Are you looking for ways to send money to Honduras from America? This guide will show you how.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Honduras is easy. But do your research and shop around for the best available deal.
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Work got Maribel Vasquez to the U.S. However, her parents and younger brother remain in Honduras. Since her brother is school age and her parents depend on her financially, she’ll have to send them money on a regular basis. She figures she can comfortably send around $1,000 every month.
Upon checking with her bank she finds out it does not transfer funds to Honduras, given that the Honduran lempira is an exotic currency. When she compares money transfer companies using the internet, this is what she finds.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = HNL 15.8651||$1 = HNL 15.95783|
|Amount received for $1,000||HNL 14,913.22||HNL 15,894.00|
|Transfer time||Instantly||1 day|
|Transfer options||Cash pickup||Bank account|
|Difference of||HNL 980.78|
Maribel chooses the second service provider for two reasons. While it lets her transfer money directly into her father’s Honduran bank account, he also stands to receive more money. Going forward, she decides to compare her options before each transfer.
How do I compare transfer companies when sending money to Honduras?
When sending money to Honduras, several aspects require your attention.
- Exchange rate and fees. It is important that you pay attention to both these aspects together. This is because a highly competitive exchange rate might come with a steep transfer fee. On the other hand, you may not get a good exchange rate through a service provider that does not charge any fees. An easy way to compare your options on this front is to look at how much money the recipient stands to receive.
- Ways to send money. If your bank allows electronic fund transfers to Honduras you may be able to initiate the process in person, online or over the phone. Various money transfer companies let you send money to Honduras online, some have stores and kiosks that you can visit to send money in person, and some let you go through the process over the phone as well.
- Ways to receive money. One option is that the recipient receives money directly into a Honduran bank account. Another is to collect transferred funds from a cash pickup location.
- Transfer options. Working with a company that lets you schedule recurring payments can work in your favor if you plan to send money regularly. This way, you won’t have to go through the entire process before each transfer. If you wish to benefit by fluctuations in the foreign exchange market, you can look for businesses that offer forward contracts and limit orders.
- Turnaround time. Transfers that involve sending money to cash pickup locations tend to go through almost instantly. Turnaround time for transfers to Honduran bank accounts can vary significantly depending on the service provider you choose, from one to several days.
- Minimum limits. Some money transfer companies don’t let you send less than $500 or $1,000.
- Customer service. Good money transfer companies offer support over the phone, via chat and via email. If you see no more than an email address as a means to contact a service provider, you may want to move on to your next option.
How do I send money to Honduras from the U.S.?
You get to choose from a number of options when sending money to Honduras from the U.S.
- Banks. While using the services of a bank is possible to send money to Honduras, the process, in all likelihood, would involve a transfer fee. Sending a bank-issued money order, check or draft via mail is also an option.
- Non-banks. Non-banking businesses such as Western Union and MoneyGram let you send money to cash pickup locations in Honduras. Ones such as WorldRemit let you transfer funds to Honduran bank accounts. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- PayPal. If you and the recipient have PayPal accounts, you can use its services to send money to Honduras from the U.S. You don’t have to pay any fees to open a PayPal account and the process takes little time.
What are the steps to send money to Honduras?
The steps involved depend on the method you choose.
- Transferring to a bank account.
You’ll have to provide the recipient’s name, account number, bank’s name and bank’s SWIFT code. If you’re using a service provider other than your own bank, you’ll have to provide details of your bank account, debit card or credit card. You should get a reference number when you make the transfer. Use this to track the transfer’s progress at any time.
- To a cash pickup location.
In this case you’ll have to provide the recipient’s name and a desired cash pickup location. To make the payment, you’ll have to provide your bank account, debit card or credit card details. Once you send money, you should get a reference number. The recipient needs this number to collect the transferred money.