Transfer money between Canada and Yemen quickly and cheaply.
There are several ways to transfer money between Canada and Yemin. Whether you have family, friends or business ties in Yemen, there are a number of different ways you can get your funds to your recipient.
Many Canadian banks will not allow transfers to Yemen. However, there are ways to get money to loved ones and business partners in Yemen by using specialist money transfer services.
The importance of comparing different money transfer companies
Sarah has always had a deep desire to visit the northern parts of Africa and the middle east due to its rich history.
Sarah is a forward thinker and mapped out much of the trip in her mind already. She has done some research and compared two money transfer companies that offer her a cash pickup in Yemen.
She hasn’t been able to find any Canadian banks that do international money transfers to Yemen, so she decides she will have to rely on a money transfer service to receive funds half way through her trip. Below is a summary of her findings when using CAD$1,000 as the transfer amount.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 CAD = 192.8 YER||1 CAD = 191.6 YER|
|Transfer fee||CAD$50 (YER9,741)||CAD$30 CAD (YER5,844)|
|Amount of Yemeni Rial received in Yemen for 1,000 CAD||YER192,800||YER191,600|
|Transfer options||Online or branch transfer with a cash pickup at an agent.||Online or branch transfer with a cash pickup at an agent.|
|Difference in YER||YER2,697|
How do I compare money transfer companies when sending and receiving money between Yemen and Canada?
In preparing her summary above, Sarah used some of the following criteria.
- Exchange Rates. It’s advisable to view the different exchange rates offered by money transfer companies like MoneyGram, Western Union and PayPal as they vary according to each one’s exchange rate calculator.
- Pickup Methods. Cash pickup locations are plentiful in Yemen. When transferring money to a bank account in Yemen, first make sure the bank and service you are considering support a money transfer to that bank account.
- Fees. The fees when sending money to Yemen are higher than usual fees, but don’t vary too much between the available services. Make sure there are no additional fees at your recipient’s end, which can greatly decrease the amount of money they receive.
- Bank to Bank Benefits. Many Canadian banks do not allow transfers to Yemen, although it is possible to send money to another Citibank account.
- Turnaround Time. You can expect a turnaround time of 10 minutes depending on the location’s available currency.
- Transfer Methods. All companies should offer payments made from an agent or branch, whilst only some will allow you to send money from an online profile using a debit or credit card.
- Transfer Options. Cash pickup will require you to either set up an online profile or visit a branch to send the money. Most transactions will need to be authorized per transaction, although in some cases a recurring payment can be set with Western Union.
- Minimum/Maximum Transfer Amounts. There are some cases where a minimum transfer amount is specified when using a service like MoneyGram or Western Union.
- Customer Service. MoneyGram and Western Union have years of history behind them and offer vast support structures worldwide. You can also use a company like Xpress Money, although their customer service is not at the level of more established companies. The Xpress Money services are especially focused around Africa, Europe and the Middle East with a live chat option to help you through the process, which may be especially helpful when sending money between Yemen and Canada.
How do I transfer money between Yemen and Canada?
You should be able to send money to Yemen using the following specialist money transfer services:
MoneyGram and Western Union
Both of these services have been around for a long time and will allow you to send and receive money in minutes, but the fees are higher than standard money transfer services.
There are many agent locations that can be found on their international sites in both Yemen and Canada.
This global money transfer service offers cash pickup locations in Yemen and Canada.
Citibank only specifies Yemen as part of its global reach and does not supply details on the money transfer process. It may also be difficult for Canadians to open personal Citibank accounts. Visit a Citibank branch to determine your options.
When receiving cash, you’ll need to visit an agent in Canada with your government-issued ID. You’ll also need to ask the sender for the tracking number (MTCN).
If you want the money deposited in your bank account, you’ll need to supply the sender with your bank transit number and account number. Be sure to notify the sender that they need to request this option specifically when starting the money transfer process.
Emergency cash transfers to Yemen
When you’re using MoneyGram or Western Union, you’re already using a service that works well for emergency cash transfers. With a transfer time of 10 minutes (depending on the agent and available currency), you can expect to have money sent within minutes in the case of an emergency. It’s important to check the minimum and maximum amounts of money that can be sent.
Cash pickup locations in Yemen when using MoneyGram and Western Union
Al Hadha Exchange Company – Sana’a – Taiz
Taiz street near Alawadhi Hospital, Sana’a
Open 24 hours Mondays to Sundays
Alkuraimi Islamic Microfinance Bank
Aser street, front of Saba Fon Co, Sana’a
Open Saturday to Thursday 8am to 9:30pm and 24 hours on a Friday
Alkuraimi Islamic Microfinance Bank
Al Mansoura, Aden, 0
Open 24 hours Mondays to Sundays
Abdulqawi Alamri Exchange Co
Bait Mayad, Sanaa
Open Mondays to Sundays from 8am to 11pm
Abo Abdullah Muharram Foreign Exchange
Al Hasaba, Sana A
Open Saturday to Thursday 8am to 11pm and Friday 3pm to 11pm
Al Hazmi Exchange
Al-moalla Madram Street, Aden
Open Mondays to Sundays from 9am to 11:59pm
Helpful tips for picking up cash in Yemen
Although there are more than enough pickup locations in Yemen, it’s important to make sure the pickup is in a busy area with a lot of people.
Foreigners usually stick out like a sore thumb, and going into a cash pickup agent means it’s pretty obvious you will be carrying cash with you.
It’s also advisable to have more than one copy of identification with you along with any tracking numbers for incoming transfers so that no one can scam you out of your money.
The Government of Canada advisories regarding travelling to Yemen should be monitored if you are considering going there.
How do you send money to Yemen?
What will you need to pick up cash at an agent location?
- A Government issued ID.
- The tracking or reference number (MTCN).
When sending money through an agent
- Visit the agent you have identified with a form of photo ID (can be a passport, driver’s license, national ID, government-issued ID).
- You will need to fill in an application form along with the specified amount you want to send and all necessary fees.
- It’s then your responsibility to contact the receiver of the money and provide them with the tracking or reference number.
- Some branches may require proof of address.
When sending cash pickup using an online profile
- You will need to create a free online profile.
- Choose the country (Yemen), the amount you want to send and the delivery method (cash).
- Enter the receiver’s name.
- Pay using a debit or credit card.
- You will receive a confirmation email with the tracking number (MTCN) that you can share with your receiver for the cash pickup.