Sending money from the UK to Comoros can be quick and easy if you know your options.
Comoros is amongst the poorest nations in the world, with the potential of becoming a holiday paradise owing to its picture perfect beaches. The nation, for some time, has been trying to get some kind of political stability in the midst of tensions between the central government and semi-autonomous islands.
Natural resources in Comoros are in short supply. Its chief exports, which include cloves, vanilla and perfume essence, remain subject to price fluctuations. Money sent home by Comorians living overseas accounts for a significant percentage of the nation’s annual budget. It also depends heavily on foreign aid.
People from the UK send money to Comoros for different reasons. In any case, learning about your options will hold you in good stead.
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Banks versus money transfer companies
Work got Abdillah Hassani to the UK. While he moved to the UK, his wife and children stayed back in Comoros. To take care of their day to day expenses he had to send them some money periodically.
Given his earnings, he figured he could send around GBP500 every month. Using his bank to transfer the money was an option. However, he wasn’t sure if it was his best bet as they didn’t offer this exotic currency. Upon comparing his alternatives, this is what he found.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||GBP1 = KMF614.581539||GBP1 = KMF624.24591|
|Amount received for £500||KMF307290.77||KMF312,122.96|
|Transfer time||One day||One day|
|Transfer options||Cash pickup||Bank account and cash pickup|
After he made this comparison it was clear to Abdillah that choosing the second money transfer company was in his best interest. Not only did it offer a better exchange rate, it also charged lower fees. This resulted in his wife in getting some extra money. Besides, he could transfer the money directly into her bank account.
How do I compare transfer companies when transferring and receiving money via Comoros?
Several factors need your attention when you’re looking for the most suitable money transfer company. These include:
- Exchange rate and fees. Going by only the exchange rate you’re getting is never a good idea. This is because you may have to pay fees for the services you use. If you end up paying fees on the higher side, a seemingly great exchange rate might not be of much help. Finding out how much the recipient will receive should give you a clear picture on this front.
- How can you send money? Banks is the UK let you send money to Comoros in person, as do some money transfer companies. There are numerous money transfer companies that limit their operation to the online world. These businesses let you send money using your bank account, debit card or credit card. Some companies give you the option of initiating the process over the phone.
- How can the recipient get money? If the person you’re sending the money to has a Comorian bank account you can transfer funds into the account electronically. In the absence of a bank account, the recipient can collect cash from a desired cash pickup centre.
- How long does it take? Companies that specialise in international fund transfers tend to complete the process quicker in comparison to banks. While banks can take seven to 10 business days, money transfer companies can do the needful in one or two business days. If the recipient is to collect cash, the transfer can happen almost immediately.
- Transfer options. Will you be making a one-off transfer or will you need to send money frequently? Are you hoping to lock-in an exchange rate? Ask yourself these questions because some service providers offer scheduled payments, market orders and forwards contracts.
- Minimum amount. Some money transfer companies have minimum limits in place, which can vary from £500 to £1,000. Some others let you send as little as you want.
- Customer service. You may need to contact a company representative in different circumstances. This is why you should deal with a business that offers support via phone, chat and email.
How do I send money to Comoros from the UK?
Sending money to Comoros from the UK gives you multiple options, which fall into two basic categories:
- Banks. Find out if your bank lets you send money to Comoros. If it does, there’s a good chance you’ll have to pay some kind of fees. The time the transfer takes to complete can vary from one bank to another. If your bank account comes with a chequebook you can send a cheque through regular mail. You can also mail a money order purchased at a bank.
- Non banks. MoneyGram and Western Union let you send money to Comoros. If you use their services you can get the recipient to collect cash. Sending money through PayPal is also an option. To do this you and the recipient should have PayPal accounts, opening which is free. Once the transfer is complete, the recipient can withdraw the money into his or her bank account.
How do I receive money from Comoros in the UK?
If you’re expecting some money from Comoros, you can get it in different ways. Your options include:
- Banks. An easy way is to get the sender to transfer the money directly into your bank account. You can also receive a cheque or a money order via mail, which you can deposit into your bank account.
- Non banks. If you and the recipient have PayPal accounts you can receive funds online. After the money gets to your PayPal account, you can withdraw it into your UK bank account. The sender can also use the services of money transfer companies such as Western Union and MoneyGram. These businesses have cash pickup locations across the UK.
Emergency cash transfers in Comoros
Losing your wallet and money is never a good thing. If this happens when you’re in Comoros you should start by cancelling your credit and debit cards. To get some emergency money, you can consider these options:
- Cash pickup. Using the services of a money transfer company is an option if you can get a friend or family member to send you some money. In this case you’ll have to choose a desired pickup location and inform the sender of the same. You’ll need to present some form of valid ID to collect the cash.
- Money through credit card provider. If you have an existing MasterCard, Visa credit or American Express credit card, you can approach a local participating bank to get some emergency money. This money simply adds to your UK credit card account.
- Travel insurance. The right kind of travel insurance can give you access to much needed money in situations like flight delays and cancellations, lost and misplaced baggage as well as medical emergencies.
Cash pickup locations in Comoros / Western Union / MoneyGram branches in Comoros
Western Union and MoneyGram have several cash pickup centres in Comoros. When visiting one to collect money, you’ll have to provide a reference number along with a suitable form of identification such as your passport or driver’s license. If you plan to collect a large sum, calling ahead of time to find out if the provider has enough money is a good idea. Here are some cash pickup locations in Comoros.
SNPSF Moroni Port
Place De France
Moroni Grande Comores
Moroni, Ngazidja 98123
Open 8:00am to 6:30pm Monday to Friday, 8:00am to 4:30pm Saturday, closed on Sunday
La Poste De Badjanani
Open 8:00am to 2:30pm Monday to Thursday, 8:00am to 10:30am Friday, 8:00am to 11:30am Saturday, closed on Sunday
La Poste De Domoni
Open 8:00am to 2:00pm Monday to Friday, 8:00am to 11:30am Saturday, closed on Sunday
La Poste De Mremani
Open 8:00am to 6:30pm Monday to Thursday, 8:00am to 10:30am Friday, 8:00am to 6:30pm Saturday, closed on Sunday
Imeuble Daoud Et Generaltion
Open 7:00am to 10:00pm Monday to Sunday
Open 7:00am to 10:00pm Monday to Sunday
Open 8:00am to 6:00pm Monday to Friday, 8:00am to 2:00pm Saturday, closed on Sunday
Open 7:00am to 5:00pm Monday to Friday, closed on Saturday and Sunday
Tips for picking up cash in Comoros
Crime levels in Comoros are low. However, you should take precautions to safeguard yourself against mugging and pick-pocketing. For instance, refrain from venturing out alone at night. Keep your valuables and cash safely.
Remember that cash is the primary way of making payments in Comoros. While some hotels accept credit cards for payments you may face technical or connection problems. Cash machines found in Grande Comore don’t always work. There is one established bank in Grande Comore, which is the Banque International du Comore (BIC). Other islands have little in terms of banking facilities.Back to top
What are the steps to send money to Comoros?
This depends on the method you choose:
- Transfer to bank account. You’ll have to provide the recipient’s name, account number, bank’s name and bank’s SWIFT code. If you’re sending money through a money transfer company you’ll have to submit your credit card, debit card or bank account details.
- Cash pickup. If the person you’re sending money to wants to collect money in person you’ll have to provide his or her name along with a desired pickup location. You’ll get a reference number that the recipient will need to collect the cash. If you’re sending money in person you’ll have to provide proof of identity. If you’re initiating the transfer online, you’ll also need your bank account, credit card or debit card details.