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How to send money to Guinea
Compare options before sending money to Conakry or anywhere else in Guinea.
Guinea and its capital of Conakry have a prominent position on the coast of West Africa, and all the business it attracts — primarily in the mining sector — means a lot of people send money in and out of it.
If you’re one of them, compare your options before sending money to Guinea and find out what you can do to get more cost-effective transfers.
How much does it cost to send money to Guinea? Compare your options
Enter your transfer amount and currency into the table below, and it will run the numbers and show how much different transfers may cost with different providers.
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Step-by-step: How to send money to Guinea
- Compare services that can send your money to Guinea and convert it to Guinean francs.
- Choose the one that’s best for you and sign up for an account.
- Enter your transfer details, including the amount you want to send and the recipient’s information.
- Check to make sure all the details are correct, then make your payment.
What’s the best way to send money to Guinea?
There are several ways of sending money to Guinea. Some transfer services will deliver funds in your choice of method.
Money transfer services
You can send money directly to your recipient’s mobile phone with a growing range of mobile money services.
There are several cash transfer services in Guinea, which can deliver cash to your recipient on your behalf.
You may be able to send money to Guinea by going through your bank, but you’ll need to contact it and ask.
Let’s crunch the numbers: Sending $1,000 to Guinea
The table below shows how much transfers cost with different services so you can get a sense of how much you can save by comparing options before sending your money transfer.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||1 USD = 8962.2569 GNF||1 USD = 8,110.7902 GNF|
|Amount of Guinean francs received||GNF 8,836,874.92||GNF 8,054,014.67|
|Overall||GNF782,860.25 more||GNF782,860.25 less|
Both options here are services that can deliver funds almost immediately and use debit cards to pay for the transfer. But while the second option has lower fees, it’s much worse exchange rates mean you’ll send about US$87 less overall — even though you’re paying the same amount.
How long will it take to send money to Guinea?
How long it takes to send money overseas using a transfer service will often depend on how many bank transfers are involved en route. Each bank transfer can add a couple of days to the overall time, depending on the bank and the transfer location. For example, transferring from one bank account to another will take more time than transferring from one bank account to cash.
Emergency cash transfer
If you want an instant transfer you can find a place to pay with card or cash, and then select cash delivery or mobile money as an option.
Although it’s fast, it also tends to cost more than other options do.
How to send money to Guinea without a bank account
If you don’t have a bank account, you’re still able to pay with cash in some locations, such as at a local MoneyGram agent.
If your recipient doesn’t have a bank account they can still receive mobile money transfers and pick up cash in Guinea.
What to watch out for
The popularity of mobile money services is growing in Guinea and some services will now let you send funds to Guinea for delivery as mobile airtime.
This can be a very fast and affordable way of making payments in an underbanked region, and if you also have a suitable mobile money account you may be able to save money by making a payment directly rather than using a transfer service.
Documentation you’ll need to send money to Guinea
Transfer services will require some information before processing your transaction. Different transfers will require different amounts and types of information. The basic details you need to provide include:
- Your details. This may include your name, address and contact details, supported by identification such as a driver’s license or passport.
- The recipient’s details. You will need to say who you’re sending the money to, including their name and contact information.
- The transfer details. This includes how much you’re sending, which currency you want it delivered as and your reason for making the transfer.
What to compare to get the best deal
There are several things to consider when comparing money transfer services. To find the one that’s best for you, look at the elements that are most important to you.
- Total cost. Consider both the fees and the exchange rate. Both of them will combine to make up the total cost. Exchange rates will often be more important but less visible than fees.
- Delivery options. The main options include bank transfer, mobile money and cash pickup. The transfer speed and cost will often depend largely on which delivery option you select.
- Payment options. You can pay for most money transfers through a transfer from your bank account, but if you don’t have one or need to send the money urgently, look for a provider that takes cash or card.
- Customer service. If you have a high-priority transfer, it may be worth looking up the customer service details ahead of time to make sure you can get in touch with them if something goes wrong.
Foreign exchange rates explained
To find out how good a transfer service’s exchange rates are, you’ll have to find the current mid-market rates for the Guinean franc (GNF).
Then you can compare the transfer service’s exchange rates to those mid-market rates to see exactly how much you’re paying on top of the fees.
Cash pickup locations in Guinea
While transferring from a bank account is usually the cheapest option, you can use a credit card, debit card or cash to send money to someone in Guinea. And for the best deal, compare money transfers services before getting started.
Image source: Getty Images
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