Let’s crunch the numbers: Sending $1,000 to Serbia
Let’s say you need to send $1,000 to family in Serbia. Here’s what you might face as far as fees and exchange rates as of 29 September 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$5||$25 + additional correspondent bank fees|
|Exchange rate||1 SGD = 72.40 RSD||1 SGD = 72.76 RSD||1 SGD = 71.295 RSD|
|Transfer speed||1-2 day||Same day||2-5 days|
|Amount received||RSD 72,400||RSD 72,396||RSD 69,512|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Serbia. If you go with the digital money transfer service, your recipient ends up with RSD 2,888 more than the bank offers. If speed is crucial, or your recipient wants to pick up cash, a cash transfer can typically have your transfer to Serbia in as little as an hour. Confirm there is a cash pickup location near your recipient before sending.