Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to send money to Kiribati
Send money to Kiribati using an international money transfer service and you could beat the bank's rates.
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.
What's in this guide?
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 |
Transfer Fee | CAD$10 | CAD$3 |
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) |
Wise | $10 | $1.0093 | $999 |
Canadian Forex | $15 | $1.0045 | $989 |
XE Money Transfer | $0 | $1.0094 | $1,009 |
Currency Solutions | $0 | $1.0088 | $1,009 |
WorldFirst | $10 | $1.0100 | $1,000 |
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.
Western Union
- 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.
More guides on Finder
-
6 tips for Canadian import/export businesses
SPONSORED: How to take your business global (and save a whole lot of money along the way).
-
International money transfer services
Beat the banks, find the best exchange rates and avoid fees when you send money abroad from Australia.
-
5 big reasons you might need a digital bank for money transfers
Find out how digital banks compare with dedicated money transfer services when sending money overseas.
-
Simplii Financial wire transfer review
Pay zero fees for safe and secure money transfers to over 120 countries.
-
How to cut the cost of sending money overseas in 2021
SPONSORED: Fee-free services and special offers can help you save on your next international money transfer.
-
5 tips for sending money to Asia
SPONSORED: Mobile money transfers provide an easy, low-cost and contactless way to send money to loved ones overseas.
-
Paysend review
Paysend offers transfers to more than 70 countries through its app and online service.
-
How to buy Affirm (AFRM) stock from Canada
Here’s everything we know so far about the Affirm IPO plus how to buy in from Canada when the stock becomes available.
-
RBC NOMI Find & Save Review
Enable this basic savings account in the RBC Mobile app to start saving money from your chequing account automatically.Â
-
Scotiabank Scotia Euro Daily Interest Savings Account review
Earn interest when you deposit your savings in euros with this cross-border account.Â