When you need to send funds to République du Mali, it’s a good idea to compare your options to make sure you’re getting the best deal.
This guide will take you through everything you need to know to send a fast, secure and cost-effective money transfer to Mali.
Sanctions in Mali
Mali is subject to international sanctions due to a fragile security situation in the country. At the time of writing, you are still able to send money to Mali but may need to provide additional information to ensure it’s not in violation of sanctions.
How much does it cost to send money to Mali? Compare your options
The table below shows how much it may cost to send money to Mali with different options. Enter your transfer details into the calculator section and it will run the numbers to find the cost.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Compare transfer services that send to Mali and pick one that suits your needs.
Head to its website and sign up for an account.
Enter your transfer details and make the payment.
What’s the best way to send money to Mali?
There are several different ways of sending money overseas. The main options are:
Money transfer services
Money transfer services are often characterized by a wide range of payment and pick-up options, and more competitive rates and fees than traditional banks.
You can make funds available as a cash pick-up in Mali. This is fast but will often involve poorer exchange rates and higher fees.
You may be able to send money to Mali through your bank. This is reliable but will often be one of the slower and more expensive options.
Let’s crunch the numbers: Sending $1,000 to Mali
The table below shows how much it costs to use a cash transfer service and the bank deposit option of a money transfer service when sending $1,000 to Mali.
Money transfer service
1 CAD = 432.5039 XOF
1 CAD = 439.4418 XOF
Amount of West African CFA francs received
Although it’s faster, the cash transfer service also has higher fees and worse rates. Your recipient will get the money sooner with the cash transfer service but they’ll also get XOF 7,000 (about $15) less.
How long will it take to send money to Mali?
How long it takes to send money to Mali depends on your transfer service and how you’re sending the money.
Generally, it’ll be fastest to avoid bank transfers when making your payment as these can take 1-2 days each. If you pay by card for the recipient to pick up as cash, your transfer may be available in minutes.
Emergency cash transfer
If you want to send money to Mali as fast as possible, you may want to look for services that let you pay with cash or card for the recipient to pick up as cash or through mobile money. The most popular ones include Western Union and MoneyGram.
You can still use cash transfer services and pay in person, without a bank account. Your recipient can also pick up cash transfers without a bank account.
The downside to faster transfers is that they’re typically more expensive. As such, it can be worth looking for the slower 1-2 day options to see if you can save money with them.
To ensure they’re still fast, try transferring on a Monday to minimise the chance of your funds being stuck over the weekend and try sending it early in the day so it’s more likely to be processed on the same day.
What to watch out for
Mali is under sanctions by the United Nations Security Council which means you may need to provide some extra information when sending money there.
But there are a lot of options. Mobile subscriptions are rising in Mali and mobile money services are becoming more popular. Sending funds to a recipient through these is increasingly a fast and cheap way of making payments.
Documentation you’ll need to send money to Mali
You will need to provide certain information and documentation when sending money to Mali, including:
Identification. You will need to provide details about yourself as well as identification to verify it.
Transfer amount. You need to say how much you want to send and in which currencies.
Recipient’s details. You need to provide the recipient’s details to make sure the money goes to the right person.
Reason for sending the money. You will often be required to provide a reason for sending the money and may need to provide proof to support it.
What to compare to get the best deal
To find the overall best money transfer service for your needs, consider factors including:
Fees. How much you’re paying in up-front fees for a transfer.
Exchange rates. How much you’re paying on the price difference between one currency and another.
Transfer speed. How long it will take for the money to arrive.
Payment options. How you can make your payment for the money to be sent.
Delivery methods. How your recipient is able to get the money.
Customer service. How to contact the transfer service’s customer service team in case anything goes wrong.
Foreign exchange rates explained
Exchange rates are how much of one currency you get for another. The mid-market rate is the official exchange rate at any given time, but transfer services typically won’t offer this to customers and will take a cut of the money instead.
If you want to find the best exchange rates, the goal is usually to look for as close to mid-market rates as possible.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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