Making a money transfer doesn’t have to be an expensive process. By comparing your options and finding the right company, you can save on fees and receive an exchange rate that gets your recipient the most Liberian dollars.
Compare money transfer services to Liberia
Use our comparison table to assess transfer fees and other details for sending funds to Liberia with our money transfer partners.
An international money transfer allows you to send money to a recipient overseas. You’ll provide funds to an independent transfer provider, which will then exchange your money to the currency of your choice before sending it along to your recipient.
You can complete the process in person, online or over the phone, and you can pay for it with cash, card or through your bank account.
Banks versus money transfer companies
Unfortunately, many Irish banks don’t offer international money transfers to Liberia, in part due to political instability in the country in previous years and also due to Liberia’s association with the blood diamond trade. This means that specialist money transfer companies are the best place to start. These companies, such as OFX and WorldRemit, offer fast, secure and much more affordable transfers to Liberia and around the world. Their fees are usually lower than those from a bank, their exchange rates higher and the transactions can be handled from the comfort of your own home.
Foreign exchange rates explained
Exchange rates are influenced by economic stability and inflation. When one country’s currency is strong, it yields more when exchanged for a weaker currency. Since the Liberian dollar (LRD) is traditionally weak against the European euro (EUR), you’ll be able to get more Liberian dollars for every euro you send.
How to compare transfer companies when transferring money to Liberia
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
What are the ways that I can send money to Liberia?
Money transfer providers. Providers like Ria and TransferWise can help you quickly and easily transfer your money online.
Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
How safe is a money transfer?
Reputable money transfer providers will track your funds until they’re in the hands of your recipient.There are protections in place that require banks, credit unions and money transfer companies to disclose all fees upfront and give you 30 minutes to cancel a transfer.
Emergency transfers are expensive because of the quick turnaround time. Exchange rates will be worse, and it’s often better to have your recipient wait a day or two if at all possible so you save money on fees and they receive more Liberian dollars.
Picking up cash
Take a few simple safety precautions to prevent yourself becoming a target for thieves.
Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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