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Money transfers allow you to convert US dollars into a different currency and send it to someone overseas. Most companies have convenient websites and apps you can use to make your transfer, but there are also many that allow you to make a transfer over the phone or at a store. You’ll usually be able to pay in a variety of ways, including: cash, credit card, debit cards and bank account transfer.
Your recipient will be able to receive their funds as cash or directly into their bank account.
Banks can be useful for a variety of financial transactions, but you’re likely going to get a better deal when you choose a money transfer company. This is because banks charge high fees and offer their customers low exchange rates. If you want to send a large amount of money quickly, a transfer company will generally be your most efficient option.
Margaret needs to send $1,000 to her son in Moldova — he’s enjoying a European vacation but is getting low on funds. She doesn’t want to settle for a poor exchange rate from her bank, so she decides to compare the prices of two money transfer providers to see which one offers the best value.
Money transfer company 1 | Money transfer company 2 | |
---|---|---|
Exchange rate | 1 USD = 16.50 MLD | 1 USD = 16.39 MLD |
Transfer fee | $15 | $10 |
Transfer method | Online, phone | Online |
Processing time | 2 business days | 1 day |
Amount received less he transfer fee | 16,500 MLD | 16,390 MLD |
Margaret opts to send money with the first transfer company because it offers a better rate and she can handle the higher fee.
When you’re looking to compare money transfer companies, keep in mind the following points:
Exchange rate will impact how much your recipient will receive when you convert US dollars to Moldovan leu. This is because the dollar has traditionally been stronger against the leu. However, exchange rates are flexible, which means it can change from moment to moment.
Although the transfer process varies depending on the company and transfer method you choose, you’ll typically need to follow these steps:
Safety should be your top priority when you’re picking up cash in Moldova. Travel in daylight, preferably with a friend, and never take out large amounts of cash in public.
If your recipient needs money as soon as possible, you’ll want to start an emergency transfer. These are possible, but it’s important that you closely examine the exchange rate you’re offered and the fee the transfer company is charging. Emergency transfers cost much more, so if your recipient can wait a day or two, you’ll both save money.
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how can i send money from Moldova to Nigeria.
Hi Clement,
Thank you for reaching out to Finder.
There are several ways to send money to Nigeria from Moldova- you can either do a bank to bank transfer or use an independent money transfer company. Using an online money transfer provider is a preferable method as it typically offers the strongest exchange rates and lowest fees. Some providers offer transfers straight to Nigerian bank accounts, while others allow the money to be picked up in Nigerian naira in person.
If you want to consider using money transfer providers, try to check out some of the major money transfer companies in Moldova including Western Union and MoneyGram to see if they support international transfers to Nigeria.
Hope this helps.
Regards,
Val