A guide on sending money to Mozambique the easy way.
With a coastline of 2,470 km facing the Indian Ocean, Mozambique can give America a run for its money with its diverse and fascinating beach experiences ranging from tropical, wild, adventurous and world class. Since 2001, Mozambique has showcased one of the most consistently high Real Gross Domestic Product (GDP) growth rates in the world of above 7% Real GDP, with impressive growth in sectors like tourism, natural resources that include gas and oil, and agriculture.
Mozambique ranks Australia as its 20th highest source for imports which accounts for about 0.7% of its total imports. The total merchandise trade, imports and exports included, is almost AUD$0.5 million, with the trade in services much higher at AUD$43 million in total. Australia also has an investment of AUD$29 million in Mozambique.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Jonathan is a businessman in the gas and oil industry and has recently heard about the niche opportunities in Mozambique regarding these industries. Should there be potential in this industry in Mozambique, he might open necessary local bank accounts and work through a Paypal service to get money there.
As a second option, he compares different companies for sending money to bank accounts and for cash pickups in Mozambique. He uses a comparison amount of AUD$1,000 and gets the following data below.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 AUD = 34.46095 MZN||1 AUD = 32.3642 MZN|
|Transfer fee||10 AUD (if under 10,000 AUD)||70 AUD|
|Amount of MZN received in Mozambique for 1,000 AUD||34,460.95 MZN||32,364.23 MZN|
|Transfer time||2 to 4 days||Minutes|
|Transfer options||Online, phone||Online, phone, agent|
|Difference in MZN|
View the variables that Jonathan used to compare companies in sending money to Mozambique
- Exchange rates. The exchange rate between Mozambique and USD has seen a consistent weakening of the MZN currency with recent dips due to political unrest that affected the economy. These changes can be quicker to reflect on some company services compared to others.
- Pickup methods. The pickup methods to use when receiving money in Mozambique can be through a bank account, either by receiving money to it, or by withdrawing from a Paypal account. Cash pickup is available when using MoneyGram and Western Union.
- Fees. Fees are higher for cash pickups than for bank account transfers and usually also become less when amounts sent are higher due to a lower input cost necessary.
- Bank to bank benefits. There are no bank to bank account benefits, although there are free service factors when using Paypal to Paypal based transfers.
- Turnaround time. The turnaround time can range from minutes to days. Short turnaround times like 10 minutes when using MoneyGram or Western Union will result in higher fees but are ideal for emergency cash transfers. Generally, a bank account will take a longer amount of time of about two work days, but could take up to five days.
- Transfer methods. The transfer methods include phone, online accounts, mobile app and agent locations.
- Transfer options. For the available companies, transfer options include once-off payments, forwarded contracts, regular payments, and market orders. These are a great collection of options to cover both emergencies or a business setup as in the case of Jonathan’s needs.
- Minimum and maximum transfer amounts. The minimum amounts range from zero to AUD$1,000 and maximums can range between a daily or maximum or weekly maximum.
- Customer service. The customer service options include phone and email support and also a live chat option in the case of World First Foreign Exchange that could help immediate queries to be resolved.
How can you send money to Mozambique from Australia?
- Money transfer services
You can use Compass Global Markets, MoneyGram, Western Union and World First Foreign Exchange to send money to Mozambique from Australia.
The Citibank Plus account supports the MZN currency, but a visit to a branch will be necessary to know whether it is only for card purchases in Mozambique or whether it supports an international money transfer to Mozambique.
Paypal supports the Mozambique market, please see below in the article on the steps for a Paypal account holder to receive money in Mozambique.
How do you receive money from Mozambique in Australia?
- Money transfer services – You can use Compass Global Markets, MoneyGram, Western Union and World First Foreign Exchange to send money to Australia from Mozambique.
- Paypal – Verify whether the bank account in Mozambique supports uploading money to a Paypal account and then send money to a Paypal user in Australia or withdraw it to an Australian bank account.
Emergency cash transfers to Mozambique are possible
There are two companies available to use when you are in need of emergency cash. Both MoneyGram and Western Union have years of experience in delivering money transfers and will get you a cash transfer within minutes.
Use the agent locations, detailed below, as a starting point and work through customer support to see if your destination can also receive a cash transfer for you to pickup.Back to topFind a money transfer location near youBack to top
Global tips for picking up cash in Mozambique
Tourists and foreigners are advised to move around with a high degree of caution in Mozambique. Avoid picking up cash in the dark and if possible, keep travel to daytimes. Serious cases of crime, which include sexual assault, robberies, petty theft and bag snatching, have been reported. It is wise to move in groups and pay close attention to your personal security when picking up cash.
Public demonstrations still occur in Mozambique and it is best to pick up cash in an area where these can be avoided in your travels. Use the locations above as a starting point and choose your cash pickup location close to professional environments and tourism hotspots.Back to top
What are the steps to send money to Mozambique?
|Send money to a recipient using a money transfer service or cash pickup service:|
|If you are sending money to a bank account, the following details are important:|
|If you are using Paypal, you will need the following:|