Since the Liberian dollar is a thinly traded currency, there aren’t a ton of options for sending money to this small West African nation. But that doesn’t mean you’re out of luck. We’ve taken the time to compile this handy comparison guide to help you weigh your options and track down the best deal possible.
Send money to Liberia 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
Banks.As far as banks go, they offer a wide array of financial services, but don’t necessarily specialize in any one niche. This means that while banks offer international wire transfers (often with a price tag of $30 – $80), they don’t carry out nearly as many transactions as dedicated money services (largely because they’re too busy brokering home loans and balancing investment portfolios). This means that at the end of the day, they need to skim more money off the top of every transaction, in addition to charging exorbitant fees, to keep the service profitable.
Money transfer services.International money transfer providers have more incentive to give their customers rock-bottom prices in comparison to banks because they want to attract new customers and retain old ones. The more customers a money transfer service can attract and retain, the more transfers it will be able to carry out with a smaller margin of profit, the more customers it will attract and retain. It’s a positive feedback loop designed to save you money!
Case Study: Tony Sends Money to Liberia
Tony’s sister Janine is working as an intern with a not-for-profit in Liberia, and is given the opportunity to attend a world-renowned conference in Sierra Leone if she covers her own expenses. Since Janine is on a very tight budget, she appeals to her brother for a one-off loan of $1,000, to help her pay for the conference and cover the costs of her flights to and from Sierra Leone. Tony checks in with his bank to see about sending a transfer, but they don’t send money to Liberia, so he decides to compare two cash pickup transfer companies to see which one offers the lowest fees and most competitive exchange rates.
Money transfer company 1
Money transfer company 2
CAD$1 = LRD 118.58
CAD$1 = LRD 117.58
Cash pickup transfer
Cash pickup transfer
Amount received (in USD)
Tony realizes that he will save LRD 1,000 (around $8) on exchange rates if he chooses to send money to Janine using the first transfer company, although he will need to pay $15 more in fees. He decides to go with the second transfer company, which offers a less competitive exchange rate but lower fees to save around $7.
How do I compare transfer companies when sending money to Liberia?
While Tony is no expert, some of the factors he considers before settling on a cash transfer service include:
Exchange rates. Even a minor difference in exchange rates can make a huge difference to the amount your recipient will get on the other end, so look for the company that consistently offers top-notch exchange rates.
Transfer fees.Fees can have a big impact on your bottomline, especially if paired with dismal exchange rates, so make sure to do your homework, and zero in on a service with low to no fees.
Transfer methods.Transfer methods include bank-to-bank transactions, cash pick-ups and mobile top-ups, to name a few, so take a moment to figure out what works best for you and your recipient.
Transfer speed. Transfer times can range from a few minutes to several working days, so make sure your company can complete transfers within a suitable time frame for your needs.
Customer service.Some money transfer services spend a lot of money to develop their customer service departments, so try to take advantage of companies with stellar reputations.Back to top
Compare Money Transfer Services
Money Transfer Service
Transfer Fee (CAD)
Exchange Rate Markup
Total in LRD minus fees (from $1,000)
XE Money Transfer
Rates updated as of 19 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.
How do I send money to Liberia from Canada?
Money transfer services. If you’re looking for the most affordable option to send money to Liberia, it’s probably best to choose a money transfer company with the lowest fees and most competitive exchange rates.
Companies such as Western Union and MoneyGram can help you send urgent cash transfers from Canada to Liberia in as little as 10 minutes. Just be aware of the fact that emergency cash transfers often cost more than a dedicated money transfer company so it’s important to review the cost of your transaction before signing on the dotted line.
Cash pickup locations in Liberia
Both Canada and Liberia are swarming with Western Union and Moneygram locations, which offer speedy cash transfers between countries.
Western Union. Find a pick-up location with the Western Union Agent Location tool.
MoneyGram. Cash is available to collect instantly from MoneyGram agents across 8 cities in Liberia.
If you’re planning a trip to Liberia in the near future, the Canadian government recommends you exercise a high degree of caution (as of 09 July 2018). Muggings, armed assaults and theft are prevalent and crime significantly increases after dark due to the lack of electricity in some parts of the capital. If you need to pick up cash, be sure to play it safe and keep the following tips in mind:
Find an agent location in a safe and well-populated area
Ask a friend to accompany you if you need to pick up cash
Phone ahead to double-check the agent location and opening hours
Deposit the money in your bank account or a safe deposit box as quickly as possible
While money transfer services will often have different registration processes, you will usually need to complete the following steps when you want to send money to Liberia:
Sign up for an account. Most providers will allow you to sign up for a free account online, but in some cases you will need to visit a branch. Input account information, including personal and banking details for yourself and your recipient.
Provide your transaction information. Indicate the amount of money you want to send, as well as where you plan to send the money and in what currency.
Review and pay. Confirm exchange rates and fees that may apply to the transfer and then pay for your transaction. Most companies will offer online tracking services and email/SMS notifications so you know when your transfer is complete.
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.
Read Finder’s BoC Interest Rate Forecast Report for forecasts from some of Canada’s brightest minds in economics and property as well as their thoughts on how recent rate hikes could affect Canada’s property market.
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