TD Bank international money transfers
Compare fees, exchange rates, speed, safety and all the different ways that TD banking products and services can help you transfer money to just about anywhere. Read more…
Send money to Liberia
Find a quick, affordable service to make a money transfer to Liberia.
Last updated:
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.
Compare money transfer services to send money to Liberia
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.
Banks vs money transfer services
When it comes to international money transfers, many people have trouble deciding whether to use their bank or a dedicated money transfer service to get the job done. If you need more information, check out some of the main differences between the two options below.
- 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 | |
|---|---|---|
| Exchange rate | CAD$1 = LRD 118.58 | CAD$1 = LRD 117.58 |
| Transfer fee | $40 | $25 |
| Transfer method | Cash pickup transfer | Cash pickup transfer |
| Processing time | 10 minutes | 10 minutes |
| Amount received (in USD) | LRD 118,580 | LRD 117,580 |
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) TransferWise $10 119.25 107,172 WorldFirst $10 119.25 107,172 XE Money Transfer $0 118.27 118,270 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.
- Cash pickup transfer companies. Cash pickup options can be a lifesaver in case of an emergency, but they come with a hefty price tag, so be prepared to pay out of pocket for the privilege of a fast transfer.
- Bank transfers. Check with your bank to see whether it offers international transfers to Liberia, but be prepared to pay high fees and exorbitant exchange rates for the service.
- International cheques. If none of the above options appeals to you, you could also consider organizing an international bank draft or cheque from your bank to send to your recipient via snail mail.
Emergency cash transfers in Liberia
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.
Tips for picking up cash 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
What are the steps to send money to Liberia?
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.
You may also be interested in
Review: MoneyGram international money transfers
Find out everything you need to know about MoneyGram including exchange rates, fees and the transfer process. Read more…
Azimo international money transfers review July 2019
Azimo money transfer service remits funds to over 200 countries around the world. Learn about costs, transfer times and which Azimo services are available in Canada. Read more…
