Find great exchange rates and pay minimal fees when you send an international money transfer to Moldova.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Moldova doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.Read on to find out how you can send an affordable money transfer to Moldova.
World First International Money Transfers
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No fees: There is no online transfer fee for all finder.com customers.
- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Moldova
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, Moldova. 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
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
Margaret Sends Money to Moldova
Margaret needs to send $1,000 to her son in Moldova — he’s enjoying a European vacation but is getting low on funds. Margaret doesn’t want to settle for a poor exchange rate from her bank, so she decides to compare the pricing structures of two well-known money transfer providers to see which one offers the best value.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 0.925 EUR||1 USD = 0.934 EUR|
|Transfer method||Online, phone||Online|
|Processing time||2 business days||1 day|
|Amount received less he transfer fee||925 EUR||932 EUR|
As you can see, although the first transfer company doesn’t charge a fee, Margaret can save money by using the second company because of its better exchange rate..
How to compare transfer companies when sending money to Moldova
- Exchange rates. Small differences in exchange rates can make a big difference to the total amount of money you send, so check how each provider’s rates compare to the competition.
- Fees. Compare each company’s transfer fees to get a better idea of how much each transaction will cost. Some companies will also waive fees for large transfers.
- Transfer methods. Does the company offer multiple transfer methods, such as the ability to place transfers online and by visiting a branch?
- Turnaround time. Will the funds arrive in your recipient’s wallet in minutes, or will it be several days before they can access the cash?
- Minimum amount. What is the minimum amount you are allowed to send each time?
- Pickup methods. Some companies offer bank deposits only, while others will also allow you to make funds available for collection from a transfer agent.
- Customer service. Phone, email and online support are all important if you need assistance with a transfer.
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 17.18 Moldovan Leu. 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.
Live USD-MDL exchange rate
Options for sending money to Moldova from America
- Bank transfers. Check with your financial institution to find out how much it will cost to send a bank transfer to Moldova.
- Online money transfer providers. Search for a reputable online money transfer provider at Finder.com. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- Money transfer companies with cash pickup options. Western Union and MoneyGram have cash pickup branches throughout Moldova.
- Checks. You could also consider obtaining an international check from your bank and mailing it to your recipient.
How to send money to Moldova
Although the transfer process varies depending on the company and transfer method you choose, you will typically need to provide the following information:
- Your name and contact details as well as a form of ID.
- Your beneficiary’s name, address and contact details.
- Information about how much money you wish to send, in which currency, and where you would like to send the funds.
Once you pay for your transaction you’ll receive a transaction reference number that you can use to check the progress of your transfer up until completion.
Find a money transfer location near you
Tips for picking up cash in Moldova
Whether you’re picking up cash in Moldova or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.Back to top