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How to send money to Paraguay
How to send a fast, secure and affordable money transfer to Paraguay from Singapore.
Sending funds to friends and family in San Lorenzo or any other city in Paraguay doesn’t need to be costly or difficult. When you need to get money to the heart of South America, compare the full range of your international money transfer options to find the most competitive exchange rates and fees available to you.
Compare international money transfers to Paraguay
Banks vs money transfer companies
While you’ll be tempted to visit your bank to transfer money to Paraguay, a reputable money transfer service can often offer better exchange rates, lower fees and faster delivery – often without you having to leave your home.
Banks don’t often publish exchange rates, but you can sometimes find the rate you’ll receive by logging in to your online bank account.
Let’s crunch the numbers: Sending S$1,000 to Paraguay
Let’s compare the difference between sending money through your bank and through a money transfer provider.
|Money transfer company||Major Singapore bank|
|Exchange rate||SGD$1 = PYG4,131.05||SGD$1 = PYG3,932|
|Transfer speed||Three to five days||Two to five days|
|Total PYG received||PYG4,048,429||PYG3,845,496|
|What’s the difference?||PYG202,933 more||PYG202,933 less|
While the fees to send money to Paraguay aren’t too different, the bank’s poorer exchange rate makes a big difference in the end.
How to compare transfer companies when sending money to Paraguay
By comparing a few elements of your transfer, you can ensure that you get the best deal for your needs.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate – the rate banks and transfer services use when they trade among themselves – and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a lot of money, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Many transfer specialists allow payment by credit card online, by phone or through an app, while others have agent locations for cash payments and pickups. Learn the options, such as a bank account, cash pickup or mobile wallet, that are available for your recipient to receive the funds.
- Transfer speeds. Western Union, MoneyGram, WorldRemit and others offer quick cash pickups, which can often be completed in minutes. But if you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate – especially since many providers encourage larger transfers by offering lower or no fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer support by live chat, by phone, in person or through email. Make sure help is available when you need it.
Foreign exchange rates explained
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. Factors that influence the exchange rate include interest rates, economic stability and inflation.
How to send money to Paraguay
Whether you send money through your bank, an online money transfer specialist or an app, you’ll often need to first register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method. Keep a record of any transaction reference number you receive, so you can review the progress of your transfer.
Ways to send money to Paraguay from Singapore
- Bank transfer. Not all major Singapore banks will allow you to send money to Paraguay, so you’ll need to ask. Those that do could have a weaker exchange rate for SGD to PYG.
- Money transfer providers. Money transfer specialists can organise your transfer online and are often more transparent with fees and exchange rates than your local bank.
- Providers with cash pickup. Western Union, MoneyGram and WorldRemit allow you to send funds for cash pickup at agent locations.
- PayPal. While it can be expensive, this electronic payment giant can move your money from Singapore to friends and family in Paraguay.
- Cheques and money orders. Although it’s not fast, you can buy an international cheque from your local bank or post office to mail to loved ones and businesses in Paraguay.
Picking up cash
Whether picking up funds in Limpio or anywhere else in the world, avoid becoming a target for thieves by following a few simple safety precautions.
- Call ahead. Learn the agent’s or company’s business hours and choose a safe time to pick up your cash, preferably during the daytime.
- Take along a friend. Carrying money when alone can be dangerous. Ask a friend to accompany you.
- Immediately deposit your money. The likelihood of losing your money to theft or carelessness grows the longer you have it on you. Deposit your cash at a bank as soon as possible.
- Hide your cash. Before leaving the office, put your money in your purse or wallet. Carrying cash out in the open could make you a target.
You have multiple options to choose from when sending money to Paraguay from Singapore. To get the best value for money for your international money transfer, compare the benefits and features of competing services before selecting a provider.
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