Find out which online money transfer company you can use to send money to Vanuatu.
The pacific island nation of Vanuatu has been overlooked by most online money transfer companies. The vatu is considered an exotic currency and there are only a few providers you can use to send money to Vanuatu. Considering the geographical distance between Canada and the small island nation of Vanuatu, there are not many Canadians that vacation or live there, and vice-versa. This lack of migration between the two nations has not created a need for efficient and cost-effective ways to send funds between the countries.
A couple of specialist online providers can send money between Canada and Vanuatu, so it is important to know that going to your bank may not be the cheapest way to transfer funds. If speed is a factor, Western Union and MoneyGram can send cash quickly, but for a price. We consider different factors side by side in our comparison below, so read on to find out cost-effective ways to send money overseas to Vanuatu.
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Banks versus international money transfer companies
Compare different providers in the table below.
|Bank||Money transfer company – OFX||International cash payment service – Western Union|
|Exchange rate||CAD$1 = 76.27 VUV||CAD$1 = 82.37 VUV||CAD$1 = 79.96 VUV|
|Amount received for $1000 CAD (in Vanuatu vatu)||76,184 VUV||82,169.22 VUV||79,958.96 VUV|
|Transfer time||Three to five business days||Two to three business days||Less than 10 minutes|
|Transfer options||Bank account deposit||Bank account deposit||Cash|
|Difference of||+2,210.26 VUV|
Correct 16/02/18 7.30PM
How do I compare money transfer companies?
Have a look at these different features when you’re comparing quotes to send money to Vanuatu.
- Exchange rate. First, look to see whether you can exchange dollars to vatu, since it is not a major currency. After you find companies that can, like OFX, FairFX, MoneyGram and Western Union, check what rate the provider can offer.
- Transfer fee. Most providers charge fees to send money to Vanuatu. Some transfer providers may waive the fee altogether if you send over a certain amount of money. Compare the fees to the exchange rate, since some companies will hide high fees inside competitive exchange rates.
- Pick up method. Pick up methods include cash collection and bank account deposits.
- Payment method. You can send money to Vanuatu online by paying for your transfer using your credit or debit card. You can also pay cash at a Western Union or MoneyGram branch location.
- Transfer time. The transfer time varies depending on the payment and collection methods. Cash transfers can be collected right away, whereas bank account transfers can take a couple of days to clear.
- Transfer limits. Compare transfer limits if you’re looking to send less than $100 or more than $5,000. Some companies impose minimum and maximum transfer amounts, while others do not.
- Transfer options. Most providers can arrange a one off payment; however, not all providers offer limit orders, rate targeting and forward contracts.
- Customer service. Can you contact the provider outside of business hours if you have an issue with your money transfer to Vanuatu? The provider should also give you the means to track you order once you’ve paid for the transaction. Some companies provide online chat services, as well as email, phone or in person assistance.
How do I send money to Vanuatu from Canada?
There are only a few money transfer companies that you can use to send money to Vanuatu from Canada. These options include:
To send money to a bank account in Vanuatu, log on to your online banking account and look for the international wire transfer menu. You will need to create a new recipient if this is your first payment. The exchange rate is displayed at the time of the transaction and transfer fees will apply. Bank to bank transfers can take up to six business days to arrive. If you are not comfortable lodging the transaction online, you can visit your local branch and have them send the funds for you.
International cash payment services
These companies can send cash to Vanuatu within minutes. Log on to Western Union’s website and make a payment using your credit or debit card. Send the reference code to the recipient so they can collect the cash. You must visit a MoneyGram branch location in Canada to send money overseas.
- Western Union. Western Union have 4 cash agents in Port-Vila, Vanuatu’s largest city and 3 agents in Luganville, the 2nd largest city.
- MoneyGram. MoneyGram have fewer agents in Vanuatu than Western Union. Both companies have a similar fee structure.
