Compare exchange rates and transfer options to find the cheapest transactions when you need to send money to Ethiopia.
Before you choose a transfer method, however, it’s essential that you compare the options at your disposal to see which one is the most affordable.
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Banks versus money transfer companies
One convenient option when you need to send money overseas is to ask your bank to take care of the transaction. But while banks certainly present a convenient option when it comes to international money transfers, their services are far from affordable. Banks are known for their high transaction fees and terrible exchange rates, so you can usually find a cheaper option by looking elsewhere.
When hunting around for a provider to help you send money overseas, consider the services offered by specialist online money transfer companies. These companies trade in high volumes of foreign currency, allowing them to offer much better exchange rates than the banks. They also charge lower transaction fees, allowing you to save money whenever you send funds overseas.
Anne’s friend Jonathan lives in Ethiopia and is in desperate need of money to pay for repairs to his car. Anne offers to send him $1,000 as quickly as she can, and she looks around to find a company that offers urgent cash transfers. Since her bank doesn’t support exotice currencies, she compares two specialist companies offer this service, she compares their exchange rates and fees to see which one offers the superior deal.
As you can see in the table below, Anne can save AUD $15 in transfer fees by using the second transfer company and also send an extra 6 ETB to Jonathan.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 14.401 ETB||1 AUD = 14.407 ETB|
|Transfer method||Cash pickup transfer||Cash pickup transfer|
|Processing time||10 minutes||10 minutes|
|Amount received (in ETB)||14,401 ETB||14,407 ETB|
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Questions I should ask myself when transferring and receiving money via Ethiopia
- Exchange rates. What sort of exchange rates does the company offer? How do they compare to those offered by other providers?
- Transaction fees. How much will you be charged in fees each time you send an international transfer? Can you avoid fees by sending a larger amount of money?
- Transfer methods. Can you place transfers online, in a branch, over the telephone and/or through a mobile app?
- Flexible options. Can you set up a regular payment schedule to save you time in the future? Can you place limit orders or forward contracts to secure a better deal?
- Transfer time. How long will it take for the money to arrive to your recipient? Processing times typically range from a few minutes to several working days.
- Minimum transfer amounts. Are there any minimum or maximum transfer limits that apply to each transaction? Will they regularly affect your transfer requirements?
- Pickup options. Will the funds be available to be collected in cash, be sent to your recipient’s bank account or transferred in some other way?
- Customer service. If something ever goes wrong with a transaction or you have a question about the company’s services, will you have quick and easy access to customer support?
How do I send money to Ethiopia from Australia?
- Specialist money transfer providers. Start researching now to find out which international money transfer providers allow you to send money to Ethiopia.
- Cash pickup transfer companies. Western Union and MoneyGram are the two largest cash pickup transfer companies in the world.
- Bank transfers. Bank transfers are a convenient option but are typically quite costly.
- International cheques. An old-school transfer method is to post an international guaranteed cheque to your beneficiary.
How do I receive money from Ethiopia in Australia?
- Specialist money transfer providers. Specialist online transfer companies offer better exchange rates and lower fees than the banks.
- Cash pickup transfer companies. Choose a cash pickup transfer company that offers affordable transactions and a pickup location close to you.
- Bank transfers. Bank transfers are another option when receiving money from Ethiopia, but shop around to see just how affordable they are.
- International cheques. Check with your bank to find out how much it costs to cash an international cheque.
Emergency cash transfers in Ethiopia
In certain circumstances you may need to send a cash transfer from Australia to Ethiopia as quickly as possible. If you find yourself in this situation, make sure you’re aware that emergency international cash transfers usually cost more than standard online transfers. Thanks to low exchange rates and increased fees, you’ll pay more for your transfer than you would in normal circumstances – so review the details and cost of your transaction before you hand over your money.Back to topFind a money transfer location near you
Tips for picking up cash in Ethiopia
The Department of Foreign Affairs and Trade advises Australians to reconsider their need to travel to Ethiopia. If you wish to visit the country nonetheless and you need to pick up a cash transfer while there, keep the following tips in mind:
- Only visit a transfer branch in an area where you feel safe
- Keep your cash hidden – don’t display it in public
- Take a friend along to provide extra security
- Don’t carry a large sum of money around with you for any longer than is necessary
What are the steps to send money to Ethiopia?
You’ll need to check the exact money transfer process with the transfer company you choose, but you will generally need to:
- Register for an account. Accounts are usually free to sign up for and you can do this online. You will need to supply your full name, contact information, proof of ID and bank account details.
- Enter your transaction details. The next step is to enter all the relevant transaction information, including how much money you’re sending and in what currency. You’ll also need to specify who will be receiving the transfer.
- Finalise the transaction. After reviewing the cost of your transaction, it’s time to finalise and submit your transfer request. Most companies also provide an online tracking service so that you know when your funds have been delivered.