The Ethiopian burr might be a thinly traded currency, but that doesn’t mean you’re out of luck when it comes to sending money to Ethiopia. Money transfer services like TransferWise, TransFast and WorldRemit are willing to go out of their way for your business, and often offer more competitive exchange rates and lower fees than the bank.
WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.
Use promo code FINDERCA on your first transfer and pay zero fees. T&Cs apply.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Chances are that one of the reasons you’ve landed on this page is to get a little bit of guidance on which provider will give you the most bang for your buck when it comes to sending money to Ethiopia. While we don’t claim to have all the answers, we can say with a high degree of confidence that a dedicated international money transfer services will almost always beat the bank when it comes to offering more competitive exchange rates and lower fees.
Anne’s boyfriend Jonathan lives in Ethiopia and is working as a program assistant for a local charity. After he returns home from work one day, Jonathan realizes that he’s misplaced his wallet, and needs some fast cash to tide him over while he goes about trying to replace his debit and credit cards. Anne offers to send him $1,000 but knows that her bank doesn’t support the Ethiopian burr. She decides to compare two reputable cash transfer services, to see which one can offer the quickest service for the lowest price.
| Cash transfer company 1 | Cash transfer company 2 | |
|---|---|---|
| Exchange rate | CAD$1 = ETB 18.587 | CAD$1 = ETB 19.858 |
| Transfer fee | $30 | $25 |
| Transfer method | Cash pickup transfer | Cash pickup transfer |
| Processing time | Less than 1 hour | Less than 24 hours |
| Amount received (in ETB) | ETB 18,587 | ETB 19,858 |
Anne is pleased to discover that Jonathan will receive an additional ETB 1,271 ($60) if she sends him money using the first transfer option, even though she will need to pay an additional $5 in fees to cover the cost of transfer.
Anne learned a lot by conducting a quick comparison between two cash transfer companies, and recommends hunting for the following features if you’re looking for the best deal when you send money overseas.
There are a number of different options to send money to Ethiopia. Pick the one that best suits your circumstances, keeping in mind that dedicated money transfer companies are often a cut above the rest.
| Money Transfer Service | Transfer Fee (CAD) | Exchange Rate Markup | Total in ETB minus fees (from $1,000) |
|---|---|---|---|
| MoneyGram | $50 | 20.732 | 19,686 |
| TransFast | $4.99 | 20.750 | 20,646 |
| TransferWise | $10 | 20.958 | 20,748 |
Rates updated as of 04 July 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.
Whether you’re dealing with the aftermath of a stolen wallet or recovering from an over-zealous shopping trip, you can book a cash transfer to Ethiopia in minutes with a service like Western Union or MoneyGram. These companies can be great in an emergency, but you can typically find a better deal if you’re willing to wait a little bit longer for your transfer to process. Pro tip: when your transaction goes through, your recipient will need to present with their passport and a tracking number at the location in question to pick up their money.
If you do plan to visit Ethiopia, the Government of Canada recommends that you exercise a high degree of caution. There is a moderate level of crime in Ethiopia, including in Addis Ababa, and street crime, such as pickpocketing and purse snatching, are prevalent. Pickpockets and thieves are active throughout the city, but particularly on Bole Road and in the Piazza, the Merkato (market), the Entoto and other areas frequented by tourists and foreigners and crime significantly increases after dark. If you do need to pick up a cash transfer in the city, keep the following tips in mind:
While every money transfer service will likely have a slightly different process for registration, most transfer services will require you to adhere to the following requirements.
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