Sending money to Uruguay without high fees is easy when you pick the right service provider.
Getting a good deal when you’re sending money to Uruguay is of the utmost importance. A family member or friend in need should get the most pesos out of your dollars, and the easiest way to do that is to compare international money transfers to find the best exchange rates and lowest fees. Fortunately, this doesn’t have to be a difficult practice. Our guide will help you convert your dollars to pesos.
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Compare money transfer services to Uruguay
Money transfer companies compared
Work took Lucia Rodriguez to America, and she is to remain here indefinitely. Her mother, younger sister and ailing grandmother continue living in Uruguay. Lucia has to keep sending money back home so her family can meet everyday expenses and pay for her grandmother’s treatment. She figures around $1,000 every month should suffice.
Lucia checked with her bank to see if she could use its services for the transfer. However, since the Uruguayan peso is an exotic currency, her bank did not transfer funds to Uruguay. She decided to compare money transfer companies using the internet. This is what she found.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = $21.6282 UYU||$1 = $21.0643 UYU|
|Amount received for $1,000||$20,330.47 UYU||$21,064.30 UYU|
|Transfer time||1 day||1-2 days|
|Transfer options||Cash pickup||Bank account|
|Difference of||$733.83 UYU|
While the first money transfer company offered a better exchange rate than the second, the latter did not charge any fees for its services. This resulted in Lucia’s mother receiving more money through the second service provider. Besides, she was more than happy to transfer the money directly into her mother’s Uruguayan account. Going forward, Lucia decided to keep comparing her options every now and again.
How do I compare transfer companies when transferring money to Uruguay?
Don’t go with the first money transfer company that comes your way. Instead, compare your options across different aspects.
- The monetary aspect. The case study goes to show that a lower exchange rate does not necessarily mean you’re getting a better deal. Some money transfer companies that provide no-fee services may offer unfavorable exchange rates. The reverse can be true as well. To find out which deal is best, simply compare how much money the recipient stands to receive.
- Methods to send money. Banks that let their customers transfer funds to Uruguay can offer their services at branches, online and over the phone. Some money transfer companies have stores and kiosks that you can visit to send money. Some let you initiate the process over the phone as well. A number of these companies operate in the online world.
- Methods to receive money. The recipient can receive money directly into an Uruguayan bank account. Collecting transferred funds in person by visiting a cash pickup location is also an option.
- Different methods. Are you looking at sending money to Uruguay on a regular basis? If so, you can find money transfer companies that let you make scheduled payments. Some even offer forward contracts, which allow you to lock in an ideal exchange rate now and transfer the money later.
- Using the same bank. If you and the recipient have accounts with the same bank, you can consider using its services for the transfer. You could end up saving time as well as money.
- Turnaround time. When a funds transfer involves a cash pickup, it goes through almost immediately. When you’re transferring funds into a bank account, the time the process takes depends on the service provider you choose as well as the recipient’s bank.
- Minimum limit. If you’re planning to send a small sum, this aspect requires your attention. Some money transfer companies don’t let you send less than $500 or $1,000.
Foreign exchange rates explained
Exchange rates vary daily, and sometimes hourly, because of the multiple economies at work around the globe. The dollar (USD) is strong against the Uruguayan peso (UYU), meaning each dollar you send will yield more pesos. In January 2018, 1 USD was equivalent to about 28.67 UYU. However, since exchange rates are flexible, it pays to compare your options and find an exchange rate that nets you the most pesos.
What are my options for sending money to Uruguay from the US?
- Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to Uruguay.
- Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
- PayPal. PayPal offers secure international money transfers to Uruguay and many other destinations around the world.
- Checks. International checks can be obtained from U.S. banks and then sent overseas.
Steps to send money to Uruguay.
Depending on your preferred transfer method, the steps may vary, but these basics will help you convert your dollars to pesos without confusion.
- Find a money transfer provider. The table above should help you make your decision.
- Click Go to Site to see the terms and rates once you’ve found your provider.
- Fill out the form with the personal details, including bank account information, of you and your recipient.
- Keep your receipt and tracking number to make sure the transfer processes correctly.
If your recipient is picking up their funds as cash, they’ll need the tracking number and ID to confirm their identity.