A guide on sending money to Mozambique the easy way.
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.
Compare money transfer services in the table below.
Case study: Compare different money transfer companies for sending money to Mozambique
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.
Which variables should I consider when sending money to Mozambique?
- Exchange rates. Exchange rates will vary between different companies. Be wary of competitive exchange rates that come with high transfer fees, and on the other hand poor exchange rates with lower transfer fees. The amount of money your recipient stands to receive is the best indication of how much you will pay in fees and what the offered exchange rate will be.
- Pickup methods. The pickup methods will vary between companies and generally include picking up cash in person at a branch location or receiving the funds directly into a bank account.
- Fees. Fees are usually much higher for cash pickups than for bank account transfers. Some companies will completely waive transfer fees if you send over a certain amount of money.
- Turnaround time. The turnaround time can range from minutes to days. Banks generally take three to five days to send money, while other transfer companies take one to three days. Companies like Western Union and MoneyGram can send the funds within minutes.
- Transfer methods. The transfer methods include via phone, online, by mobile app and/or in person at an agent location.
- Transfer options. For the available companies, transfer options include one-off payments, forwarded contracts, regular payments and market orders.
- Minimum and maximum transfer amounts. The minimum amounts generally range from zero dollars to CAD$1,000, and maximums can generally range between CAD$1,000 and CAD$10,000.
- Customer service. Contact methods will differ based on the service provider, however methods may include email, phone, in person and/or via online chat. Always choose a reputable company to handle your money transfer. Make sure the customer service contact hours work for you.
How can you send money to Mozambique from Canada?
- Money transfer services. Companies like FairFX can send money between Mozambique and Canada.
- PayPal. If both you and your recipient have PayPal accounts, you can use the online service to send and receive money overseas. Accounts are free and quick to setup online.
- Western Union. You can send money online and in person to a vast number of countries around the world. Only cash can be picked up by your recipient in person, however the money can be sent within minutes.
- MoneyGram. You can send money in person only from Canada using MoneyGram. Cash can be picked up by your recipient. Although fees can be high, cash is available within just minutes.
- Banks. Some Canadian banks may allow transfers to the African country. However, they will likely charge high fees. Conversely, you can also send a guaranteed cheque from your bank. Also known as “snail mail”, this is the slowest way to send money overseas.
How do you receive money from Mozambique in Canada?
- Money transfer services. Check to see which companies allow transfers to Canada from Mozambique.
- PayPal. If both you and the sender have PayPal accounts, you can use the online service to send and receive money overseas. Accounts are free and quick to setup online.
- Western Union. You can send money online and in person using Western Union.
- MoneyGram. Cash can be picked up by your recipient. Although fees can be high, cash is available within just minutes of the transfer being lodged.
- Banks. Some banks may allow transfers to Canada, however they will likely charge high fees.
Emergency cash transfers to Mozambique are possible
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.
Cash pickup locations in Mozambique when using MoneyGram and Western Union
MoneyGram
Maputo
- Standard Bank Mozambique
Av Mao Tse Tung No 559, Maputo, 1100
2581490459
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am - Standard Bank Mozambique
Av 25 De Sept No 2614, Maputo, 1100
2581327356
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am
Beira
- Standard Bank Mozambique
Largo Do Metical No 14, Beira, 2100
2583325095
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am
Western Union
Maputo
- Banco Intl De Mozambique
Millenium Bim Amilcar Cabral
Av. Amilcar Cabral Nr.
Maputo, Maputo
+2582-1-311096
Monday to Friday, 8am to 3:30pm, Saturday and Sunday, closed - Expresso
Bim Expresso Timor
Maputo, Maputo
+2582-1-306923
Monday to Friday, 8am to 6pm, Saturday and Sunday, closed
Beira
- Banco Intl De Mozambique
Rua Major Sarpa Pinto 1134 B
Beira Sede
Beira, Sofala
+258-23-329605
Monday to Friday, 8am to 3pm, Saturday, 10am to 1pm, Sunday, closed
Global tips for picking up cash in Mozambique
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.
What are the steps to send money to Mozambique?
If you are sending money using a money transfer service or cash pickup service, you will need the following details:
- Your recipient’s details, including name, address and email or phone number.
- The bank account details of your recipient.
- The physical location or agent location where your recipient can pick up the money (when it is a cash pickup service).
- The amount and type of currency you are sending.
If you are sending money to a bank account, you will need the following details:
- The SWIFT / BIC details, which determine the branch and bank specifics of where you are sending the money.
- Account details of your recipient.
- Recipient’s basic details, including name, address, phone number and/or email.
- The amount and type of currency you are sending.
If you are using PayPal to send the money, you will need the following:
- You will need an account with PayPal.
- Your recipient’s email address.
- The amount and type of currency you are sending.