Follow these handy tips to send reliable and affordable money transfers to Kiribati.
If you have a hankering to send money to Kiribati, but don’t know where to start, then look no further. Compare money transfer services with this handy guide to find the best fit for your particular situation, and you may even save a sizable chunk of change in the process.
Banks versus money transfer companies
Banks have a lot to offer in the way of broad-based financial services, but when it comes to international money transfers, they may not be able to offer the same benefits as specialized money transfer services. How so? Banks have a tendency to raise exchange rates, along with charging a high administrative fee. Money transfer companies are more prone to lay low, charging minimal fees and rates to remain competitive while maintaining the same, if not a better level of service.
Case Study: Keith Sends Money to Kiribati
Keith wants to send $1,000 to his daughter Leah, who is spending a month traveling and volunteering in Kiribati. Leah has managed to spend her entire holiday budget in only two weeks, so Keith promises to forward on a bit of pocket money as soon as possible. Keith knows that his bank will drive up the exchange rates and take more time to complete the transfer so he decides to do a comparison between two local cash pickup transfer companies to see if he can find a better deal. Kiribati uses the Australian dollar as currency.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||CAD$1 = AUD$1.03||CAD$1 = AUD$0.98|
|Amount received for $1,000||AUD$1,030||AUD$98|
|Turnaround time||1-3 days||1-3 days|
|Transfer options||Bank account||Cash pickup|
Keith realizes that he can save approximately AUD$32 in the exchange rate alone by using the first money transfer service, even though he will lose CAD$7 in fees.
How do I compare transfer companies when sending and receiving money via Kiribati?
Keith gained a wealth of knowledge from looking into his money transfer options. When comparing services, he recommends that you look for the following features, to find the service that is custom-fit for your needs.
- Competitive exchange rates. It’s best to compare 3-4 services to find the most competitive exchange rates, as these will often have the biggest impact on your bottom line.
- Minimal fees. High fees can really cut into your budget, so if you can find a service that charges little to no fees, you’ll end up with more moola on the other end.
- Various transfer methods. Finding a suitable transfer method (such as transferring bank-to-bank, facilitating cash pick-up or loading a mobile wallet) that works for both you and your recipient will eliminate unwanted headaches.
- Fast transfer times. Sometimes you need money fast, so it’s best to find a cash pickup company that can load your wallet with same-day delivery.
- Reliable customer service. Bad customer service can be a deal breaker when it comes to transferring funds, so look for a reputable service that isn’t afraid to put its money where its mouth is.
How do I send money to Kiribati from Canada?
- Canadian Banks. Most Canadian banks have the ability to send your money across the ocean, but cost more than a dedicated international money transfer service.
- Money Transfer Services. Many money transfer services are up to snuff when it comes to offering lower exchange rates and fees than the bank.
- Cash pickup transfer companies. Cash pickup locations like Western Union cost more than other specialized money transfer services, but, as a bonus, guarantee fast service.
Compare money transfer services
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in AUD minus fees (from $1,000)|
|XE Money Transfer||$0||$1.0094||$1,009|
Emergency cash transfers in Kiribati
If you’re in a bit of a pickle and you need to get money to Kiribati yesterday, then have a look around for a cash pickup option like Western Union, which specialize in completing transactions in as little as 10 minutes. Buyer beware: this type of service also comes with a higher price tag, so make sure you’ve read all the fine print before you sign on the dotted line.
Cash pickup locations in Kiribati / Western Union branches in Kiribati
With scores of locations in Canada and three main locations in Kiribati, Western Union can offer fast and convenient cash transfers between the two countries. You’ll typically need to provide a reference number, transfer details and some identification when picking up cash.
- Find a pickup location with the Western Union Agent Location tool.
Tips for picking up cash in Kiribati
If you do plan to visit Kiribati, the Government of Canada recommends that you exercise a normal degree of caution. That being said, if you need to go to an agent to pick up cash, avoid travelling alone and return to your hotel to stow cash in a safe place before continuing on with the rest of your day.
Background on Kiribati
Kiribati is small patchwork of islands in the Central Pacific, famous for their topaz lagoons and white-sand beaches. Many of Kiribati’s islands are uninhabited, offering a remote setting for plenty of sea-faring activities, including fishing and diving. The crowded capital, South Tarawa, has historic sites and artifacts where one of the bloodiest battles of World War II , the Battle of Tarawa, was fought.