click Generate OTP.
- OTP will be sent to you via SMS to your registered mobile number
- Enter OTP and then Click on Reset M-PIN
- You will receive 4 Digit MPIN via SMS
- Next login with the 4 digit MPIN and you will be directed to Default Change MPIN Page
- In the current MPIN field please enter the pin that you received via SMS
- New MPIN – Enter any 4 digit as per your wish
- Confirm New MPIN – Enter the same 4 digit pin that you entered in New MPIN field and Hit submit.
Note – The OTP will only be sent on your registered mobile number
How do I reset my T-Pin?
It can be reset by following the steps below once you are logged in to the mBoB App.
- Login to mBoB App using User ID and MPIN
- Tap on the Drop Down Menu on the top left hand corner(3 Lines Icon)
- Select Forgot T-Pin
- Enter Account Number and CID Number
- Tap on Generate OTP
- OTP will be sent to you via SMS to your registered mobile number
- Enter the OTP on the OTP Field
- Once OTP is entered, enter your New T-Pin you wish to set and re-enter the same below on the Confirm New T-Pin field
How do I retrieve my mBoB User ID?
It can be retrieved by following the steps below from the mBoB App.
- Open the mBoB
- Tap on Forgot User ID
- Enter Account Number and CID
- mBoB User ID will be sent on your registered mobile number
How do I access mBoB offline/without Internet?
You can dial *262# from your keypad to access mBoB Offline. Please note that this service will only work if you dial *262# on the registered number for mBoB.
How do I update/change my email address/mobile number for mBoB?
It can be done by visiting the nearest BoB branch if you are based in Bhutan. If you are based abroad, you will need to fill in mBoB Change Request Form which can be downloaded from our BoB Website under Value Added Service Forms. Once the form is filled, you can email the scan copy of the form to [email protected]
How do I update/change my email address/mobile number at the Account Level for transaction alerts and monthly e-statements?
It can be done by visiting the nearest BoB branch if you are based in Bhutan. If you are based abroad, you will need to fill in the Customer Information Change Form which can be downloaded from our BoB website under Customer Information Update/Change Form. You will also need to provide signature of a witness and CID copy of both and email the form and CID copies to [email protected]
What is the difference between Customer Information Change Form and Customer Information Update Form?
Customer Information Change Form is used to update specific Account Information such as your mobile number, email address or signature. However, Customer Information Update Form is used mainly to update your general Account Information such as your permanent address, your CID, etc.
What is BIRMS?
BIRMS stands for Bhutan Integrated Revenue Mangement System. mBoB is integrated with BIRMS system to facilitate various payment types.
What are the different payment services available under BIRMS?
Customer can pay the customs duty, custom declaration fees and charges, sales tax and property taxes for land, building and also the tax for the vacant land. Also the BIRMS payments can be availed through our Agency Banking/BoBConnect establishments.
FAQ on Remit Bhutan
What is Remit Bhutan?
Remit Bhutan is a platform initiated by the Royal Monetary Authority of Bhutan to facilitate non-resident Bhutanese to conveniently apply for non-face-to-face foreign currency account with an authorized bank in Bhutan. It is envisaged that, through this arrangement, it will promote national savings and enhance country’s foreign exchange reserves.
Types of Account you can open through Remit Bhutan
- Non-resident Bhutanese Foreign Currency Account (NRBFC)- Saving Deposit
- Non-resident Bhutanese Ngultrum Account (NRBNC)- Saving and Fixed Deposit
What delivery channel facilities are available under Remit Bhutan account?
- For NRBFC- Internet Banking, International Debit Card (Currently in the process)
- For NRBNC- Internet Banking, International and Domestic Debit Cards, mBOB
How to Open Account through Remit Bhutan?
- Apply online through RemitBhutan website www.rma.org.bt
- RMA verifies and forwards to our Bank
- Bank processes and open your FC account
Receive your accounts details and banking facilities:
- If the account is opened successfully you will be contacted by the bank through email
with your account details - If you have chosen mobile and internet banking facilities you will receive a subsequent
email with the details - RMA will courier your international debit card and the PIN number separately
How to access your REMITBHUTAN account?
You can view your account balance and transaction details through internet banking and mobile banking.
How to Transfer money from abroad into your REMITBHUTAN account?
You can use the following modes to transfer money from abroad into your REMITBHUTAN account:
- SWIFT- Thorough our correspondent banks. For details CLICK HERE
- International money transfer partners- IME remit and EXPRESS MONEY
What are the charges for inward remittance?
The Bank of Bhutan does not levy any charges on inward remittance into your account. However, the Bank you are remitting the fund from, will levy charges as per their prescribed rates. We recommend choosing our correspondent Banks to remit fund from outside into your account with us. For details click here
How to Transfer money from your REMITBHUTAN account to other accounts in Bhutan?
For NRBFC account:
You can transact upto a maximum of BTN 100,000 equivalent foreign Currency using Internet Banking, but if you wish to transfer fund beyond BTN 100,000/- and more, you can send a signed letter via email to [email protected]
For fund transfer request received through email, we entertain only the transfer from your FC account to your BTN account (as the fund circulates within your own account). This is to mitigate any kind of frauds.
