Take advantage of low fees and competitive exchange rates when sending money to Burundi.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process.
Sending money from the UK to Burundi doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Burundi is easy. But do your research and shop around for the best available deal.
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Case Study: How to compare money transfer companies when sending money to Burundi
Barry is a dynamic young leader of a non-profit organisation in the UK that campaigns against human trafficking. Due to the latest political upheavals and violence between cultural groups in Burundi, most people are advising Barry not go. As an activist, he cannot help himself and goes about getting details for having enough cash resources when he is in Burundi.
After some research using £1,000 as a comparison amount, he concludes that his best options are companies that will be able to deliver his cash at agent locations in a safe area.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 GBP = 2,010.75 BIF||1 GBP = 2,021.33 BIF|
|Transfer fee||30 GBP||15 GBP|
|Amount of BIF received in Burundi for 1,000 GBP||2,010,750.00 BIF||2,021,330.00 BIF|
|Transfer time||Minutes, 1-2 days||Minutes, 1-2 days|
|Transfer options||Online, Phone, Agent||Online, Phone, Agent|
|Difference in amount||10,590 BIF|
How did Barry compare money transfer companies?
- Exchange Rates. The exchange rates in Burundi can be volatile depending on the political situation. It would be a smart move to book a rate in advance when things are looking good.
- Pickup Methods. Money can be received in a supported bank account or be picked up at a MoneyGram or Western Union agent location in one of the main towns. It is advised to stick to main cities when picking up cash.
- Fees. When you are comparing different money transfer companies, the fees can sometimes be tolerable due to a better exchange rate, or it can add to an already bad exchange rate.
- Turnaround Time. The turnaround time for sending money to Burundi can take minutes or a couple of days. The availability of currencies can also determine the turnaround time for money to be picked up at an agent location.
- Transfer Methods. The available transfer methods that Barry and his associates can use are to transfer the money through an agent, online account, phone or, where it is supported, a bank to bank account.
- Transfer Options. Depending on the service used, transfer options can include recurring payments, spot contracts, and booked rates.
- Minimum/Maximum Transfer Amounts. Minimum and maximum transfer amounts are important not only on the sending end, but also on the receiving end. It won’t help to send a maximum amount if a maximum amount cannot be received. .
- Customer Service. Customer service is extremely important when visiting countries with a weakened economy and political upheaval. Phone and email support is vital in case of a problem.
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 will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
How can friends of Barry send money to Burundi from the UK?
- Money transfer services – Some available international money transfer companies include MoneyGram, Western Union and World First.
- Banks – Citibank supports the BIF currency but does not report having branches in Burundi itself. A Citibank branch will be able to supply you with the necessary details on how they support the BIF and whether you can send money from the branch to a bank account in Burundi.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Burundi. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Urgent cash transfers to Burundi
For emergencies, Barry can go to one of the agent locations in Burundi’s main towns where there is preferably a lot of business activity. She can visit one of these agent locations with her photo ID and tracking or reference number to pick up cash that has been sent to her.Back to top
Don’t ignore these tips for picking up cash in Burundi!Burundi in its current state is not a travel-friendly country. It is politically unstable, a hotspot for terrorist attacks, and extremely high in crime and violence.
This means that in the case of Barry, he has himself in a tricky situation. The general safety advice is to not travel at night ever, and to stay away from areas other than densely populated business areas. Public transportation has also received a no-go from travellers. Because of severe laws against money theft, Barry is advised to carry more than sufficient proof that the money he picks up is intended for him.
What are the steps that you need to follow to send money to Burundi?
|When sending to an agent location in Burundi:|
|1. Details of recipient|
|2. The details of the specific agent location (to make sure they have the available currencies)|
|3. Specified amount|
|4. If you’re doing it online, you will need to register an account with the service provider you are going to use.|
|If you are sending money to a supported bank account in Burundi:|
|1. Details of the bank and bank account number|
|2. The branch number of the bank along with any of the necessary SWIFT / BIC / IBAN details|
|3. Amount in the supported currency|
|4. Details of the recipient|