Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to Rwanda
Here’s how to send a quick, affordable and secure money transfer to Rwanda.
Sending money to Rwanda doesn’t have to be complicated or expensive. By taking the time to compare different money transfer companies that work with an exotic currency like the Rwandan franc, you can save on fees and get money to your recipient quickly. Just keep an eye out for exchange rates — the amount your recipient receives depends on it.
Compare money transfer providers who service Rwanda
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Best ways to send money to Rwanda
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Rwanda. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.
1. Digital money transfer servicesCompanies like Ria and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to Rwanda. Most offer transfers directly to your recipient's bank account in Rwanda, often in as little as a day or two.
- Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.
2. Cash transfersServices like WorldRemit and Remitly allow you to transfer cash for pickup at a local branch in Rwanda— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
- Why? Picking up cash is more expensive because more people are involved.
3. BanksThe Rwandan franc may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Rwanda.
- Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.
Let's crunch the numbers: Sending $1,000 to RwandaLet's say you need to send $1,000 to family in Rwanda. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 972.130 RWF.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$0||$25 + additional correspondent bank fees|
|Exchange rate||1 USD = 969.214 RWF||1 USD = 967.269 RWF||1 USD = 923.524 RWF|
|Transfer speed||1-2 days||Minutes||2-5 days|
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Rwanda. A digital transfer sends the most, which is RWF$68,778 more than the bank. For speed, a cash transfer can typically have your transfer to Rwanda in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.
How to send money to Rwanda online
Sign up and send money to Rwanda with a digital money transfer specialist in four steps:
- Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in Rwanda.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Rwanda. Some money transfer providers send a text or email when your transfer is complete.
Get the most out of your money transfer to Rwanda
Weigh costs and fees against convenience to best compare money transfer providers that send to Rwanda. Consider:
- Exchange rates. The USD–RWF relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the Rwandan franc rises against the US dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–RWF exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Rwandan francs you're sending to Rwanda.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Rwanda.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to a bank account in Rwanda or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send money to Rwanda without a bank accountIf you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up Rwandan francs without a bank account.
Emergency cash transferWhen urgency trumps cost to get your money to Rwanda quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Rwanda's exchange rates explained
Banks and money transfer companies use exchange rate to calculate how much Rwanda's currency is worth when converted to USD. The USD-RWF relationship can change daily based on global economic stability, interest rates, inflation and more.Today's exchange rate USD to RWF
What to watch out for
Sending money to relatives or family members in Rwanda may be subject to taxes on the money transfer and certain documents may be required.
Taxes on transfers to Rwanda
In general, any large transfers being sent from the US to Rwanda should be filed with the IRS to avoid any penalties.
Receiving money in Rwanda:
- Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
- Sender's information. Take along your sender's full name, the sending country and their address, if known.
Sending to Rwanda from the US:
- Proof of identification like a government-issued ID or your SSN number.
- Recipient information like their name, address and bank account information in Rwanda.
Sending your hard-earned money to Rwanda shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
More guides on Finder
Review: Venmo app for cryptocurrency
Venmo provides a convenient way to send money to friends, and now users can buy cryptocurrency like Bitcoin with as little as $1.
Unifimoney account review
Unifimoney lets you spend, save and invest, but it’s only free for high-income individuals.
Finder’s Bitcoin Predictions Report: December 2020
58% of panelists expect the Bitcoin bull run to last until at least the second half of 2021.
Ando Spending Account review
Reduce your carbon emissions and enjoy no monthly fees with this ethical checking account.
Upgrade Rewards Checking review
The free Upgrade Rewards Checking account offers 2% cashback, but you can’t deposit checks.
Lemonade car insurance review for 2021
Safe drivers and electric car owners could see cheap rates, but its claims process isn’t perfect.
T. Rowe Price review
Features, fees and complaints to consider before you apply for a T. Rowe Price account.
Fidelity Cash Management account review
Fidelity’s cash management account lets you avoid unlimited ATM fees, but it earns little interest.
SmartyPig Savings account review
With no fees and a 0.7% APY, Smartypig is among today’s best savings accounts.
Guardian vision insurance review May 2021
Get a generous allowance to put towards contact lenses or frames with this plan.
Ask an Expert