Online money transfer companies
Online specialist money transfer providers can exchange Canadian dollars and send money to a bank account in Vanuatu in the local currency. These companies can be cheaper than the banks or international cash payment providers, where exchange rates are closer to the interbank rate as well.
- OFX – Send money to Vanuatu using OFX. OFX offer personal and business international payment services. Funds can be delivered to a Vanuatu bank account in two to three business days.
- FairFX – Much like OFX, FairFX offer a simple fee structure and a competitive exchange rate. Money can be received in Vanuatu within a couple of days.
How do I receive money from Vanuatu in Canada?
You can receive money in Canada from Vanuatu in the following ways:
- Bank account. Provide your bank’s transit code and branch address as well as your account name and address to receive money in your bank account. You may be charged a fee for receiving money from Vanuatu into your Canadian bank account. You should receive an email from your bank once the money has been credited to your account.
- Cash payment. Provide the reference number and a valid identification, such as your passport or drivers license, to collect a cash payment sent from Vanuatu. You may want to call ahead if you’re planning to pick up a large amount of cash to make sure the branch location have the funds on hand.
Emergency cash transfers in Vanuatu
There are a couple of options to get cash sent quickly from Canada to Vanuatu.
- International cash payment. Western Union and MoneyGram both have branch locations in Vanuatu. There are a few merchants in Port-Vila and Luganville where cash can be collected. Funds are ready to collect minutes after the transaction has been sent from Canada.
- Emergency cash assistance. Your credit card provider may be able to provide you with emergency funds if your card is lost or has been stolen. Contact your bank or credit card provider to start the process. It can take a day to process a request for emergency cash assistance, so keep this in mind.
- Travel insurance. Your travel insurance provider may be able to issue cash in the event of a covered emergency. Check your policy’s product disclosure statement for further information.
Cash pickup locations in Vanuatu / Western Union / MoneyGram branches in Vanuatu
You can see the contact details and hours of different branch locations available on the islands of Vanuatu. Western Union have more branches in Vanuatu than MoneyGram.
- Fexco Pacific
Vate Electrics Building, Lini Highway,Port Vila,Open Monday to Saturday 8.00AM to 5.00PM+678-23197
- Vanuatu Post
Lini Highway, Po Box 43, Port Vila,Open Monday to Friday 7.30AM to 5.00PMOpen Saturday 7.30AM to 11.30AM+678-22000
- Malo Postal Agent
Malo Island, Sanma Province, Malo, SanmaOpen Monday to Friday 7.30AM to 5.00PM+678-22000
- Vanuatu Post
General Post Office, Luganville Post, Luganville, Santo IslandOpen Monday to Friday 7.30AM 4.30PMOpen Saturday 7.30AM to 11.30AM
- Westpac Bank
Road PMB Main, LuganvilleOpen Monday to Friday 8.30AM to 4.00PM+678-36625
- Westpac Bank
Lini Highway, P.O Box 32, Port-VilaOpen Monday to Friday 9.00AM to 5.00PM+678-22084
Tips for picking up cash in Vanuatu
The Government of Canada suggest that Canadians take normal safety precautions when visiting Vanuatu. Occasionally there are instances of robbery and assault against foreigners, however the crime rate in Vanuatu is low. Take precautions if you’re picking up cash. Travel in a group and avoid using public transportation with large sums of cash on you. International hotels should be able to provide some assistance if you’re concerned about traveling alone to collect money.
What are the steps to send money to Vanuatu?
Bank transfer. As well as knowing your recipient’s bank account information, you’ll also need the following details to send money to Vanuatu:
- SWIFT BIC Address
- Bank address
- Bank city
- Bank name
Online money transfer company. If you want to send money to Vanuatu using a specialist money transfer company, you’ll need to create an account to start the transfer. Provide the following information to register for a free account:
- Personal details, including your date of birth, contact information and full name
- Residency details
- Identification. You may be required to send a copy of your passport to verify your identification.
Following payment for the transaction, you’ll be provided with a tracking number that you can use to monitor the status of your money transfer.