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Use our interactive table to compare transfer fees, exchange rates and other details for sending funds to Tanzania with our money transfer partners.
Neema Bilal arrived in America as a student. She did not return to Tanzania at the end of her education, she landed a job that permitted her to continue living here. However, her parents still live in Tanzania. While her father makes enough money to sustain their livelihood, Neema wants to contribute so they can lead a more comfortable life. She figures she can afford to send around $1,000 every couple of months.
She first visits her local bank to learn how much a transfer will cost, but she learns that they don’t deal in exotic currencies. She then turns online to compare money transfer companies that make transfers in Tanzanian shillings. Here’s what she finds for a transfer of $1,000.
|Money Transfer Service A
||Money Transfer Service B
|Exchange rate||1 USD = 1,493.45 TZS||1 USD = 1,500.50 TZS|
|Transfer options||Bank account||Bank account, cash pickup|
|Transfer speed||1 business day||1 business day|
|Total TZS received||1,493,450 TZS||1,500,500 TZS|
While Money Transfer Service B, Neema can get a stronger exchange rate, but it also charges a transfer fee. Neema instead chooses Money Transfer Service A so that her parents can receive a bit more money directly to her father’s bank account.
Comparing banks and money transfer companies is not difficult, provided you know what to look out for.
The 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. Most countries’ exchange rates are flexible, which means they can change from moment to moment. For example, as of January 2018, 1USD was worth 2244.65 Tanzanian shillings. Factors that influence the exchange rate include interest rates, economic stability and inflation.
The steps involved in sending money to Tanzania will vary by the method you choose.
If you’re sending money through your bank:
Whether picking up funds in Tanzania or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
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