Due to the ongoing Yemeni Civil War, which began in 2015, there is an increased need to send money to Yemen, particularly for the 6,500+ Canadians who claim Yemeni descent and have family and friends still living in the region. While Yemen is often listed as a “no money transfer zone” by banks and other services due to the volatile nature of the political situation in the country, there are still options for sending your money to this fragile and conflict-affected state.
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Mahmoud obtains refugee status and is resettled in Ottawa with his wife and three children. Although his family is becoming accustomed to life in Canada, Mahmoud is concerned about his mother and father who are still living in Yemen. Mahmoud has managed to find a job with a technology firm in the city and is ready to start sending money home to his parents in Aden. Since Mahmoud can’t send money to Yemen with his bank account, he decides to look at the services of two reputable money transfer providers.
| Money transfer company 1 | Money transfer company 2 | |
|---|---|---|
| Exchange rate | CAD$1 = YER 180 | CAD$1 = YER 190 |
| Transfer fee | $10 | $8 |
| Transfer method | Online transfer | Online transfer |
| Transfer time | 1 – 3 days | 1 – 3 days |
| Amount received (in QAR) | YER 180,000 | YER 190,000 |
Mahmoud realizes that he can save YER 10,000 (around $52) in the exchange rate with the second money transfer option, with an additional $2 in fees. If Mahmoud sends money every month, this amounts to almost $648 over the course of one year.
While Mahmoud doesn’t claim to have all the answers, he does have some advice to offer if you’re not sure what to look for when booking a transfer to ensure that you get the best deal possible.
If you need to send cash to a friend or loved one in Yemen in a matter of minutes, you can book a cash transfer with a service like Western Union or MoneyGram. These companies can be extremely helpful in case of an emergency, but they aren’t necessarily the cheapest option. If you have time to spare, it pays to do your research even if this requires you to wait a little bit longer for your transfer to process. In the case of a lost or stolen purse or wallet, your insurance policy might also be able to provide you with emergency assistance. You can also think about getting a cash advance using your existing Visa or MasterCard.
The Canadian Government advises Canadians against travelling to all parts of Yemen and has even advised all Canadians currently residing in the country to leave due to the high levels of ongoing conflict. If you do decide to enter the country, be aware that there are only limited options for crossing the border and the Government of Canada cannot guarantee consular services to Yemen. If you need to collect cash while in the country, be sure to visit an agent location during daylight hours in the company of a trusted friend. Secure your cash in a safe place – like a purse or money belt – before leaving the office and return immediately to your hotel to secure your cash in a safe deposit box if possible.
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