Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to send money to Nicaragua
Shop around for savings when you need to send an international money transfer to Nicaragua.
When you need to send money to Nicaragua, you may come across a few hiccups: the country is small, and there aren’t many banks that provide money transfer services. Fortunately, there are dedicated money transfer companies that can help. You can compare your exchange rates and fees without spending too much time — or money — on the process and quickly get money to your recipient.
Compare money transfer services to Nicaragua
Banks versus money transfer companies
It always makes sense to compare your options when choosing a money transfer provider, because transaction costs differ substantially from one provider to the next. While banks offer a convenient and reliable transfer option, they’re also one of the most expensive choices. With low exchange rates and high fees, bank transfers are prohibitively expensive. In addition, there may not be many that are willing to convert South African rand to Nicaraguan córdobas.
That’s why you can save money if you shop around for a specialist transfer company. Companies like WorldRemit are experts when it comes to moving money abroad, and they can offer better exchange rates and minimal transfer fees. If you’re willing to take a few minutes to see if there’s a cheaper option available, your bank balance could benefit.
How do I compare transfer companies when sending money to Nicaragua?
When comparing your options, pay attention to these factors:
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explainedExchange rate determines how much one currency is worth when converted to the currency of another country. The South African rand is traditionally strong against the Nicaraguan córdoba. This means you’ll be able to get more córdobas for ever rand you sent overseas.
However, this amount can fluctuate from day to day. If you’re sending money to Nicaragua often, you’ll want to keep tabs on the exchange rate to be sure you’re sending money when rates are high so you can get more money to your recipient without having to spend extra.
What are my options for sending money to Nicaragua from South Africa?
- Specialist transfer providers. Money transfer companies like WorldRemit offer convenient and cheap international transfers.
- Cash pickup transfer companies. Western Union and MoneyGram both have cash pickup locations in Nicaragua.
- Bank transfers. Do your research to see how your bank’s exchange rates and fees compare to those offered by other providers.
- International checks. An old-fashioned and slow transfer method is to mail a check to Nicaragua.
What are the steps to send money to Nicaragua?
- Find a money transfer provider in the table above or search online.
- Create an account and start a transfer.
- Enter your recipient’s personal information and the amount you want to send.
- Pay for your transfer.
- Save your tracking number.
You can use your tracking number to keep tabs on the transfer and make sure everything goes smoothly. And if you plan on making multiple transfers to Nicaragua, having an account with a money transfer service will make it easier to send money in the future.
Emergency cash transfers in Nicaragua
There are certain situations when you might need to send a transfer as quickly as possible. If this is the case, check your exchange rates and the fees. Emergency transfers may be possible, but they could be quite costly. You’ll want to know the exact amount you’re spending and how much your recipient will receive before finalizing the transfer to be sure waiting a day or too wouldn’t be more beneficial.
Tips for picking up cash in Nicaragua
- Take a friend with you when picking up cash.
- Confirm a cash pickup agent’s location and hours of operation before visiting.
- Avoid any high-crime areas.
- Don’t advertise your cash in public.
- Don’t carry the money around for any longer than is necessary.
More guides on Finder
How to buy Valkyrie Bitcoin Strategy ETF (BTFD) from South Africa
The second Bitcoin future ETF is set to go live Oct. 22. Here’s how to invest if you’re in South Africa
AscendEX (BitMax) Cryptocurrency Exchange Review
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
Axie Infinity guide: How to play and earn
Axie Infinity is an RPG game that is currently dominating the NFT sector. Discover what Axies are, what makes them unique and how you can earn money simply by playing.
Gemini vs Coinbase
We compare these two large cryptocurrency exchanges to see how their fees, features and customer support stack up.
Finder’s Bitcoin Predictions Report: December 2020
We asked 47 experts for their cryptocurrency price predictions and took a deep dive into the Bitcoin price rally.
How to invest in the Didi Chuxing IPO from South Africa
Everything we know about the Didi Chuxing IPO, plus information on how to buy in.
How to buy Robinhood stock from South Africa
Robinhood is expected to go public, here’s what you need to know if you’re looking to buy in from South Africa.
How to invest in the Deliveroo IPO from South Africa
Deliveroo is set to go public, here’s what you need to know if you’re looking to buy in from South Africa.
How to invest in the BTCC Bitcoin ETF
The world’s first physical Bitcoin ETF has launched onto the stock market. Here’s how to invest if you’re in South Africa.
How to buy Coinbase (COIN) shares from South Africa
Steps to owning and managing Coinbase shares.
Ask an Expert