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From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Uruguay is easy. However, do your research and shop around for the best available deal. And this guide will help you do just that.
Work took Lucia Rodriguez to the UK, and she is to remain here indefinitely. Her mother, younger sister and ailing grandmother continue living in Uruguay. Lucia has to keep sending money back home so her family can meet everyday expenses and pay for her grandmother’s treatment. She figures around £750 every month should suffice.
Lucia checked with her bank to see if she could use its services for the transfer. However, since the Uruguayan peso is an exotic currency, her bank did not transfer funds to Uruguay. She decided to compare money transfer companies using the internet. This is what she found.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||£1 GBP = $35.155 UYU||£1 GBP = $34.726 UYU|
|Amount received for £750||$26,366.25 UYU||$26,044.50 UYU|
|Transfer time||1 day||1-2 days|
|Transfer options||Cash pickup||Bank account|
|Difference of||$321.75 UYU|
While the first money transfer company offered a better exchange rate than the second, the latter did not charge any fees for its services. This resulted in Lucia’s mother receiving more money through the second service provider. Besides, she was more than happy to transfer the money directly into her mother’s Uruguayan account. Going forward, Lucia decided to keep comparing her options every now and again.
Don’t go with the first money transfer company that comes your way. Instead, compare your options across different aspects.
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.
The steps involved in sending money to Uruguay depend on the method you choose.
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