Shop around for savings when you need to send an international money transfer to Nicaragua.
World First International Money Transfers
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- 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 Nicaragua
Banks versus money transfer companies
It always makes sense to compare your options when choosing a money transfer provider, because transaction costs differ substantially from one provider to the next. While banks offer a convenient and reliable transfer option, they’re also one of the most expensive choices. With low exchange rates and high fees, bank transfers are prohibitively expensive.
That’s why you can save money if you shop around for a specialist transfer company. These companies, such as WorldRemit, are experts when it comes to moving money abroad, and they can offer better exchange rates and minimal transfer fees. If you’re willing to take a few minutes to see if there’s a cheaper option available, your bank balance could benefit.
Case Study: Joe Sends Money to Nicaragua
Joe wants to send $1,000 to his aunt and uncle in Nicaragua. Although Joe lives and works in the U.S., he spent a year living with his aunt and uncle when he was a student and he wants to repay them for their hospitality. But when he sees just how much lower his bank’s exchange rate is when compared to the mid-market rate, he decides to compare two transfer companies to see if there’s a cheaper solution available.
As you can see from the table below, Joe can send an extra $44.20 NIO and save $5 in transfer fees by using the first company.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $19.7387 NIO||$1 USD = $19.6945 NIO|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in NIO)||$19,738.70||$19,694.50|
How do I compare transfer companies when sending money to Nicaragua?
When comparing your options, pay attention to these factors:
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- 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, or does the company only provide one-off spot orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
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 30.93 Nicaraguan Córdoba. 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.
Today’s USD-NIO exchange rate
What are my options for sending money to Nicaragua from the U.S.?
- Specialist transfer providers. Money transfer companies like WorldRemit offer convenient and cheap international transfers.
- Cash pickup transfer companies. Western Union and MoneyGram both have cash pickup locations in Nicaragua.
- Bank transfers. Do your research to see how your bank’s exchange rates and fees compare to those offered by other providers.
- International checks. An old-fashioned and slow transfer method is to mail a check to Nicaragua.
What are the steps to send money to Nicaragua?
- Provide your personal details. The first step is to provide your name, address, contact details and proof of ID. Some companies will also require you to sign up for a free account.
- Enter transaction information. Provide all the relevant information about your transaction, including the amount you’re sending, the currency and where the transfer will be sent.
- Finalize your transfer. Review the details of the transfer to make sure you’re happy with the cost. If you are, submit your transfer request and wait for the funds to be sent to your recipient.
Emergency cash transfers in Nicaragua
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.
Tips for picking up cash in Nicaragua
- Take a friend with you when picking up cash.
- Confirm a cash pickup agent’s location and hours of operation before visiting.
- Avoid any high-crime areas.
- Don’t advertise your cash in public.
- Don’t carry the money around for any longer than is necessary.