What is the cheapest way of sending money to Zimbabwe?
There are many money transfer companies that can help you send USD (United States Dollars) to Zimbabwe. Choosing the best and cheapest service can be tricky. There are a two main variables you should be aware of when making your comparisons, namely transfer fees and the exchange rate quotations.
Money Transfer Costs
- Sending Fees
Money transfer sending fee charges can range from anything between 10 USD to 50 USD or more. Transfer fees affect the amount of local currency that you need to pay for your transfer.
In most cases this fee is deducted from your sending amount. For example, if you are transferring 1000 Aussie Dollars from Australia to Zimbabwe and the fee is 20 AUD, you will effectively be sending 980 Aussie Dollars to Zimbabwe. If you want your recipient to receive a certain amount of US dollars in Zimbabwe you will have to transfer a larger amount of Aussie Dollars, in this example, you would have to send 1020 AUD.
- Receiving Fees
When doing an international money transfer, most Zimbabwe banks will charge your recipients a "receiving fee" to receive the funds from overseas. This fee varies depending on where you are sending the funds from and the amount you are sending. The fee will be charged to your beneficiary receiving the funds and can be as much as 80 USD. This results in your recipient receiving less money than you had intended.
Foreign Exchange Rates
- Money Transfer Exchange Rate Quotes
The exchange rate you are quoted to make your money transfer makes a significant difference on the amount of US Dollars that your recipient receives in Zimbabwe. It is the rate at which your local currency you are sending will be converted into USD and then sent to your beneficiary.
The rate you are quoted will be based on the interbank exchange rate, which is the mid-market rate that banks trade large volumes of currency. Banks and money transfer companies make their money by quoting a margin off this rate. This margin can range between 0.5% and 5% or more. The margin is dependant on their pricing strategy and on the amount of money that you are transferring.
Why is Exchange4free the cheapest way of sending money to Zimbabwe?
Our service is the cheapest because of our unique Best Price Guarantee:
- we charge no transfer fees to send your money to Zimbabwe
- we cover any receiving fees charged by the Zimbabwe Banks
- we offer great exchange rates (between 0.1% to 2% off interbank)
We save our clients money by charging no fees and offering extremely competitive dollar exchange rates.
Register an account today and calculate the savings benefits for yourself.