Compare transfer companies when sending money to Algeria.
If you need to send money to Algeria, your options are limited. Algerian dinars are considered an exotic currency — so most foreign exchange services don’t deal with them. Western Union and MoneyGram, however, both provide transfer services to Algeria; cash payments can be sent quickly, but these fast transfers can be costly. An online specialist like XE, however, can save you money with lower fees and better exchange rates.
Compare money transfer services to Algeria
How do I compare money transfer companies?
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 get 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.
Case study: Transfer companies comparison
Ryan wants to send $5,000 to her daughter in Albania who’s traveling around northern Africa for the summer. A small number of money transfer companies let you send money to Algeria, and most banks don’t support the Algerian dinar. Here’s what he’ll pay for a bank account transfer with a big-name provider and an independent money transfer specialist like Ria. See how two transfer providers stack up when transferring $5,000:
|Big-name provider||Independent specialist|
|Exchange rate||1 USD = 108.875 DZD||1 USD = 106.943 DZD|
|Transfer time||1 day||1 day|
|Transfer method||Online||Online, bank to bank|
|Total DZD received||544,375 DZD||529,905 DZD|
With the big-name provider, Ryan saves $45 on the transfer fee alone. And with a stronger exchange rate, his daughter gets 14,425 more Algerian dinars.
Correct 1:30 p.m. 04/02/16
How do I send money to Algeria from the US?
There are three different types of international payment services you can use to send money to Algeria.
- Banks. Although banks don’t publish the Algerian exchange rate on their foreign rate charts, you can send money to Algeria by logging on to your internet banking facility. Many major US banks can safely wire your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll receive by going through your bank.
- International cash payment services. Once you’ve created an account with either Western Union or MoneyGram, you can send funds to Algeria to be collected as cash. These companies don’t offer bank account deposits like they do with other countries and only accept payment from a debit or credit card. Unlike some banks, both Western Union and MoneyGram are able to deliver the Algerian dinar.
- Online foreign exchange services. These companies can deposit funds in an Algerian bank account. Points of difference include: multiple transfer options, bank-beating rates and fee-free transfer thresholds.
- M-Pesa. M-Pesa is a safe, secure way to send, receive and store money through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
Steps to send money to Algeria
- Create an account with the bank, money transfer service, or other provider. Supply your name, address, contact details, proof of ID and information about your selected payment method.
- Designate the recipient of your transfer and the agent location where the funds will picked up.
- Select the amount of money you want to transfer.
- Keep a record of any transaction reference number you receive so that you can review the progress of your transfer.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Algeria’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Live USD-DZD exchange rate
Same-day cash transfers in Algeria
You might need to send an immediate cash transfer to Algeria — for example, if a loved one loses their wallet while traveling. When you need to transfer funds urgently, the fastest option will often be the most expensive. Carefully review the exchange rate and transfer fee so that you understand exactly how much the transfer will cost.
Picking up cash in Algeria?
Whether picking up funds in Algeria or anywhere else around the world, 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.