Here’s how you can make safe, secure and affordable money transfers to Lesotho.
XE Money Transfer
XE specializes in a wide range of foreign currency solutions and offers an affordable solution when you need to send money overseas.
- Send money to 170+ countries.
- Competitive exchange rates that are often better than banks.
- Transfer up to $500,000 online.
- See exchange rates in real-time.
Banks vs. money transfer services
If you’re thinking about sending money to Lesotho through your local bank, think again. While it can easily send international wire transfers all around the world, you’ll pay a high transfer fee of up to $75 for the privilege. Banks also typically offer dismal exchange rates on all international transfers.
Do your wallet a favor by considering the services of a specialist money transfer company. These companies don’t spread themselves across a wide range of products and services like the banks. Instead, they specialize in sending money internationally and can therefore offer far superior exchange rates. With their secure transfers also come lower transfer fees, allowing you and your recipient to enjoy a better financial deal.
Blessing sends money to Lesotho
Blessing is spending two years studying and working in the United States. She wants to send part of the money she has saved back home to her parents in Lesotho, but when she sees that the weak exchange rate offered by her bank will eat a big chunk of her $1,000 transfer, she approaches two money transfer companies to see if they can offer a better deal.
|Money Transfer Company A||Money Transfer Company B|
|Exchange rate||1 USD = 13.28 LSL||1 USD = 13.17 LSL|
|Transfer speed||1 hour||10 minutes|
|Transfer option||Cash pickup||Cash pickup|
|Total LSL received||13,280 LSL||13,170 LSL|
Blessing discovers that she can send an extra 110 Lesotho loti and also save $9 in transfer fees by using Money Transfer Company A.
How to compare transfer companies when sending money to Lesotho
When you’re stuck between two or three companies, it can be good to take a step back and decide which factors mean the most to you.
- Exchange rates. Nearly every provider skews exchange rates for profit. Compare the rate you’re offered to the market rate and make sure there’s no huge difference.
- 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.
- Transfer methods. Different companies have different transfer methods. Some allow you to fill out an online application while others need you to come into the store. Find one that works for you.
- Bonus features. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve got 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.
Foreign exchange rates explained
Exchange rates are a flexible number that fluctuate depending on the global market. This is how companies calculate how much one country’s currency is worth in another. The US dollar (USD) is traditionally much stronger than the Lesotho loti (LSL). As of February 2018, the rate was set at about 11.67 LSL per 1 USD. This means for every one dollar you send to Lesotho, your recipient will receive nearly 12 loti in return.
Ways to send money from the US to Lesotho
- Bank transfers. Transfers between banks are a secure but expensive transfer method.
- Money transfer providers. It’s simple and convenient to send an online money transfer to Lesotho from the comfort of your home.
- Providers with cash pickup. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Lesotho.
- 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.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
Emergency cash transfers to Lesotho
Emergencies happen all the time, and though they’re unavoidable, there are ways for you to transfer money quickly to Lesotho whenever you need it. However, this will yield a poor exchange rate and hefty fees, so it’s best to choose a normal transfer unless you have no other options.
Tips for picking up cash in Lesotho
When picking up cash in Lesotho, take a few simple safety precautions to prevent yourself becoming a target of theft.
- Call ahead. Tell the company you’re planning on visiting and ask for their hours. Visiting during daylight is best.
- Bring a friend. Ask a friend to come along when you’re picking up large amounts of cash.
- Deposit your money immediately. The likelihood of losing your money to theft or 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 on your person before leaving the office. Having too much money visible can attract unwanted attention.