Once the fund in credited into your BTN account, MBoB enables you to execute further transactions as required.
For NRBNC account:
You can transact upto a maximum of BTN 100,000 from your Ngultrum Currency Account using
Internet Banking.
You can transact unlimited amount from your Ngultrum Currency Account using MBoB, however you will have to opt for one of the following limit category during the time of registration. You can also choose to change the category as and when required.
What are the withdrawal facilities from the foreign currency account?
a) Withdrawal of convertible currency in cash is not permitted from your Foreign Currency
account. Cash withdrawal in Ngultrum only will be allowed.
b) Foreign currency in your account can be utilized for meeting the cost of import of goods and
services against import license/invoices and on the expenses relating to Travel, Studies,
Business and Medical treatment as per the Foreign Exchange Rules and Regulations of the RMA
in force.
What additional incentives are available under the NRB Account?
1. Minimum balance retention in the account is not mandatory.
2. You are permitted full repatriation of the principal amount remitted in the currency of remittance.
3. You are permitted to maintain the foreign currency account upon return to the country permanently.
4. You can earn Interest on your Foreign Currency Account.
FAQ on National Credit Guarantee Scheme
What is National Credit Guarantee Scheme (NCGS)?
The National Credit Guarantee Scheme (NCGS) is a counter cyclical policy measure during the COVID-19 situation to stimulate investments through enhanced access to finance. The Government will guarantee a portion of the loan under the scheme.
How much will the Government Guarantee?
The Guarantee will be limited to debt financing of the project. NCGS coverage will not exceed Nu. 30 million.
| Category of Industry | Investment (Nu. m) | Government | Participating Bank | Borrower |
|---|---|---|---|---|
| Large | >100 | 30% or Nu.30m, whichever is lower. | Up to Nu.30m | Balance debt financing secured by collateral. |
| Medium | 10-100 | 50% or Nu.30m, whichever is lower. | 40% of balance debt financing | 60% of balance debt financing. |
| Small | 1-10 | 70% | 20% | 10% |
| Cottage | < 0.500 | 70% | 20% | 10% |
What is the guarantee period?
The guarantee period will not exceed a maximum of three years.
What is the Debt to Equity Ratio to avail loans under NCGS?
The Debt to Equity Ratio under the NCGS will be 90:10, which is significantly lower than the existing 75:25. However, for start-ups under CSI category, equity requirement will be exempted.
Who will be eligible for NCGS?
All aspiring Bhutanese desiring to start new projects or upgrade existing projects, under the category of Cottage and Small, Medium and Large industries.
What kind of businesses are eligible for the Scheme?
This Scheme is available to eligible business of large, medium and CSI, including primary producer, which falls under the category of productive sector. The definition of productive sectors and full details of the eligibility criteria are available through the NCGS website and the participating Bank websites.
How can businesses apply for the Scheme?
The NCGS is accessible by direct application to participating Banks. The Banks will start receiving application from October 23, 2020.
Which Banks are participating in the Scheme?
The Bank of Bhutan, Bhutan Development Bank and National CSI Development Bank will participate in the NCGS from the launch.
What is the interest rate applicable for NCGS?
The interest rates will be applicable as follows:
a) Cottage & Small industries:
7% during gestation period; and 8 % after commercial operation.
b) Medium & Large industries:
8.75% during gestation period; and 9.75 % after commercial operation
Do we use the same loan application to apply for the NCGS?
A separate loan application form is available for loans under the NCGS, which will be made available on the Banks’ websites before October 23, 2020.
What is National Credit Guarantee Support Facility (NCGSF)?
NCGSF is one-stop shop for NCGS related support and information.
What kind of support will the NCGSF provide?
In addition to facilitating the guarantee approval, the NCGSF will support project development guidance; facilitate clearances and approval for business establishment; and smooth implementation of the projects under the NCGS.
Where is NCGSF Office located?
The NCGSF is located in Chubachu, opposite of the Tarayana Complex, Tourism Council of Bhutan Office.
FAQ on mCaMS
To avail mCaMS service, mBoB user has to have either Foreign currency or Bhutanese Living Abroad Account linked to their USER ID.
Login to mBoB > Go to Manage Account placed at the bottom > Enter your account number > Select account type as Foreign currency or Bhutanese Living Abroad Account and submit.
It will take 1-2 working days.
Login to mBoB app > Click on Add Money > mCaMS
mBoB users to input their Citizenship ID and submit to fetch their mCaMS details. After the details are displayed, users to select source account, enter amount and confirm the payment with TPIN. After the payment is confirmed, entered amount will be instantly loaded in user’s mCaMS wallet.
FAQ on BLA Loan Products
Any Bhutanese residing overseas, with sufficient repayment capacity, are eligible to apply for BLA loans.
Applicants can email the duly filled forms, along with other required documents to [email protected]
You can download them from our website at www.bob.bt
Applicants or guarantors (residing outside Bhutan) can assign Power of Attorney (POA) to family members who are residing in Bhutan, authorizing them to execute the documents on their behalf.
