Take advantage of low fees and competitive exchange rates when sending money to Macedonia.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
Compare Money Transfer Services
Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.
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, Macedonia. 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.
Banks versus money transfer companies
Most people approach their bank when they need to send money overseas, which is completely understandable when you consider the convenience of sending funds from your own bank account. The problem, however, is that banks charge high transfer fees and offer low exchange rates.
So it pays to shop around and compare your bank’s services with those offered by money transfer providers. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you
Case study: Vesna Sends Money to MacedoniaVesna left Macedonia in the late 1990s to move to the U.S. permanently, and although she’s settled here she still stays in regular contact with her parents in Skopje. She regularly sends them money to help them keep their heads above water during their retirement, and when their home is damaged following a storm, Vesna makes plans to send them an urgent transfer of $1,000 to pay for repairs. She compares her current bank to an international money transfer service to see which one can offer a fast and affordable transfer.
|U.S. bank||Money transfer company|
|Exchange rate||1 USD = 55.99 MKD||1 USD = 56.639 MKD|
|Transfer method||Online, phone or bank||Cash pickup transfer|
|Processing time||1 – 3 days||10 minutes|
|Amount received less the transfer fee||55,930 MKD||56,072 MKD|
As you can see, Vesna can send an extra 142 MKD by using the money transfer company.
How do I compare transfer companies sending money to Macedonia?
- Exchange rates. Shop around to see what exchange rates are available among different providers. Be aware that better exchange rates will sometimes also come with higher fees attached.
- Transfer fees. You’ll usually need to pay some sort of fee each time you send a transfer, so compare the amount charged by different providers. Some companies will also waive their fee on large transfers.
- Transfer methods. Consider the choice of transfer method at your disposal: online, over the phone, in person at a branch, or using a smartphone or app.
- Flexible options. Some companies let you get a better exchange rate by placing forward contracts (which allow you to lock in an ideal exchange rate now and transfer the money later) and limit orders (which allow you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met), while they may also offer you the flexibility of scheduling regular payments in advance.
- Turnaround time. While some companies offer transfers in as little as a few minutes, these urgent transactions usually cost more to send.
- Transfer limits. Check to see whether the provider imposes minimum and maximum transfer limits on each transaction.
- Pickup options. While some companies will allow your beneficiary to collect the cash you transfer from their nearest branch, others will offer transfers in the form of bank account deposits.
- Customer service. It’s essential to investigate a company’s reputation for offering friendly and efficient customer service so that you can get a fast answer to your questions if you ever have a problem.
Foreign exchange rates explainedThe 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. For example, in January 2018, the U.S dollar was worth approximately 52.38 Macedonian Denar. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
See today’s US dollar to MKD exchange rate
What are my options for sending money to Macedonia from the U.S.?
- Money transfer companies. Shop around to see which specialist transfer companies will help you send money to Macedonia from Australia.
- Cash pickup transfer providers. Western Union and MoneyGram both have several locations in Macedonia.
- Bank transfers. Speak to your bank about the cost involved in sending a transfer to Macedonia.
- International guaranteed check. Mailing an international guaranteed check to Macedonia is a secure but slow transfer method.
Tips for picking up cash in Macedonia
When picking up cash, keep a few basic safety tips in mind:
- Don’t go alone — take a friend with you.
- Stay aware of your surroundings and keep an eye out for anyone acting suspiciously.
- Only visit a cash pickup location in an area where you feel safe.
- Don’t display your cash in public.
- Don’t carry the money around with you for any longer than necessary.