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How to send money to Lesotho
Find out how you can save money and enjoy fast transfers when you send money to Lesotho from Canada.
If you’re looking to send money to Lesotho, but you don’t want to spend hours comparing money transfer services individually, then look no further. We’ve developed this handy comparison guide to help you weigh your options and tap into some useful tips and tricks that will hopefully help you lock down the best deal possible.
Compare money transfer services to save big when you send money to Lesotho
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.Back to top
How do banks and money transfer services measure up?
If you’re trying to decide whether to send money to Lesotho using your local bank or a dedicated money transfer service, check our overview of a few of the key differences between both options to help you make an informed decision.
- Banks. While banks can easily send international wire transfers all around the world, customers typically pay an exorbitant transfer fee (up to $80) for the privilege and receive less money on the other end due to less than favourable exchange rates. It’s also likely that the bank won’t deal in Lesotho loti, so you should check with them about the availability of the currency before settling on a service.
- Money transfer company. Money transfer companies don’t spread themselves across a wide range of products and services like the banks, which means they have more time to fine tune their niche. This can include developing cost-cutting measures and stronger security platforms to ensure customers have access to a safe and affordable service.
Case study: Jonathan Sends Money to Lesotho
Jonathan’s sister Nadine works with an inter-governmental organization in Lesotho, and is turning 42 years old in less than a week. Jonathan knows that his sister has been wanting to visit her friend Rob in Paris, but hasn’t been able to save up enough money to hop across the ocean. He decides to send Nadine $1,000 for her birthday to help her afford the trip, but decides to compare his bank against a dedicated money transfer service to find the cheapest option. The comparison below is based on exchange rates in the spring of 2018, so check current rates before making your choice.
|Canadian bank||Money transfer company|
|Exchange rate||CAD$1 = LSL9.5812||CAD$1 = LSL9.8556|
|Transfer time||3–5 days||24 hours|
|Amount received (in LSL)||LSL9,581||LSL9,856|
Kevin realizes that he will save LSL275 (around $27) on exchange rates and $15 on fees if he sends the money to Nadine using the money transfer service over his bank.
How do I compare service companies to transfer money to Lesotho?
When you’re stuck choosing between two or three companies, it can be good to take a step back and decide which factors mean the most to you.
- Exchange rates. Nearly every provider skews exchange rates for profit so it’s best to compare the rates on offer to find the best deal.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer and don’t forget to ask whether you qualify for a fee-free transfer.
- Transfer methods. Transfer methods can range from bank-to-bank transactions to cash pick-ups to mobile top-ups, so take time to consider what works best for you and your recipient.
- Bonus features. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or a forward contract.
- Transfer speed. If your money needs to arrive in record time, you can book a transfer with a company like Western Union or MoneyGram for quick cash pick-ups.
- Transfer limits. Some companies charge a minimum or maximum fee, so make sure that the amount you want to send fits inside of these parameters.
- Reliable customer service. When it comes to reputation, some companies are a cut above the rest, so invest some time into doing a bit of research before you settle on a provider.
Foreign Exchange Rates Explained
Exchange rates fluctuate based on the global market, and are determined by how much one country’s currency is worth in comparison to another. The Lesotho loti and the South African rand are both legal tenders in Lesotho. This is because the loti is pegged to the South African rand on a 1:1 ratio, meaning they’re worth the exact same amount. As of July 2018, the exchange rate for the Lesotho loti (and South African rand) was set at about 10.29 per $1. This means for every one dollar you send to Lesotho, your recipient will receive around 10 loti or rand in return.
What are my options for sending money to Lesotho?
It can be difficult to find a money transfer service to send money to Lesotho, given the loti’s status as an exotic currency. That being said, it can pay to look into the following options, with money transfer services typically being the most affordable solution.
- Banks. Many banks don’t deal in Lesotho loti, but might be able to send South African rand, so it’s best to check in to find out which currencies are up for grabs.
- Cash transfer providers. Book your next transfer with a provider like Western Union and MoneyGram to send money in an emergency.
- Online money transfer companies. Sign up for an account with a dedicated money transfer service to find the best deal.
- International bank drafts. Purchase an international money draft with your bank to deliver funds by snail mail – not the quickest option.
Emergency cash transfers to Lesotho
In the event of an emergency, cash pick-up options like MoneyGram and Western Union are designed to send your money to one of their hundreds of thousands of agent locations across the world in as little as 10 minutes.
Cash pick-up locations in Lesotho
- Receive cash in minutes with pick-up locations in Maseru.
- Collect cash instantly from MoneyGram locations across eight cities in Lesotho.
Tips for picking up cash in Lesotho
If you’re planning a trip to Lesotho in the near future, the Government of Canada recommends that you exercise a high degree of caution (as of 9 July 2018). Petty crimes, such as pick-pocketing, purse snatching and mugging, are prevalent and increase at night and on weekends. If you do need to pick up cash, try to go with a friend during the day, and return to your hotel to secure your cash in a safe deposit box.Back to top
How can you send money to Lesotho?
From bank transfers to online money transfer companies and even international money orders, there are plenty of options to choose from when transferring money to Lesotho. While the exact transaction process varies depending on the transfer method you choose, you’ll typically need to follow a couple of basic steps to get started.
- Register for an account. Input your name, contact details, proof of ID and bank account details to register for an account.
- Enter transaction details. Provide the personal and banking information for your recipient, and list the amount of money you plan to send as well your preferred currency and destination country.
- Submit and track transfer. Review your information before locking in your transfer, and then monitor your payment using the tracking code.
Sending money from Canada to Lesotho is quick and easy, with more options at your disposal than ever before. However, it’s important that you do your research and shop around to find a reputable provider that offers a safe and affordable service.
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