Save money when you want to send money from the US to Belarus.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Belarus. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Case Study: Compare money transfer companies when sending U.S. dollar or euros to Belarus
Victor is part of an upstart online journalism platform and has gotten the opportunity to branch out in the U.S. He knows he will need to transfer money back to Belarus on a regular basis, so he compares his options. He weighs his options for transferring $1,000.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 20,026.25 BYR||1 USD = 19,700.00 BYR|
|Transfer fee||70 USD||60 USD|
|1,000 USD in BYR||20,026,250 BYR||19,700,000.29 BYR|
|Transfer options||Online, Phone, Agent||Online, Phone Agent|
|Difference in USD||326.25||326.25|
What should I focus on when comparing transfer providers?
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-time orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfer?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
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 will yield more money when exchanging it in a country with a weak currency. Like, most countries, Belarus’ 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.
Currency exchange rate for Belarus
Banks vs. money transfer providers
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
How can I send money to Belarus from America?
- Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to Belarus.
- Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
- PayPal. PayPal offers secure international money transfers to many destinations around the world.
- Checks. International checks can be obtained from U.S. banks and then sent overseas.
Steps to send money to Belarus
- Choose from among the numerous transfer providers who send money to Belarus
- Register with the provider of your choice on their website providing your name, address, contact information and date of birth. A valid photo ID will also be required.
- Provide your recipient’s name, address and contact details. Depending on the transfer method you may also have to supply their bank account information.
- Enter the amount you want to transfer and complete your transaction and save your tracking or receipt number to follow up on the progress of your transfer.
Making a cash transfer to Belarus
If you ever need to send an emergency cash transfer to Belarus— maybe your College-age son or daughter is backpacking and has run out of money — remember that urgent transfers usually aren’t cheap. Fees rise and exchange rates often fall when you send an emergency transfer, so take a little time to examine the full cost of your transfer before you send it.
Tips for picking up cash in Belarus
Keep the following safety tips in mind if you ever pick up a cash transfer from an agent in Belarus:
- Make sure your wallet and bag are secure.
- Never leave your bag or wallet unattended in a public place.
- Don’t carry around large sums of cash – deposit the funds with a bank as soon as you can.
- Ask a friend to accompany you and act as a deterrent to thieves.
- Don’t publicize your cash in front of strangers.