Could a specialist money transfer company help you save money and get better exchange rates when transferring money to Moldova?
There are many reasons why Australians might need to send money to Moldova, such as to send gifts to relatives or to help out a friend travelling through the region. When you need to send money quickly from Australia to Moldova, there are a number of international money transfer providers available to help. Whatever the reason you need to send money to Moldova, it’s important that you find a money transfer provider that offers a fast and competitive service. Read on to find out how you can do just that.
Banks versus a money transfer company or service
Although you may wish to use your bank to transfer money to Moldova, many banks will not offer the chance to send funds to this country as the Moldovan Leu is quite a rare currency. However, some of the larger banks, such as Commonwealth Bank, do allow you to send money to Moldova. Even though bank to bank transfers are available, it typically makes much better financial sense to use a money transfer company to send your funds. These companies, such as Western Union or TransferMate, specialise in international money transfers. They offer lower fees and better exchange rates than banks, and often also provide faster processing times.
Case study: Victoria Sends Money to Moldova
Victoria is an Australian resident of Moldovan ancestry and she wants to send a $1,000 gift to her aunt in Moldova. A keen bargain hunter, Victoria decides to compare the services of two money transfer companies to determine which one will deliver the highest amount of money to her much-loved relative.
|Money Transfer Company 1||Money Transfer Company 2|
|Exchange rate||1 AUD = 13.78 MDL||1 AUD = 15.53 MDL|
|Transfer time||Within minutes for cash pickup, up to 2 days for funds to arrive in bank account||Up to 2 days|
|Transfer options||Online or in person to bank account or to cash pickup||Online|
|Amount received for $1,000 AUD (in Moldovan Leu)||13,781.24||15,530|
As a result of carefully comparing her options, Victoria was able to send 1,748.76 MDL more than if she had simply gone for the first company she found.Back to top
What things should you consider when comparing money transfer services to Moldova?
It’s important to compare the services offered by money transfer companies before deciding on the right provider for you, so make sure to take the following factors into consideration.
- Currency exchange rates. You might be surprised how much exchange rates can differ between companies. Look for the company that offers the best rate, but keep in mind that some companies may offer a lower rate but also charge lower fees.
- Transfer fee. You’ll typically have to pay a fee when you send money overseas, so compare the figures charged by different companies. You may also be able to avoid the fee altogether when you transfer more than a certain amount.
- Pickup methods. Is your recipient able to pick up their cash at an agent location or is the entire transaction handled electronically?
- Transfer methods. Check whether you can lodge transfers online, over the phone and/or by visiting a branch and select a service that offers the option that suits you.
- Transfer options. If you wish to set up regular scheduled payments with your provider, can you do so? Are forward contracts and limit orders available to allow you to take advantage of fluctuating market rates?
- Transfer time. While some companies will ensure that your cash is available for pickup within minutes, others may require you to wait for days until the funds arrive in your account.
- Minimum transfer amounts. You may find that some providers will require you to transfer a certain minimum amount of funds. If you don’t meet this lower limit, you should look for a different provider.
- Customer service. It’s important that the company you choose provides customer service whenever you need help with a transaction. Look for customer service options (such as online help centres, call centres and live online chat) and the hours during which they are available.
How to send money to Moldova from Australia
If you’re looking to transfer funds from Australia to Moldova, you could consider using the following providers and transfer options.
- Bank transfers. Some banks, for example Commonwealth Bank, allow you to send money to Moldova.
- Transfer services. Companies like Western Union, MoneyGram, TransferMate and Send Money 24 make it fast and easy to send money to Moldova. Some offer online-only transfers while others allow you to pick up the cash in person.
- PayPal. PayPal facilitates the transfer of funds between Australia and Moldova as long as the sender and recipient both have a PayPal account.
- International money order. Another money transfer option is to go into your bank and get an international guaranteed cheque drawn up which you can then post overseas.
Emergency cash transfers in Moldova
If you find yourself in a situation where you need to conduct an emergency transfer, such as if your relative travelling through Moldova has their wallet stolen and needs cash urgently, remember to be cautious before signing on the dotted line. Double check the exchange rate your bank or other transfer provider is offering, plus make sure you are aware of all the fees that may be attached to your transaction. With a careful approach, you can ensure that your recipient gets the money they so desperately need.Back to top
Branches of Western Union and MoneyGram in Moldova
MoneyGram and Western Union are two popular money transfer providers with a number of cash pickup locations across Moldova. Some of the more popular pickup locations are detailed below. Remember that when you are picking up cash you will need to provide your identification and the details of your transfer. It may also be necessary to confirm in advance whether your agent location of choice has sufficient funds to complete your transfer.
Benelesku Bodoni Ul
61 Chisinau, 2006
Open 9am to 4pm Monday to Friday
Dachiya Ul 46
Open 8:30am to 4pm Monday to Friday
Prisbank Gvardeyskaya Ul
13 Tiraspol, 3300
Open 9:40am to 4:30pm Monday to Friday
61 Tiraspol, 3300
Open 9:25am to 4:30pm Monday to Friday
Moldova-Agroindbank – Chisinau
Str. Varnita 6 Chisinau,
Open Monday to Friday 8:30am to 9pm, Saturday 11am to 7pm
Str. Burebista 108 Chisinau, 0
Open 8:30am to 4:30pm Monday to Friday
2 Tiraspol, MD-3300
Open 9am to 3pm Tuesday to Sunday
Lenina 44 Tiraspol,
Open 9am to 4pm Monday to Friday
Tips for picking up cash in Moldova
Moldova is not listed as a particularly dangerous country by the Department of Foreign Affairs and Trade, with travellers only recommended to ‘exercise normal safety precautions’. However, you still need to be careful when picking up cash in Moldova. Take a friend with you for added security and keep your cash as well hidden as possible. Avoid detouring through any area of town where muggings are more likely to occur and head directly to a bank to deposit your funds. If you’re looking for more travel safety tips for Moldova, research the advice offered by other travellers in blogs and online forums.Back to top
Transferring money to Moldova
With the multiple options listed above for sending money to Moldova, it’s easier than ever before to lodge your international transfer. While the process of doing so does differ between providers, you’ll typically need to provide information such as your name, date of birth, contact details, proof of identity and the details of your cash recipient. Once you’ve lodged a transfer with your chosen provider, you’ll then receive a receipt or tracking number so that you can remain informed as to when your transaction is completed. Whenever you do need to send money to Moldova, make sure to compare all your available options. This will guarantee that you end up using the services of a company that offers fast, safe and affordable international money transfers.Back to top