We will be exploring the top 5 different ways to send money from Ethiopia to USA; if you have been finding it difficult or don’t know how to move money to your family and friends who stay in the USA from Ethiopia, here is a comprehensive guide to guide you through how out the whole process.
- 5 Best ways to send money from Ethiopia to USA
- Step by step guide on how to send money to USA from Ethiopia
- Factor to consider before choosing a method to send money from Europe to USA
5 Best ways to send money from Ethiopia to USA
The best approach to sending money from Ethiopia safely is to choose a company that is duly licensed and regulated in both Ethiopia and the United States. International money transfer companies frequently register with and are subject to the regulation of hundreds of different organizations, depending on where they conduct business.
Remitly is a digital remittance service based in the United States that is frequently the most convenient and cost-effective way to send money internationally.
The platform supports currency transfers to over 85 countries worldwide and provides a variety of pay-in and payout options (including card payments, bank transfers, and cash services).
Cost: The fees charged by Remitly are included in the exchange rate and range between 0.5% and 2% of the international money transfer value, depending on the currencies involved.
Coverage: Remitly, which is available in Europe, North America, Singapore, and Australia, supports transfers to more than 47 currencies across the globe.
Speed: Remitly’s ‘Economy’ bank transfers take three to five business days to complete, whereas ‘Express’ card transfers arrive in minutes.
Transfer limits: Exact limits vary depending on country and currency, but in general, the minimum and maximum transfers are USD 1 and USD 20,000, or currency equivalent.
2. XE: Best for Coverage
The world’s oldest online money transfer firm, XE Money Transfer, is well-known in the currency exchange industry and frequently provides the finest way to send money abroad in terms of the number of foreign currencies and nations it supports.
Cost: On international money transfers, XE levies a combination of fixed fees and exchange rate margins, normally costing roughly 0.9% of the value of the international money transfer but occasionally rising even higher.
Coverage: Customers may access XE in the majority of nations, and it facilitates international transfers in 98 different currencies.
Speed: At XE, transfer speeds can vary based on a variety of factors. Typically, it takes one to three business days for the money to arrive.
Transfer limits: Transfer restrictions change based on a number of regulatory considerations. The minimum and maximum transfers at XE are typically 1 USD and 500,000 USD, respectively.
WorldRemit is a UK-based online money transfer service that provides the best way to send money abroad to many different regions of the world, including Africa, Latin America, and the Middle East. It frequently provides the most affordable option to send money abroad to these nations.
Cost: The fees charged by WorldRemit vary substantially from transfer to transfer and typically range from 1% to 2.5% of the value of the international money transfer.
Coverage: WorldRemit, which is accessible in 56 nations worldwide, allows for money transfers in up to 150 different foreign currencies.
Speed: WorldRemit remittances can take a few seconds to a few working days to arrive, depending on the pay-in methods, payout methods, and countries involved.
Transfer limits: Country-specific WorldRemit transfer limits are reset every day and vary per nation. In the US, they range from $1 to $9,000 and from £1 to $50,000 in the UK.
Revolut, a well-known brand in digital banking, is an online bank and fintech with 12 million subscribers worldwide. Revolut offers some of the most competitive prices on the market for international money transfers to foreign bank accounts in addition to its mobile banking app and clever features (which you must register for to make transfers).
Cost: When transferring money abroad, a small fixed or commission fee will be applied; there will be no exchange rate margin.
Coverage: Revolut distributes money internationally from the majority of the major currencies to about 28 others.
Speed: Transfers made with Revolut typically arrive in 1 business day.
Transfer limits: With Revolut, you can send up to $1 billion in USD or currency equivalent.
Wise is a world-class option for sending money globally and is frequently ranked as the cheapest way to transfer money internationally. Wise is the best money transfer service, and its mobile app is the best.
Cost: Wise charges a combination of fixed fees and commissions for different corridors, which typically range between 0.25% and 1% of the total transfer value.
Coverage: Wise is available in the EEA, the UK, the US, Singapore, Japan, Australia, and New Zealand, and it supports transfers to 57 different currencies around the world.
Speed: 50% of Wise transfers arrived within 20 seconds, 71% within an hour, and 90% within a business day in 2022.
Transfer limits: Exact limits vary by currency and country, but in general, the minimum transfer is one US dollar, and the maximum transfer is one million USD or currency equivalent.
Step-by-step guide on how to send money to the USA from Ethiopia
Once you’ve decided on the best company for your Ethiopia to USA remittance, simply follow the below steps.sw
- Open an account with your preferred operator.
- You may be asked for photo identification and proof of address; please provide these, as they assist the operator in ensuring legal and regulatory compliance.
- Create bank accounts for both the sender in Ethiopia and the receiver in the United States. Bank deposits can be the most cost-effective way to send money.
- Determine when and how much money you want to send. When you’re ready, enter the amount and begin your transaction.
- You are nearly finished at this point, and the operator will take over from here.
- Keep an eye out for updates from the operator on the status of your transaction.
Factor to consider before choosing a method to send money from Europe to USA
Several factors must be considered when selecting a way to transfer money to another country.
There are a variety of choices available to consumers who want to send money to family or friends abroad, but the cost and processing time should be taken into account before choosing a method:
- Limits on amounts.
- Money destinations.
To send money outside of the United States, a bank or business-like like Western Union or PayPal will charge you fees. Usually, a percentage of the total is charged as the fee. Another thing to keep in mind is that the business will probably add a markup to the currency exchange rate.
2. Limits on amounts:
Limits on amounts are another thing to think about. There may be minimal and maximum sums you can send abroad, depending on the bank or firm you choose, in order to adhere to various international banking requirements. The restrictions might be cumulative over a predetermined amount of time or apply to every transaction.
The time it takes for the money to arrive in another country is a significant determining factor. It can take a few days or longer for the money to appear in your bank account.
There are additional methods if the money transfer needs to be done almost instantly. Be prepared to pay an additional fee for convenience if your receiver requires the money right now.
4. Money destinations:
Some providers may transfer money into a bank account, while others would require the Recipient to have an account with the service. Before the money transfer, decide which option is the most convenient. Other organizations, such as Western Union, allow consumers to pick up actual cash at various physical locations.
Shop around and compare different services because many are limited to specific countries and are not available everywhere
Does Ethiopia use Western Union?
You can send up to $5,000.00 to Ethiopia via Western Union for cash pickup or $2,500.00 via mobile wallet.
It’s simple to get cash with over 43,000 Western Union agent locations across Africa, including Ghana, Ethiopia, and Kenya.
Does Ethiopia have a cash App?
Cash App is only present in the United States and the United Kingdom for the time being.
Ethiopia to USA money transfer market is extremely competitive, with numerous remittance service providers vying for your business. Given this, how can you be certain that you are selecting the best company when sending money abroad?
This article has provided and listed the best provider for your money transfer.
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