Sending money from the US to Mozambique doesn’t have to be expensive. From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, you’ll want to compare the transfer fees and exchange rates of the many options available to you to get the best deal.
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Compare money transfer services to Mozambique
Case study: Comparing money transfer providers to send money to MozambiqueJonathan works in the gas and oil industry and has recently heard about niche opportunities in Mozambique. With potential in that country, he explores getting money there with his local bank accounts and through PayPal.
He also compares money transfer specialists for sending money to bank accounts and for cash pickups in Mozambique. Here’s what he’d pay to transfer $1,000 to Mozambique metical with just two providers.
|Money Transfer Company A||Money Transfer Company B|
|Exchange rate||1 USD = 69.891 MZN||1 USD = 71.1189|
|Transfer speed||2 to 4 business days||Within 2 business days|
|Transfer options||Bank account transfer||Bank account transfer|
|Total MZN received||69,891 MZN||71,119 MZN|
Jonathan discovers that many elements go into what a business partner will receive. But with Money Transfer Service B, he can get more money to his partners faster.
How do compare your options when sending money to Mozambique
- Exchange rates. The USD > MZN exchange rate has weakened with recent dips due to political unrest that affected the economy. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
How can you send money to Mozambique from Australia?
- Bank transfers. Your major US banks may allow you to wire money to banks in Mozambique.
- Money transfer providers. It’s simple and convenient to send an online money transfer to Mozambique from the comfort of your home.
- Providers with cash pickup. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Mozambique.
- M-Pesa. M-Pesa is a safe, secure way to send, receive and store money through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
- PayPal. Electronic payment giant PayPal allows you to send money from the US to Mozambique.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
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 yields more money when exchanging it in a country with a weak currency. For example, in January 2018 the US dollar was worth approximately 59.3090 Mozambican meticals.
However, most countries’ exchange rates are flexible, which means they can fluctuate with the market. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today’s USD-MZN exchange rate
Emergency cash transfers to Mozambique are possible
You might need to send an emergency cash transfer to Mozambique — for example, if a friend traveling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Global tips for picking up cash in Mozambique
Whether picking up funds in Mozambique or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
- Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
- Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.