Ethiopians residing in the Middle East, Europe, and the United States send remittances of about $6 billion annually back home. Based on the importance of international money transfers to the Ethiopian economy, this article will focus on best ways to send money to Ethiopia.
WorldRemit Money Transfer to Ethiopia
To transfer money to Ethiopia via WorldRemit, you can choose the cash pickup, mobile money, or bank transfer option for your recipient to get the funds. For the bank transfer route, the funds will reach the receiver within a day as long as it is a working day. As for the other two options, the recipient will get the money almost instantly.
Send money with WorldRemit using the code 3FREE and pay no fees on your first three money transfers.You will also receive a discount voucher for use in your next transaction when you refer a friend via your referral code. Other codes that you can also use are TRACE, NOLLYWOOD, APLUS, TFC, GMA, ASAP, Jollibee1, Jollibee2, Jollibee3, Jollibee4, WRBEE, EVENTS, CIMB.
Sending money via WorldRemit is a straightforward process that includes the following steps:
- Input the amount you want to send. You will see the exchange rates and charges on the screen.
- Enter the receiver’s information. If you have sent money to them previously, you can select the name from the presented list.
- Pay via card (debit, credit and prepaid if issued by Visa, Mastercard or Maestro), Poli, Interac, iDEAL, Klarna, Apple Pay, Android Pay, and Trustly. WorldRemit will notify you, as well as the recipient, when the funds are successfully transferred.
Remitly Money Transfer to Ethiopia
Remitly is yet another fast and convenient platform that one can use to transfer money to Ethiopia. It is one of the options with competitive rates and relatively low fees. For instance, if you intend to send money to Ethiopia from USA, the exchange rate is currently 36.40 ETB for $1. Its transfer fees start from $4.99. However, you pay no fees on your first transfer with Remitly.
To send money to Ethiopia via Remitly, follow these easy steps;
- Sign in on the firm’s website. You can also get the Remitly app by downloading it on App Store or Google Play.
- Select a delivery partner. In Ethiopia, Remitly’s partners include AwashBank, Dashen Bank, Bank of Abysinnia and Hello Cash.
- Input the receiver’s details.
- Fill in the needed payment details. You can choose to pay via a debit/credit card for faster transfers or a bank transfer, which is a cheaper option. With the Express package (paying via a debit/credit card), money arrives instantly. However, it takes 3-5 days when you choose the Economy option (paying via your bank account). On the other end, the recipient will receive the funds through their bank account, mobile money, or cash pickup.
- You, as well as the intended recipient, will be notified when the money transfer is complete.
Western Union Money Transfer to Ethiopia
Western Union is one of the fast, affordable, and convenient ways to send money to Ethiopia. While its transfer fees are slightly higher than those of other platforms like WorldRemit, its exchange rates are competitive.
There are two ways that you can use to send money to Ethiopia via Western Union. Firstly, there are numerous local agents that you can visit to transfer the funds. Alternatively, you can send money via Western Union’s website or the Western Union money transfer app.
To send money to Ethiopia online via Western Union, start by registering. The process is an easy one that involves filling out the registration form on its website, submitting your profile, and then verifying your identity.
Once your Western Union profile is verified, you are now ready to send money to the intended receiver. To do so, follow these easy steps:
- Log into your profile.
- Input the country you intend to transfer funds to (in this case it’s Ethiopia), the amount, and the delivery method. The recipient can collect cash at a local agent or have the funds sent to his/her bank account.
- Enter the recipient’s details
- Select the preferred payment option. You can pay via a debit or credit card, bank account, or wire transfer. The debit/credit card option is pricier but will reach the recipient in minutes. On the other hand, paying via bank account is cheaper but will take up to 4 working days for the amount to reach the receiver.
- You’ll receive a confirmation text, either as an SMS or email. Save the MTCN (tracking number) and only share it with the intended receiver.
Ria Money Transfer to Ethiopia
Ria Money Transfer is another cheap way to send money to Ethiopia. Its exchange rates are competitive and the transaction fees are as low as $0 depending on the amount and mode of payment. For instance, if you intend to send money to Ethiopia from USA, $1000 will reach the recipient as ETB 36,500.
To send money to Ethiopia via Ria Money Transfer, you can choose to use a local agent, the Ria app, or log in to your profile on the firm’s website. To complete the transaction online, simply fill in the receiver’s details and your payment information before sending the intended funds.
You can send the money via bank transfer, debit card, or credit card. You can send the cash to the receiver’s bank account or have them pick it up from a nearby agent. Sending funds via a debit/credit card is the fastest option while bank transfer is the cheaper means.
MoneyGram Money Transfer to Ethiopia
MoneyGram is another one of the cheapest ways to send money to Ethiopia. There are two approaches that one can employ when using this money transfer platform. To start with, you can visit a local agent. To do so, you will need to have your recipient’s information including his/her full name, location, and bank account/mobile wallet details where applicable. The funds presented to the agent should include the transaction fees.
If you want to send the amount online, simply head on to the firm’s website and login into your profile/create an account. subsequently, fill in the necessary details. Both the online and local agent options allow the receiver to access the funds via a mobile wallet, bank account, or cash pickup.
The screenshot below is an example of the applicable rates and fees if you were to send money to Ethiopia from USA as of the time of posting this article.
Other Ways to Transfer Money to Ethiopia
The options highlighted in this article are not the only ways to send money to Ethiopia. Alternative means include Xpress Money, Transfast, TransferWise, and Xoom. Before selecting any of the available options, ensure that you consider their exchange rates and fees, delivery speed, and its convenience to the recipient. Finder and MoneyTransfers are free platforms that you can use to compare the fees and rates of various money transfer companies.
Final Thoughts on Best Ways to Send Money to Ethiopia
If you have been wondering on how to send money to Ethiopia, I hope the details included in this article have been helpful. There are numerous ways that you can use to transfer funds to a recipient in this sub-Saharan country.