6 Key Points to Look When Sending Money to Liberia
Want to send to your loved ones in Liberia but don’t know where to begin? You’re not alone. As an expat, finding the right payment gateway service can be challenging.
From understanding currency exchange rates to assessing security features, here’s a detailed guide on sending money to Liberia:
1. Look for a Reliable Money Transfer Service
There are numerous ways to send money to Liberia, each with different currency exchange rates and transfer fees. Here is a brief overview of popular money transfer services:
Money Order
Buy a money order from your nearest bank or cheque location, fill out the recipient’s details, and send the cheque. Money orders are prepaid, allowing the recipient to collect the payment from their nearest cheque location.
Bank Transfer
If your loved one has a bank account, credit their account directly with just one tap. Make sure you double-check the recipient’s details to avoid delays or rejections.
Online Transfer
In the current age, online transfers are the easiest way to send money abroad. The recipient doesn’t need to have a formal bank account. They can receive money through online applications and digital wallets.
Consider the convenience of your loved one before choosing a money transfer method.
2. Compare Exchange Rates and Fees
Next, compare the currency exchange rates and fees of various transfer methods. Wire transfers typically offer a better exchange rate but might charge a high fee for international transactions. Online apps deduct little fees, but the exchange rate might fluctuate based on market conditions.
Stay clear of services that offer unrealistic exchange rates. Always trust reliable financial institutions for money transfer to Liberia to protect your personal information and funds.
3. Choose the Correct Time
Surprisingly, the time of transfer can have a significant impact. Most financial transactions happen during the first 10 and last 5 days of the month, which leads to banks hiking up their prices. Consider sending money mid-way through the month for better prices.
The least number of foreign trading occurs on Monday. Due to minimal price fluctuations, Mondays can be perfect for scheduled transactions.
4. Assess Security Measures
Make sure your chosen payment transfer method offers robust security measures. These include encryption, tokenization, and multi-factor authentication (MFA). Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is also a sign of stringent security precautions.
Such security measures will protect your personal and bank account information when you make transactions, ensuring your peace of mind.
5. Consider the Transfer Time
If you’re sending money to Liberia due to an emergency, pay special attention to the transfer time. Online money transfer apps, such as Western Union, are excellent for same-day transfers. You can also use bank drafts and wire transfers to ensure cash delivery within four days.
Bank and public holidays can delay international transactions; choose the payment method accordingly.
6. Consider the Transfer Limit
Whether you’re using wire transfers or online methods, check the minimum and maximum transfer limits. This will help you plan for larger sums of money transfers and avoid unexpected delays.
