If you’re looking for new ways to send money to Serbia, start by comparing exchange rates and transfer fees.
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Compare money transfer services to Serbia
Comparing money transfer companies
Andrej’s parents decided to move back to Belgrade after 25 years in New York. They’ll be moving back to the family house, but it needs extensive renovations. Andrej, his sisters and their cousins want to help with expenses, so they’re looking for a quick, cheap way to send $500 back home to Serbia.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 USD = $117.225 RSD||$1 = $116.515|
|Amount received for $500||$58,612.32||$57,092|
|Transfer time||1 to 3 business days||2 business days|
|Transfer options||By phone, online||Online|
How do I compare transfer companies when sending money to Serbia?
When considering money transfer options, it’s important to keep the following factors in mind.
- Exchange rates. Besides what you pay for the transfer service, it’s important to choose a service that offers a competitive exchange rate.
- Pick-up methods. Check with your recipient to see which pick-up method would suit them best, especially if they’re not mobile or far from a pick-up location.
- Fees. Even if a service offers a competitive exchange rate, make sure that you aren’t being charged service or conversion fees for the transfer. Sometimes a good exchange rate is negated by additional fees.
- Turnaround time. Depending on how urgently your recipient needs the money, you can choose between services that offer instantaneous delivery (Western Union, for example) or those that make money available within one to three working days.
- Transfer methods. The quickest way to send money is usually via online transfer, but you can also choose transactions handled over the phone, in person or through your bank.
- Transfer options. Besides just a one-time transfer, you can also choose to set up regular scheduled payments, forwards contracts (which allow you to lock in an ideal exchange rate now and transfer the money later) and market orders (which allow you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met).
- Minimum transfer amounts. Some services require that you send a minimum amount, usually between $10 and $50. In some cases, fees are waived for transfers over a certain amount.
- Customer service. It’s imperative that the money transfer service has a reliable and efficient customer 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 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.
How do I send money to Serbia from the U.S.?
Below are a few money-sending options to consider when sending money to Serbia.
- Xendpay. This money transfer service will send money directly to your recipient’s bank account.
- Western Union. Your recipient can collect the deposit at a Western Union agent or withdraw it from his or her bank account.
- Banks. Sending money between banks usually implies higher fees, but if your recipient has a bank account within the same bank, the transfer can be made without a fee.
- Exchange4Free. This service facilitates bank-to-bank transfers for zero fees charged no matter the amount. Be sure to compare exchange rates and delivery time. You can make a transfer online or by phone.
Emergency cash transfers in Serbia
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.
Find a money transfer location near you
Tips for picking up cash in Serbia
While crime is relatively low in Serbia, you should still be vigilant while traveling, especially if you’re collecting money from a pick-up location. Be sure to get there during business hours and try to take someone along.
What are the steps to send money to Serbia?
Some online services require that you open an account before making a transfer. You’ll be asked to be supply the following:
- Your contact details
- Email address
- Bank account information
- Your recipient’s personal and bank account information
Once the transfer has been completed, you’ll receive a tracking number to use for reference when making enquiries.