If you’re contemplating the best way to send money to Uruguay, there are several viable options right at your fingertips. So, question of the hour, how do you make sure you choose the right service for you? It’s important to start by looking for one that offers top-notch exchange rates with relatively low transfer fees.
Banks versus money transfer companies
When it comes to your usual financial institution, it’s possible that it can organize a transfer to Uruguay, but this doesn’t necessarily mean that it’s the best choice. Banks often charge higher exchange rates and fees. If you do intend to send money overseas, than it might be in your best interest to look into a specialized online transfer company, able to send your money overseas at a comparatively low cost.
Case study: Sofia sends money to Uruguay
Sofia has just arrived in Vancouver and will spend two years in Canada, studying and working on a student visa. She lands a well-paying job in her first semester and makes arrangements with her parents to send part of her paycheque back home to Uruguay. While Sofia does have a Canadian bank account, she is curious as to whether it would be more affordable to transfer $1,000 with an online international money transfer company rather than her bank, and the following table shows what she discovered.
|Canadian Bank||Money transfer service|
|Exchange rate||$1 = UYU21.02||$1 = UYU23.01|
|Amount received for $1,000||UYU21,020.00||UYU23,012.20|
|Transfer time||1 day||1-2 days|
|Transfer options||Cash pick-up||Bank account|
After making a direct comparison, Sofia realizes that she has the opportunity to save approximately UYU1,992.20 (around CAD$88) on the exchange rate, as well as CAD$60 in fees, by investing in the the online money transfer service.
How do I compare transfer companies when sending money to Uruguay?
When it’s time to select a money transfer service, it’s important to make a broad range of comparisons to make sure that you find the best service for your needs.
- Competitive exchange rates. It can really pay off to compare exchange rates and pick the rate that will offer the most return on your dollar.
- Minimal fees. When it comes to fees, some money transfer services are a cut above the rest. If you’re looking at similar exchange rates, avoiding a double-digit fee is often the deciding factor when it comes to choosing the best service.
- Various transfer methods. Some clients prefer a bank-to-bank transfer while others are more inclined to pick up cash; decide on your preference and choose your service accordingly.
- Fast transfer times. Speed of transfer can be the real deal in an emergency, particular when your recipient needs cash in hand as soon as possible. Be aware of time constraints on bank transfers, and choose your service with the tick-tock of your clock in mind.
- Suitable transfer amounts. When you’re choosing a money transfer service, it’s best to know how much you intend to send, since certain companies operate within the boundaries of minimum and maximum amounts.
- Reliable customer service. Customer service can be an incredibly important factor when it comes to choosing a reliable transfer service. Make sure the company you’ve set your sights on has an impeccable reputation.
How do I send money to Uruguay from Canada?
You get to choose from different options when sending money to Uruguay from Canada.
- Bank transfers. Certain Canadian banks can send money to Uruguay, while others won’t have the ability to deal in Uruguayan pesos. It’s best to check in with your bank, to find out their capacity for currency exchange.
- Online money transfer providers. Companies like Canadian Forex and WorldFirst allow customers to make fast and easy payments that actually deliver more money on the other end.
- Money transfer companies with cash pick-up options. Cash pick-up options like Western Union and MoneyGram are set up so that you can collect cash on-site, which can be particularly useful in an emergency.
- Cheques. Posting an international guaranteed cheque direct to Uruguay is also a viable option, although it will take much longer to arrive, and runs the risk of getting lost in the mail.
Compare money transfer services
|Money Transfer Service||Transfer Fee (CAD)||Cost of Exchange||Total in UYU minus fees (from CAD$1000.00)|
|XE Money Transfer||0||CAD$22.5672||UYU22,567|
Rates current as of 18 February 2018
Emergency cash transfers in Uruguay
If something comes up and you need to send money to Uruguay urgently, then search for a cash pick-up option like Western Union to finalize your transfer in as little as 10 minutes. While this is the best choice in an emergency, it’s important to remember that this type of service is often accompanied by higher transaction fees and lower exchange rates, so it’s important to check in with your provider to find out about the small print. The bonus is that once your money is on its way, all your recipient will need to do is present with their passport in the right place at the right time in order to collect funds.
Cash pick-up locations in Uruguay
With a plethora of branches in Uruguay, Western Union and MoneyGram are top providers for international money transfers services (with handy cash pick-up locations listed below):
- Find a pick-up location with the Western Union Agent Location tool.
- Pick up at any MoneyGram agent location.
Tips for picking up cash in Uruguay
If you are planning to visit Uruguay, it’s important to note that street crimes such as pick-pocketing and muggings are always likely in the capital city Montevideo. Be aware of strategies meant to distract your attention and avoid showing signs of affluence. If you do need to pick up cash, be extra careful around bank machines and try to steer clear of isolated areas.
Background for Uruguay
A block of land wedged like a pearl between Brazil and Argentina, Uruguay is South America’s smallest country. With its stunning coastlines and picturesque capital, Uruguay strikes a fine balance between pristine natural beauty and eclectic city life. For Canadians, it’s a prime travel destination in any season, supporting around 11,000 Canadian visitors each year. In addition to tourism, Uruguay is identified as an emerging Priority Market in Canada’s Global Markets Action Plan.