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There are currently few providers that offer transfers to Timor-Leste, some of which don’t allow the funds to be transferred into your recipient’s bank account – the money will have to be picked up at an agent location. Both MoneyGram and Western Union provide transfers to Timor-Leste, and while MoneyGram allows you to do so online, Western Union requires you to send money in person at an agent location.
Tony lives in Boston but has friends all around the world. One of those friends is Charlie, who lives in Dili in Timor-Leste, and who has fallen on some hard financial times. When Charlie finds Tony and asks him for urgent cash, Tony looks for the quickest way to get £500 to his friend.
Tony compares the services of two money transfer companies, and considers his options. Because the official currency of Timor-leste is the US Dollar, he will keep an eye out for the transfer fees more than the exchange rate, as the US Dollar is not an exotic currency.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||£1 GBP = $1.244 USD||£1 GBP = $1.213 USD|
|Transfer method||Online||Agent location|
|Processing time||4 business days||within minutes|
|Amount received for £500||$622.00||$606.50|
|How will the money be received||cash pick-up||cash pick-up|
As you can see, if Tony uses Company 2 he will face higher fees and a worse exchange rate. It’s clear he’s better off with Money Transfer Company 1, unless his friend needs the money very quickly.
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.
Sometimes you need to get money to another country as fast as possible. If you need to send an emergency cash transfer to Timor-Leste, be prepared to pay more than you would for a normal transaction. Higher transfer fees and lower exchange rates are common features of emergency transfers, so it’s always a good idea to review the transaction details before you send any funds. This is the best way to ensure that you aren’t surprised the next time you check your bank balance.Back to top
It is recommended to exercise a high degree of caution, so take care when collecting cash from a transfer agent. Confirm the agent’s location and opening hours before visiting, and only go to a cash pickup branch in an area you know to be safe. Take a friend along rather than pick up cash alone, and make sure not to display your cash in public and make yourself an easy target for thieves.Back to top
The transfer method you must follow will vary depending on the transfer provider you choose, but you will generally need to:
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