Here’s how to send a quick, affordable and secure money transfer to Montenegro.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Montenegro doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most euros for your dollar.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Montenegro is easy. However, do your research and shop around for the best available deal.
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare Money Transfer Services
Banks versus money transfer companies
Instead of sending funds through your bank, compare your options to see whether you can find a more affordable deal from a money transfer company, such as OFX or CurrencyFair. These providers trade high volumes of foreign currency and can therefore offer much better exchange rates than banks. They also charge lower fees, so doing a quick comparison between transfer providers can save you a whole lot of cash.
Case Study: Ivan Sends Money to MontenegroIvan’s wife Karina stayed behind in Montenegro while Ivan was transferred to the U.S. to work for six months. With the bills piling up at home, Ivan wants to send his wife $1,000 to help her take charge of the family finances. Instead of taking the poor exchange rate offered by his bank, Ivan decides to compare two money transfer companies to see if a better deal might be available.
As the comparison table below shows, while the first transfer company can save Ivan $3 in transfer fees, the better exchange rate offered by the second company allows him to send more euros and get it there more quickly.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 0.936 EUR||1 USD = 0.945 EUR|
|Transfer method||Online, phone||Online|
|Processing time||2 days||1 day|
|Amount received (in EUR)||936 EUR||942 EUR|
How do I compare transfer companies when sending money to Montenegro?
- Exchange rates. Check the company’s website to see what exchange rates they offer. How do those rates compare to the provider’s competitors?
- Transfer fees. Make sure you’re aware of all the hidden fees and charges that apply when you send a transfer. Fees vary from provider to provider, so comparing your options is essential.
- Transfer methods. Some companies offer online or in-branch transfers only, while others also provide over-the-phone and mobile app transfers.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Minimum and maximum limits. If there are limits on the amount the company allows you to send per transaction, will those limits hinder your transfer plans?
- Processing times. How long will it take until your beneficiary can access the money you send?
- Pickup options. While some companies provide online bank account transfers, others offer transfers with a cash pickup option.
- Customer service. Check out the company’s reputation when it comes to delivering prompt and helpful customer service. If you ever need assistance with a transaction, will you be able to quickly access the help you want?
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 December 2016, the U.S dollar was worth approximately 19 Mexican pesos. 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.
What are my options for sending money to Montenegro from the U.S.?
- Specialist transfer providers. Companies such as OFX and CurrencyFair offer fast and affordable overseas transfers.
- Cash pickup transfer companies. MoneyGram and Western Union are the world’s two largest providers of this service.
- Bank transfers. Compare the cost of sending the transfer via your bank with using a transfer provider.
- International checks. A safe but slow option is to mail an international check to Montenegro.
Emergency cash transfers in Montenegro
When you need to get money to a friend or loved one in Montenegro as quickly as possible, an emergency cash transfer is the way to go. Some companies offer overseas transfers that can be completed within minutes, which is extremely convenient, but make sure you’re aware that these types of transfers will cost you more. High transaction fees and lower exchange rates usually apply, so review the full cost of a transaction before you commit.
Find a money transfer location near you
What are the steps to send money to Montenegro?
Although the transfer process varies from one provider to the next, you will usually have to:
- Sign up for an account. This is free to do online when you provide your full name, proof of ID and contact details.
- Enter your transaction information. The second step is to provide full details of the transaction you are planning. This includes the amount you’re sending, where you’re sending it to and in which currency.
- Finalize your transaction. Look over the details of your transaction, and if you’re happy with the exchange rate and fee you will receive, pay for your transfer. Most providers also offer an online tracking service so you can check when your transfer has been completed.
Tips for picking up cash in Montenegro
Regardless of whether you’re in Montenegro or the U.S., it always pays to take a few simple safety precautions when picking up cash:
- Only visit a transfer agent in a safe location.
- Avoid high-crime areas and avoid displaying your cash in public.
- Take a friend along with you to act as a deterrent to thieves.
- Don’t carry the money around with you for any longer than is necessary.