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.
WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.
Use promo code FINDERCA on your first transfer and pay zero fees. T&Cs apply.
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.
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.
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.
While Tony is no expert, some of the factors he considers before settling on a cash transfer service include:
| 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.
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.
Both Canada and Liberia are swarming with Western Union and Moneygram locations, which offer speedy cash transfers between countries.
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:
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:
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