Compare fees and exchange rates to get the best deal on your next money transfer to the Kyrgyz Republic.
The Kyrgyz Republic, also known as Kyrgyzstan, maintains good bilateral relations with the UK. The UK aims to deepen democracy and embed an international rules-based system in Kyrgyz legislation; support defence and security co-operation, work to reduce conflict, encourage sustainable economic growth, and providing modern and efficient services to British nationals.There are plenty of reasons why you might want to send money from the UK to the Kyrgyz Republic and whatever your reason, there are plenty of transfer options to choose from.
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Banks versus money transfer companies
My bank handles all my other financial transactions, so surely it’s the best place to go when I want to send money overseas, right? Wrong. Banks are actually close to the worst place to go when you want to send an international money transfer — they offer poor exchange rates and charge high fees, meaning you have to pay a lot more than you should to lodge a transfer.
You can get a much better deal if you use a company that specialises in sending money transfers. They can offer better exchange rates and fees that won’t put too much strain on your wallet, resulting in substantial savings when you calculate the total cost of a transaction.
Case Study: Kevin Sends Money to the Kyrgyz Republic
When he gets a phone call from his son who is travelling through Kyrgyzstan, Kevin immediately knows something must be wrong. Tom, his son, has been mugged on a late-night bus and only has about £10 left to his name. He needs funds urgently to pay for a hotel and book a flight home, so Kevin agrees to send him £1,000 as soon as possible. He compares the services of two money transfer companies that provide fast transfers and cash pickup options.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||£1 = 83.61||£1 = 84.23|
|Payment method||Bank deposit, credit card, debit card||Bank deposit, credit card, debit card|
|Transfer method||Cash pickup||Cash pickup|
|Processing time||Within minutes||1 hour|
|Amount received||83,610 KGS||84,230 KGS|
As you can see, Kevin can save £11 in fees by using the second transfer company, as well as send Tom an extra 520 KGS.
How to compare transfer companies when transferring money to the Kyrgyz Republic
- Exchange rates. Does the company regularly provide exchange rates that compare favourably to those offered by competitors?
- Fees. How much will you need to pay each time you send a transfer? Is there a fee-free threshold when you send large amounts?
- Transfer methods. Can you lodge transfers online or by visiting a branch? Are phone transfers available or can you send your funds using a mobile app?
- Transfer options. Can you place forward contracts and limit orders? Can you set up a recurring payment?
- Turnaround time. Will your beneficiary receive the funds within minutes or will they need to wait several working days?
- Minimum transfer amount. Does the company impose minimum or maximum limits on the amount you can send in each transaction?
- Pickup methods. Are the funds sent by bank deposit only or can your beneficiary collect cash from a transfer agent?
- Customer service. Will you be able to rely on phone, email or live chat customer support if you ever experience a problem with a transaction?
How to send money to the Kyrgyz Republic from the UK
- Bank transfers. You can send a transfer from your UK bank account to a bank account in the Kyrgyz Republic.
- Online money transfer providers. Online money transfer companies offer reliable and cheap transfers.
- Money transfer companies with cash pickup options. MoneyGram and Western Union offer this transfer option.
- PayPal. PayPal allows international money transfers to Kyrgyzstan.
- Checks. Ask your bank to help you obtain an international check.
Emergency cash transfers in the Kyrgyz Republic
If you find yourself in an emergency situation where you need to send an urgent cash transfer to the Kyrgyz Republic — maybe your son or daughter is travelling through the country and has been mugged — there are several companies that offer this service. Of course, you will have to pay more if you want your money to arrive straight away, so it’s essential that you check the exchange rate and fee that apply to your transaction before handing over your cash.Back to topBack to top
Tips for picking up cash in the Kyrgyz Republic
- Never visit a cash pickup agent if you’re not sure whether the area is safe
- Take a friend along when you pick up cash to act as a deterrent for thieves
- Don’t wave your cash around in public
- Only carry any large amount of cash around when it is absolutely necessary to do so
- Deposit the funds with a bank as soon as possible
How to send money to the Kyrgyz Republic
You’ll need to provide certain details before you can lodge an international money transfer, including:
- Your name, address, contact information and date of birth.
- A valid form of photo ID.
- Your recipient’s name and contact information.
- The country you would like to send money to.
- The amount you wish to transfer and the currency you wish to transfer.
After paying for your transaction, you will be able to track your transfer by using the transaction ID number you are given.