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Specialized money transfer companies tend to offer the most competitive rates for international transfers. But you’ll want to choose one that offers delivery methods that work for you and your recipient.
The table below shows how much it costs to send money to Malawi with different providers. Enter your transfer details into the table below to get an estimate.
To send money to Malawi, complete the following steps:
Specialist money transfer services will often offer a range of payment and delivery options. These tend to be the cheapest options available.
Cash transfer services are a popular option, but although they’re convenient and fast, they can also be expensive.
Many banks will let you send money to Malawi, but this will often be slower and more expensive than other options.
The table below shows how much it costs to send $1,000 to Malawi with two different services. The first is a company that lets you send cash from an agent location in the US for pickup in Malawi. The second lets you pay online using a bank account or credit card, but still lets your recipient pick it up as cash.
Cash transfer | Money transfer service | |
---|---|---|
Fee | $7 | $12.99 |
Exchange rate | 1 USD = 664.6540 MWK | 1 USD = 725.2035 |
Transfer speed | Within minutes | Within minutes |
Amount received | MWK660,001.42 | MWK715,783.11 |
Overall | MWK55,781.69 less | MWK55,781.69 more |
In this case, using the online provider lets you send an extra MWK55,782, or about US$75, to your recipient. It’ll get there just as fast, but you’ll need a credit card, debit card or bank account to be able to use the service.
How long it takes to send money to Malawi will depend primarily on your payment method and the recipient’s collection method.
Making your payment with card or cash instead of a bank transfer can speed things up. Similarly, if your recipient elects to get the money as a cash pick-up or mobile money payment rather than a bank transfer, it can also be faster.
If you need to send money to Malawi ASAP, a cash transfer may be the most suitable option.
You can pay with card or cash at a cash transfer agent in your location, and the money can be available for pickup at various spots in Malawi within minutes.
Cash transfer services can also be helpful if you don’t have a bank account but need to send money. Similarly, your recipient may also find them to be a convenient choice if they don’t have a bank account.
Malawi is an underbanked country, and the majority of people in Malawi don’t have a bank account. This means that cash is going to be one of the best delivery options.
But more residents have mobile money accounts than bank accounts, so if your recipient is among them, you might be able to save money by sending funds to their phone number directly.
Transfers will typically involve providing the following information and documentation:
Exchange rates are how much of one currency you get for another. The mid-market rate (shown below) is the official exchange rate at any given time, but the actual exchange rates offered by transfer services will vary.
Generally, the best exchange rates will be the ones as close to the mid-market rate as possible.
Today’s exchange rate USD to MWK
Using an online transfer provider is generally the cheapest way to send money to Malawi. If you’re in a hurry, look for a provider that offers cash pickup so that your recipient can get the money almost instantly. And to get the best deal, compare money transfer providers before getting started.
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