Chances are that you’ve landed on this page because you’re looking to send money from Canada to the Kyrgyz Republic, also commonly known as Kyrgyzstan. Lucky for you, we’ve designed this user-friendly comparison guide to give you a little bit of insight into how to nail down the best deal possible.
Send money to Kyrgyzstan with WorldRemit
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Choose how you want to send your money - via bank transfer, cash pickup or mobile money
Should I use my bank or a dedicated money transfer service?
Whether you’re sending some fast cash to a friend travelling through Kyrgyzstan or you’re looking to pay your mortgage overseas, there are a number of providers that can help you with your transfer needs. Two of the main players in international money transfers are banks and money transfer services. So what do you need to know before you settle on a service?
Banks. Many people consider banks a fall-back for any and all financial services because they haven’t explored their other options. Banks tend to offer a smorgasbord of services, but don’t necessarily specialize in any one thing. Since their expertise is diversified, they spend less time in the international money transfers space. This means they conduct a smaller number of transfers, and compensate for fewer transactions by charging more in exchange rates and fees.
Money transfer services. International money transfer providers don’t typically have their hands in more than one pot, so they’re able to focus all of their attention on tailoring their services to their customers. Since dedicated money transfer services carry out thousands of transactions every day, they’ve been able to refine their processes and push their exchange rates and fees down to the bare minimum.
Case Study: Kate Sends Money to the Kyrgyzstan
Kate’s brother Simon is backpacking through Bishkek, the capital city of Kyrgyzstan, when his wallet is stolen. Simon tracks down a phone and manages to contact Kate, who lives in Vancouver, to ask her to send some quick cash. Kate agrees to send her brother $1,000 while he attempts to replace his debit and credit cards. She checks in with her bank to ask about sending the money, but they don’t deal in the Kyrgyzstani som and even if they did, it would take 3 – 5 business days to process a transaction. Kate does a quick online search, and decides to compare the services of two cash transfer companies, who promise to deliver the funds in less than 24 hours.
Cash transfer company 1
Cash transfer company 2
CAD$1 = KGS 51.161
CAD$1 = KGS 51.823
Amount received (in KGS)
Kate discovers that she can save KGS 662 (around $13) on exchange rates if she decides to go with the second cash transfer company, even though she will have to pay $5 more in fees.
Competitive exchange rates. Start by comparing 4 – 5 services to find the most competitive exchange rates, since these can have a huge influence on the total amount you pay.
Minimal fees. High fees can really cut into your bottom line, so it’s best to find a service that offers a combination of competitive exchange rates with low to no fees.
Various transfer methods.Find 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 to eliminate unwanted headaches.
Fast transfer times. Track down a cash transfer company that can send your money in minutes if you happen to find yourself in a tight spot.
Reliable customer service. Bad customer service can be a deal breaker when it comes to transferring funds, so look for a reputable service that has 24/7 service and good customer reviews.
Foreign Exchange Rates Explained
The exchange rate is a quick conversion used by banks and money transfer companies to calculate how much one currency is worth when compared to another. The Canadian dollar (CAD) has traditionally been stronger than the Kyrgyz som (KGS). In July 2018, the amount was about 52 soms per dollar sent. When sending money to someone in Kyrgyzstan, track the fluctuations in exchange rates to be sure you’re getting the best deal available.
If you find yourself in an emergency situation where you need to send an urgent cash transfer to Kyrgyzstan there are several companies that offer this service. But buyer beware: the quickest method to send money overseas is also often the most expensive. Be sure to check the exchange rates and fees that apply to your transaction before handing over your hard-earned cash.
How can I send an emergency cash transfer to Kyrgyzstan?
If you have a sudden need to send cash overseas at high speeds, then your best bet is to register with a cash transfer company like Western Union or MoneyGram. These companies tend to be more expensive than a dedicated money transfer service, so it’s best not to use them unless you’re stuck between a rock and a hard place.
If you’re aiming to visit Kyrgyztan in the near future, the Government of Canada recommends that you exercise a high degree of caution (as of 06 July 2018). The crime rate is fairly high, with mugging and pickpocketing occuring frequently. Criminals (including organized gangs) tend to target foreigners due to their perceived wealth. If you need to pick up cash in Kyrgyzstan, it’s important to use your noggin and follow these handy tips:
Call ahead. Research the company’s business hours and choose a safe time to pick up your cash, preferably during daylight hours.
Bring a friend. Ask a trusted friend to accompany you when you go to pick up cash.
Deposit your money immediately. Deposit your cash at the bank or in your hotel safe as soon as possible.
Keep your cash hidden. Put your money in your purse or wallet immediately to avoid becoming a target.
You have multiple options to choose from when sending money to Kyrgyzstan from Canada. To get the best value for money for your international money transfer,compare the benefits and features of competing servicesbefore selecting a provider.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.
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