When sending money to Sudan from the U.S., you have various options. Do you know which one works best for you?
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Compare money transfer companies to Sudan?
Case study: Banks versus money transfer companiesSuleyman Abbas arrived in the U.S. as a student. He got a job once he completed his college education, after which he figured he could start sending some money back home to his aging parents living in Sudan. He planned to send around $1,000 every month.
Suleyman did not have a preference when it came to choosing between transferring funds into his father’s bank account or sending it to a cash pickup location. Since he wished to send an exotic currency, he could not make the transfer through his U.S. bank. However, he did have various money transfer compares to choose from. This is what he found when he took to the internet.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = 4.26 SDG||$1 = 4.1764 SDG|
|Amount received for $1,000||4,153.50 SDG||4,176.40 SDG|
|Transfer time||1 day||1-2 days|
|Transfer options||Cash pickup||Bank account|
The second money transfer company offered Suleyman a better deal in terms of the money his father stood to receive. Besides, it also got the money directly into his father’s account, saving him a trip to a cash pickup location. Going forward, Suleyman decided to compare his options before each transfer.
How do I compare transfer companies when sending money to Sudan?
- Exchange rate and fees. Some money transfer companies offer highly competitive exchange rates, but make up for it by charging high fees. You may also find companies that offer no-fee services, but provide unfavorable exchange rates. Comparing how much money the recipient stands to receive should give you a clear indication of the better deal.
- Ways to send money. Since the Sudanese pound is an exotic currency, not many U.S. banks offer fund transfer services to Sudan. Ones that do allow you to make a transfer online, in person or over the phone. Some money transfer companies have stores you can visit to send money in person. You’ll find the most options in the online world.
- Ways to receive money. Receiving money directly into a Sudanese bank account is an option. The recipient can also collect money by visiting a local cash pick-up location.
- Turnaround time. Money transfer companies tend to process electronic fund transfers quicker when compared to banks. While the former may take one to three days, the latter can take up to 12 days. If you’re sending money to a cash pickup location, the transfer can go through in minutes.
- Transfer options. If you plan to send money to Sudan periodically and don’t want to go through the entire process every time, consider using the services of a money transfer company that lets you make scheduled payments.
- Minimum transfer amounts. While some money transfers companies have no minimum transfer limits in place, others won’t let you send less than $500 or $1,000.
- Customer service. Good money transfer companies offer support in different ways, which include over the phone, via chat and via email.
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.
What are my options for sending money to Sudan from the U.S.?
- Banks. Find out if your bank lets you transfer funds to a Sudanese bank account. If it does, you may be able to initiate the process by visiting a branch, through online banking or over the phone. Purchasing a money order from your bank and mailing it is also an option.
- Non-banks. You can use the services of a money transfer company such as Western Union to send money to Sudan from the U.S. You can also send money via PayPal, provided both you and the recipient have PayPal accounts. Opening a PayPal account when in Sudan might not be easy..
Emergency cash transfers in Sudan
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.
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Tips for picking up cash in Sudan
Picking up cash from a transfer agent in Sudan? Follow a few simple steps to ensure that you and your money stay safe:
- Avoid any areas where crime is known to be a problem.
- Keep your wallet and/or bag safe and secure at all times.
- Take a friend along to provide additional security and peace of mind.
- Don’t flash your cash around in public.
- Don’t carry large sums of money around for any longer than is absolutely necessary.
What are the steps to send money to Sudan?
The steps involved and details you have to provide when sending money to Sudan depend on the method you choose.
- Transfer to bank account. If you’re transferring funds using your bank you’ll need to provide the recipient’s name, account number, bank’s name and the bank’s routing number. If you’re using the services of a money transfer company, you’ll have to provide details of your bank account, debit card or credit card. The time the transfer takes to complete essentially depends on the service provider you choose.
- Cash pickup. If you’re sending money in person you’ll have to provide the recipient’s name and a desired cash pickup location. The money transfer company might want to verify your identity. If you’re sending money online or over the phone, you’ll also have to provide your bank account info, debit card or credit card details. The transfer should take place almost immediately.