Need to send money to Yemen from the US? Here’s the information you need.
The Yemeni rial is considered an exotic currency, so if you’re trying send money overseas, you may have found your bank can’t exchange your US dollars for rials. Instead of paying high fees for a transfer, consider a money transfer company that can quickly convert and send money to your loved ones in Yemen.
Compare your options for transferring funds to Yemen.
Banks versus money transfer companies or services.
Although banks can handle a great deal of services, they usually aren’t the best option when you’re transferring money between countries. A money transfer company specializes in this and can offer you better exchange rates with lower fees than your bank. This means you’ll save money and be able to send more rial to your loved ones in Yemen.
Alida sends money to her family in Yemen.Alida’s family emigrated to Yemen from Africa while Alida was studying at a university in the US. After graduating, Alida found work in the US and wants to send money to her family in Yemen.
Surprised at her US bank’s high fee and poor exchange rate, she decides to compare a couple of money transfer companies. Below is a summary of her findings when using $1,000 USD as the transfer amount.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 145.358662 YER||1 USD = 148.6667 YER|
|Transfer fee||60 USD||70 USD|
|Amount of Yemeni Rial received in Yemen for 1,000 USD||145,358.66 YER||148,666.68 YER|
|Transfer time||Minutes||1 day|
|Transfer options||Online or branch transfer with a cash pickup at an agent.||Online or branch transfer with a cash pickup at an agent.|
|Difference in YER|
Alida chooses the second transfer company even though it has a higher fee. She wants her family to get the most rial possible, and since they don’t need it immediately, the transfer time doesn’t matter.
How do I compare money transfer companies when sending money to Yemen?
Keep in mind these factors when comparing transfer providers:
- Exchange Rates. Check the exchange rates offered by popular money transfer companies like Moneygram and Western Union because it can vary based on how the company calculates the international rates.
- Pickup Methods. Cash pickup locations are plentiful in Yemen, but if your recipient would rather have the money transferred to their bank account, make sure the bank and service you are considering support a money transfer to their account.
- Fees. The fees when sending money to Yemen are higher than usual fees, but don’t vary too much between the available services. Consider the exchange rate along with the fee to get the best deal.
- Turnaround Time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive? This can be a major deciding factor depending on how desperately your recipient needs funds.
- Transfer Methods. Can transfers be placed online, over the phone, by visiting a branch or by using a mobile app? Choose a transfer company with a transfer method that suits you.
- Transfer Options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the company offer limit orders, which allow you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments or does the company only provide one-time orders? Think about these factors before chooseing a company.
- Minimum and Maximum Transfer Amounts. What is the minimum transfer limit imposed by each company and will this affect the size of your transfer?
- Customer Service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explained.In January 2018, the US dollar (USD) was worth about 250.33 Yemeni rial (YER). This amount fluctuates based on global economic policy. When a country’s currency is strong, it will yield more money when exchanged with a country that has a weaker currency. Most exchange rates are flexible and usually change daily. Factors that influence the exchange rate include interest rates, economic stability and inflation in both countries.
Ways to send money to Yemen from America.
- Bank transfers. Some major banks offer wire transfers to Yemen.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily.
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram offer this service. Your recipient might even be able to pick up their cash within a few minutes, though it usually takes a day or two.
How to send money to Yemen using a money transfer service.
- Choose a money transfer company from the table above.
- Compare the rates and fees offered by each to find the best deals for you.
- Click Go to Site to start the trasnfer process.
- Enter your information, your recipient’s information and pay for your transfer.
- Keep your tracking number handy to make sure your transfer is completed.
Helpful tips for picking up cash in Yemen.
Whether you’re picking up cash in Yemen or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea. Have your friend or family member transfer the money to a location you’re familiar with, preferably one with low crime rates. Picking up cash can be dangerous, so stay cautious while walking with large amounts of money.