Here’s how to send a quick, affordable and secure money transfer to Rwanda.
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Compare money transfer providers who service Rwanda
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, Rwanda. This can be done in person or oftentimes online. You can use cash or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account are made available as cash for them to pick up at a location in their country.
Money transfer company comparisons for sending money to RwandaCelia and her family immigrated to the U.S. from Rwanda in the early 1990s. She was a young girl at the time and finished her education in America, but has now been working for a couple of years. Now that she is earning money, she would like to send $1,000 back home to the remaining family members there. She has drawn up the table below to compare her options.
|Money transfer company A||Money transfer company B|
|Exchange rate||$1 USD = $549.672 RWF||$1 USD = $520.324358 RWF|
|Transfer fee||$10 if transfer is under $10,000||$25|
|Amount of RWF received in Rwanda for $1,000 USD||$549,671.54 RWF||$520,324.36 RWF|
|Transfer time||2 to 4 days||10 minutes|
|Transfer options||Phone, online account, mobile app||Phone, online, agent location|
|Difference in RWF||+ 29,347.18 RWF||– 29,347.18 RWF|
How to compare transfer companies when sending money to Rwanda
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?.
What are my options for sending money to Rwanda
- Money transfer services. The following companies can be used for an international money transfer: MoneyGram, Western Union, World First Foreign Exchange and Xpress Money. Visit a Moneygram and Western Union agent location to see if they have agent locations that send as well as receive funds.
- Banks. Citibank supports the RWF currency but does not have any listed branches in Rwanda itself. Visit a Citibank branch to find out how you can send or receive money to and from a bank account in the RWF currency.
- Paypal. Visit local banks in Rwanda to confirm which ones support uploading or withdrawing of funds to and from PayPal.
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 859.14 Rwandan francs.
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.
See today’s US dollar to RWF exchange rate
How to send money to Rwanda through an independent transfer provider
When sending funds to Rwanda, you’ll be asked to provide the following information:
- Your name, address, contact information and valid photo ID.
- Your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
- How much money you’re sending, in what currency and which country you’re sending it to.
- If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.
Emergency cash transfers are possible within minutes to Rwanda
In the case of an emergency, you can send money to Rwanda through companies like Moneygram, Western Union and Xpress Money. Some of the agent locations are listed below.
Tips for picking up cash in Rwanda
When picking up cash in a foreign country, always have government-issued photo ID. Have the tracking or reference number handy.
Travel in groups and avoid traveling at night. Like its neighboring country Burundi, Rwanda is prone to severe civil unrest. Crime and violence are currently at high rates, and public demonstrations should be avoided at all costs.Back to top