Shop around for big savings when you need to send an international money transfer to Nicaragua.
With the Pacific Ocean on one side and the Caribbean Sea on the other, Nicaragua is famous for its spectacular scenery. From its beautiful coastline to its breathtaking volcanoes and lakes, this Central American nation has plenty to interest travellers. Nicaragua has a population of just over six million people.
When you need to send money to a friend or family member in Nicaragua, there are multiple transfer options at your disposal. If you compare the fees, exchange rates and other options available from a range of transfer providers, you’ll be able to find a better transfer deal.
Banks versus money transfer companies
It always makes sense to compare your options when choosing a money transfer provider, because transaction costs differ substantially from one provider to the next. While banks offer a convenient and reliable transfer option, they’re also one of the most expensive choices. With low exchange rates and high fees, bank transfers are prohibitively expensive.
That’s why you can save a lot of money if you shop around for a specialist transfer company. These companies, such as WorldRemit, are experts when it comes to moving money abroad, and they can offer better exchange rates and minimal transfer fees. If you’re willing to take a few minutes to see if there’s a cheaper option available, your bank balance could benefit.
Case Study: Joe Sends Money to Nicaragua
Joe wants to send $1,000 to his aunt and uncle in Nicaragua. Although Joe lives and works in Australia, he spent a year living with his aunt and uncle when he was a student and he wants to repay them for their hospitality. But when he sees just how much lower his bank’s exchange rate is when compared to the mid-market rate, he decides to compare two transfer companies to see if there’s a cheaper solution available.
As you can see from the table below, Joe can send an extra 44.20 NIO and save AUD $5 in transfer fees by using the first company.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 19.7387 NIO||1 AUD = 19.6945|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in NIO)||19,738.70||19,694.50|
How do I compare transfer companies when transferring and receiving money via Nicaragua?
- Exchange rates. Does the company offer better or worse exchange rates than its competitors? How far below the mid-market exchange rate are they?
- Transfer fees. Will you need to pay a fee every time you send a transfer? If so, how much will the fee be?
- Transfer methods. Can you place transfers online, over the phone, in a branch or using a smartphone app?
- Transfer options. Can you place limit orders, forward contracts and set up a regular payment plan?
- Minimum and maximum limits. Are there any limits on the amount you can send in each transaction? Are those limits likely to impact upon your transfer requirements?
- Processing times. How long will it take the transaction to be completed from start to finish? If emergency transfers are available, how much extra do they cost?
- Pickup options. Can the funds be collected from a cash pickup point by your recipient? Or will the money you send be deposited into their bank account?
- Customer service. Are phone, email and online live chat support available? During what hours?
How do I send money to Nicaragua from Australia?
- Specialist transfer providers. Specialist transfer companies like WorldRemit offer convenient and cheap international transfers.
- Cash pickup transfer companies. Western Union and MoneyGram both have cash pickup locations in Nicaragua.
- Bank transfers. Do your research to see how your bank’s exchange rates and fees compare to those offered by other providers.
- International cheques. An old-fashioned and slow transfer method is to post a cheque to Nicaragua.
How do I receive money from Nicaragua in Australia?
- Specialist transfer providers. Shop around to find out which companies offer transfers from Nicaragua to Australia.
- Cash pickup transfer companies. Search online to find your nearest cash pickup location.
- Bank transfers. Check with your bank to find out how much it will cost you to send and receive international bank transfers.
- International cheques. If you cash an international cheque, what fees will apply?
Emergency cash transfers in Nicaragua
There may be times when you need to send money to Nicaragua as quickly as possible – for example, a relative visiting the country may have had their wallet stolen and need urgent funds. The good news is that companies like Western Union and MoneyGram offer transfers in as little as 10 minutes. The bad news is that emergency cash transfers are typically a little more expensive, with higher fees and lower exchange rates typical features. Make sure you review the full cost of a transfer before you hand over any cash to ensure that you’re happy with the deal you’re getting.
Cash pickup locations in Nicaragua/ Western Union / MoneyGram branches in Nicaragua
With massive worldwide transfer networks, Western Union and MoneyGram offer the convenient option of fast cash transfers. You can see the details of some popular cash pickup locations in Nicaragua below, but make sure you take along photo ID and a transaction reference number when you go to pick up funds.
Modulo Pa-38 Ubicado En La
Planta Alta Del Centro Comerci Managua, Managua
Open 9am to 7pm Monday to Saturday, 9am to 5pm Friday
Frente A Casa Del Perno Contig
Centro De Pinturas Calle 27 De Managua, Managua
Open 8am to 5pm Monday to Friday, 8am to 12pm Saturday
Iglesia Reconciliacion 75 Vrs Leon, Leon
Open 8am to 2:30pm Monday to Friday, 8am to 12pm Saturday
- Mi Credito
Esquina De Los Bancos 75 Varas Leon, Leon
Open 8am to 4:30pm Monday to Friday, 8am to 12pm Saturday
- Banco Lafise Bancentro
Contiguo A McDonald Metrocentro
Open 9am to 5:30pm Monday to Friday, 9am to 1pm Saturday
Frente Al Ministerio De Educacion Med
Open 24/7 Monday to Saturday
Calle De Los Bancos
Open 24/7 Monday to Saturday
- El Verdugo
Frente Supermercado La Union
Open 7am to 9:30pm seven days
Tips for picking up cash in Nicaragua
The Department of Foreign Affairs and Trade advises Australian visitors to Nicaragua to exercise a high degree of caution. With this in mind, a few simple safety steps can go a long way to deterring thieves:
- Take a friend with you when picking up cash
- Confirm a cash pickup agent’s location and opening hours before visiting
- Avoid any high-crime areas
- Don’t advertise your cash in public
- Don’t carry the money around for any longer than is necessary
What are the steps to send money to Nicaragua?
- Provide your personal details. The first step is to provide your name, address, contact details and proof of ID. Some companies will also require you to sign up for a free account.
- Enter transaction information. Provide all the relevant information about your transaction, including the amount you’re sending, the currency and where the transfer will be sent.
- Finalise your transfer. Review the details of the transfer to make sure you’re happy with the cost. If you are, submit your transfer request and wait for the funds to be sent to your recipient.