Few Canadian banks allow money transfers to Mozambique. The ones that do generally charge high fees, offer poor exchange rates and take a few days to transfer the funds.
In recent years, specialist money transfer services have emerged on the market. These companies specialize in sending large sums of money overseas. Due to solely sending money overseas, they can afford to offer competitive exchange rates, charge low fees and send the money quickly.
If you are looking to send money overseas to Mozambique, read our guide to find out more.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Jonathan is a businessman in the gas and oil industry and has recently heard about the niche opportunities in Mozambique regarding these industries. Should there be potential in this industry in Mozambique, he might consider moving there for a few years. He decides to look into how he can send money between Canada and Mozambique. He uses a comparison amount of CAD$1,000. You can see the results of his comparison in the table below.
| Money transfer company A | Money transfer company B | |
|---|---|---|
| Exchange rate | CAD$1 = 44.52 MZN | CAD$1 = 46.58 MZN |
| Transfer fee | CAD$40 | CAD$50 |
| Amount of MZN received for CAD$1,000 | 44,518.11 MZN | 46,585.10 MZN |
| Transfer time | Minutes | Minutes |
| Transfer options | Online, by phone, in person | Online, by phone |
| Difference in MZN | + 2,066.99 MZN |
As you can see, both companies charge similar fees and can deliver the money in just minutes. Jonathan decides to go with transfer company 2, even though their fees are higher, because it allows him to send over CAD$40 more. With only CAD$10 more in fees, it is worth it to pay slightly higher transfer fees.
There are two companies available to use when you are in need of emergency cash or you need to send emergency cash. Both MoneyGram and Western Union have years of experience in delivering money transfers quickly and safely, and will get you a cash transfer within just minutes.
We have listed some locations in Mozambique below.
Tourists and foreigners are advised to exercise a high degree of caution when in Mozambique. Avoid picking up cash in the dark and if possible, keep travel to daylight hours. Serious cases of crime, which include sexual assault, robberies, petty theft and bag snatching have been reported. It is wise to move in groups and pay close attention to your personal security when picking up cash.
Public demonstrations still occur in Mozambique and it is best to pick up cash in an area where these can be avoided.
If you are sending money using a money transfer service or cash pickup service, you will need the following details:
If you are sending money to a bank account, you will need the following details:
If you are using PayPal to send the money, you will need the following:
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