Sending Money To Belarus From The Us: Is It Possible?

It is possible to transfer money from the USA to Belarus, although the Western Union System stopped its money transfer service to the country on 24 March 2022. Money transfer specialists like MoneyGram and Paysend offer better BYN exchange rates and lower fees than US banks. Online money transfer providers are the cheapest way to send money to Belarus, with Remitly identified as the cheapest provider in 90.1% of searches on Monito.com over the past three months.

Online money transfer providers offer better rates and cheaper fees than local banks

When it comes to transferring money from the US to Belarus, online money transfer providers offer better rates and cheaper fees than local banks.

Online money transfer services, such as MoneyGram, Wise, and Western Union, typically provide more favourable exchange rates and lower fees than traditional banks. For instance, US banks generally add a 3% to 6% markup to exchange rates, whereas MoneyGram offers competitive exchange rates and fees as low as $0 for transfers to Belarus.

Additionally, online transfer services often provide faster transaction speeds. For instance, MoneyGram can deliver funds to your recipient in Belarus within minutes, whereas bank transfers usually take longer, ranging from two to five days.

It's important to note that some online transfer services may charge a flat fee or a percentage-based fee for their services, and they may also apply a markup to the exchange rate. Therefore, it's recommended to compare the total cost of the transfer, taking into account both the fees and the exchange rate offered.

Online money transfer providers also offer convenience and ease of use. For example, Wise allows users to enter the amount they wish to send and the recipient's details, including their name and currency. Wise then provides users with the fees upfront and converts the money at the mid-market rate, ensuring transparency and competitive rates.

In summary, when transferring money from the US to Belarus, online money transfer providers offer advantages over local banks, including better exchange rates, lower fees, faster transaction speeds, and convenient digital platforms. By comparing fees, exchange rates, and transfer speeds, individuals can identify the most suitable online transfer service for their needs.

Bank transfers are convenient but slower and more expensive

Bank transfers are a convenient way to send money to Belarus, but they tend to be slower and more expensive than other methods. While they offer an easy way to send money, banks typically charge a premium for this service and often take longer to process transfers compared to alternative options.

US banks, for example, typically add a 3% to 6% markup on exchange rates, which can increase the overall cost of sending money. Additionally, bank transfers may take several days to process, whereas other methods can deliver funds within minutes or on the same day.

One alternative to bank transfers is to use a specialist money transfer service such as MoneyGram or Remitly. These services often offer more competitive exchange rates and lower fees, resulting in more Belarusian rubles received by the recipient for the same amount of US dollars sent. For instance, MoneyGram charges fees starting at $0 and can deliver funds to Belarus within minutes.

Another option is to use an online provider such as Paysend, which offers direct transfers to Visa or Mastercard cards in Belarus for a fee of €1.50. Paysend typically completes transfers on the same day and provides full transparency on the currency exchange rate, transfer fee, and receivable amount before initiating the transfer.

It is worth noting that the Western Union System stopped its money transfer service in Belarus on March 24, 2022. Therefore, individuals seeking to transfer money to Belarus should consider alternative options.

Cash pickup gives recipients instant access to money

If you need to send money to your friends or family in Belarus, you may be considering using your American bank. However, it is recommended to compare specialist money transfer services instead, as they usually offer better BYN exchange rates and lower fees. This means that your recipient will receive more Belarusian rubles for the same amount of US dollars sent.

One option for transferring money to Belarus is cash pickup. Cash pickup allows your recipient to instantly access the money you've sent when they collect it from their agent location in Belarus. This is a good option if you need the money to arrive quickly.

MoneyGram is one of the cheapest money transfer services, with competitive exchange rates and fees starting at $0. They can also deliver money to your recipient in Belarus within minutes. Other money transfer providers with competitive rates include Remitly and Remitout.

When choosing a money transfer provider, it is important to consider the cost, how you want your recipient to receive the funds, and the turnaround time. Here are some other factors to keep in mind:

• Exchange rates: Banks and transfer services use the mid-market rate to trade with each other, which is the best rate you can get. However, not all money transfer providers offer this rate, so compare the BYN you're offered to the mid-market rate and look for the smallest difference.
• Transfer fees: Some providers charge a flat fee, while others charge a percentage of the transfer amount. Consider which option would be more cost-effective for the amount of money you plan to send.
• Transfer type: Different transfer types have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
• Transfer speed: If you need the money to arrive quickly, you can pay for express delivery. However, this will usually cost more.
• Transfer limits: Different providers have different sending limits, so make sure to check this before choosing a service.

In addition to specialist money transfer services, there are other ways to send money to Belarus, such as crypto, wire transfers, or mobile wallet transfers. However, some apps and services may not allow transfers from the US to Belarus. Always make sure to compare the different options and choose the one that best suits your needs.

Mobile wallets allow users to store, send and receive currencies via their phone

If you're looking to transfer money from the USA to Belarus, it's important to compare the rates and fees of different service providers. While bank transfers are typically the cheapest option, they can be slow and often come with extra charges. On the other hand, online money transfer providers usually offer better exchange rates and lower fees, and some, like MoneyGram, can deliver funds to your recipient in Belarus within minutes.

If you're looking for a convenient way to manage your funds, mobile wallets are a great option. Mobile wallets are virtual wallets that can be accessed through apps on your phone, allowing you to store, send and receive currencies all in one place. With a mobile wallet, you can easily make in-store purchases, withdraw cash, and receive transfers from senders. For example, Western Union offers the option to send money to mobile wallets in select countries in Africa. To use this service, simply register for a Western Union profile, enter the transfer and receiver's details, and select a secure payment method. You'll then receive a confirmation SMS with a tracking number.

It's important to note that mobile money transfers through Western Union can only be sent to mobile phones that belong to mobile phone operators partnering with the company. Additionally, receiving money through a mobile wallet typically requires having an active account with a mobile wallet service provider.

When transferring money to Belarus, it's crucial to consider the safety of the transaction. Using a provider registered with the Consumer Financial Protection Bureau in the US can help ensure the security of your funds.

Home delivery is an option for recipients who can't get to a cash pickup location

If you're looking to transfer money from the USA to Belarus, it's important to consider the various options available to you. While you might initially consider going straight to your American bank, you may find that specialist money transfer services offer better BYN exchange rates and lower fees. This means that for the same amount of US dollars you send, your recipient will get more Belarusian rubles.

One option to consider is home delivery, which is ideal if your recipient can't easily get to a cash pickup location. Here are some key things to keep in mind:

• Home delivery is a convenient option if your recipient is unable to travel to a cash pickup location. This could be due to mobility issues, lack of transportation, or other factors.
• By choosing home delivery, you can have peace of mind knowing that your recipient will receive the cash directly at their doorstep.
• Some money transfer services, like MoneyGram, offer fast and reliable home delivery. With competitive exchange rates and fees starting at $0, your money can reach your recipient in Belarus within minutes.
• When using home delivery, make sure to provide accurate recipient information, including their name, contact details, and address.
• It's worth comparing different money transfer providers to find the best rates and fees for home delivery. Consider factors such as transfer fees, exchange rates, and delivery speed.
• Keep in mind that some providers may have minimum and maximum transfer limits for home delivery, so check these before initiating a transfer.
• For added convenience, consider using a mobile app offered by money transfer services to track your transfers and manage your transactions.

By considering home delivery as an option, you can ensure that your recipient in Belarus receives the money safely and conveniently, even if they are unable to travel to a cash pickup location.

Frequently asked questions