Original documents should be mailed to CRM, Loan Section at Thimphu Main Branch, Bank of Bhutan.
The loan repayment should be routed through BLA FC account.
Multiple income sources of the applicant will be considered, including the income of immediate family members (spouse and children)
For permanent resident/green card holder, 50% of the monthly net income, and for temporary residents, 20% of the monthly net income will be considered for loan repayment.
HOUSING LOAN
You can avail housing loan for following purposes:
The current floating interest rate for non-commercial housing is 8.13% per annum, and for commercial housing, it is 8.93% per annum.
The maximum loan tenure is 30 years (360 months) excluding gestation period.
The maximum allowed gestation is 3 years (36 months).
The maximum limit for non-commercial housing is Nu. 10.00 million, while there is no ceiling for commercial housing.
No, BLA housing loan is exclusively available for the construction, renovation and purchase of properties within Bhutan.
The loan amount will not be disbursed in a lump sum; instead, it will be disbursed in tranches based on the progress of the construction. For purchase of property, it will be disbursed to seller’s CASA account.
The bank may consider the sale deed value when calculating the loan amount, but the insurance value of the property must, at a minimum, equal the loan amount. When purchasing a home or building, it is advisable to confirm with the insurance company the maximum coverage limit for the property.
EDUCATION LOAN
Bhutanese individuals living abroad can avail education loan for advancing their studies or covering the educational costs of family members and relatives both within and outside Bhutan.
The current floating interest rate is 8.13% per annum.
The maximum loan tenure is 10 years (120 months) including gestation period.
The maximum allowed gestation is 24 months.
The maximum limit of Nu. 10.00 million for students studying in India or abroad and Nu. 1.50 million for students studying in Bhutan.
70% of the value of the collateral or 90% of the cash collateral but not exceeding the maximum ceiling of Nu. 10.00 million.
Reimbursement of already incurred expenses is not permitted. Education loan will be given for pending tuition fees and will be remitted directly to the institution. Living expenses will be disbursed to the CASA account of the applicant.
Except for the living expenses, tuition fees will be remitted directly to institution’s account.
Yes, as long as an individual has sufficient collateral and repayment capacity. However, the applicant will have to submit us the proof of relationship.
Yes, despite having adequate repayment capacity, individuals are required to provide collateral security.
The collateral offered should be within the areas falling under the bank’s rate. Rural land not included in the Bank’s rate will not be accepted.
Interest accrued during the gestation period can be set aside from the approved limit, paid monthly, or settled in a lump sum at the end of the gestation period.
SHARE LOAN
The current floating interest rate is 10.77% per annum.
The maximum loan tenure is 10 years (120 months) for permanent resident/green card holder and 5 years (60 months) for temporary visa holder.
There is no gestation period; repayment must commence immediately.
Maximum of 50% of the market price.
The share loan is exclusively offered for the purchase of share of domestic companies listed with RSEBL with minimum 5 years of operations.
No, individuals cannot obtain a share loan by pledging existing shares. It is solely for the acquisition of new shares.
Collateral security is not required. However, the shares acquired will be pledged with the bank.
BUSINESS LOAN
Bhutanese individuals living abroad who wish to establish a business in Bhutan can apply for a business loan.
The interest rate is different depending on the type of business. Please visit our website www.bob.bt for interest details.
The maximum loan tenure is 20 years (120 months) excluding gestation period.
The maximum allowed gestation is 5 years (60 months)
Maximum of 75% of the project cost.
Individuals applying for a business loan must possess a valid business license issued by MoEA.
The business can be managed by a partner or family member(s) residing in Bhutan, whose details should be included in the DPR.
ESP is a government initiative launched in 2024 to help the economy recover from the impacts of the COVID-19 pandemic, with a focus on domestic production and employment generation.
The ESP aims to boost domestic production, improve foreign currency reserves, generate employment, and promote new businesses.
You can apply by visiting the nearest BOBL branch with a completed application form.
You can get the application form from the nearest branch office or download it from the BOBL website:
You can get the document checklist from the nearest branch office or download it from the BOBL website:
Individuals over 18 years, businesses with a valid trade license, new and existing borrowers, and those with a clean CIB report are eligible.
Existing distressed borrowers or those showing potential for revival are eligible, as long as they are not classified as willful defaulters.
Distressed borrowers include viable businesses and projects that are unable to complete, operate, or take off. This also covers loans classified as NPL (Non-Performing Loans), deferred, charged-off, or under gestation, provided they have the potential for revival.
Agriculture & Livestock: Up to Nu. 1 million.
Production & Manufacturing:
i. Small Scale: Up to Nu. 10 million.
ii. Medium Scale: Between Nu. 10 million and Nu. 100 million.
Business Reinvigoration: There is no fixed investment limit for this sector.
Repayment starts after the gestation period or immediately, depending on the type of loan. The terms and conditions vary based on the project and financial institution’s norms.
Yes, the interest subsidy will be recovered from the borrower’s loan account.
Borrowers can apply for either Modality 1 or Modality 2, but not both.
Applications must be submitted to the respective PFIs on or before December 31, 2024.
The time it takes to process an ESP loan depends on: