How to send money to Nicaragua
Learn how to send money to Nicaragua with the best exchange rate with these 4 steps
1. Check the NIO exchange rate against your sending currency
Sending money on a day where the exchange rate is favorable is a good way to optimize your transfer. Follow the mid-market exchange rate and send the money when the NIO rate gets to a specific level.
2. Find the optimal option by comparing the 12 available money transfer companies.
Monito's comparison engine lists many providers to transfer money to Nicaragua, such as TransferWise, Western Union, MoneyGram, Xendpay, WorldRemit. Going with the right money transfer provider from the available options is a sure way to save on costs.
3. Pick the best service for you
Decide if you’re looking for the service with the most competitive pricing, the faster transfer time, highest reviews, or a good combination of the three.
It is also important to have a look at the pay-in and pay-out options. You can find money transfer companies allowing you to transfer the money directly from your bank account, others will also allow you to pay with your debit and credit cards. In Nicaragua, look at different options if you need the converted amount to be sent directly to the recipient's bank account or received in cash (from an agent location).
4. Sign up and start your transfer to Nicaragua with the service you selected
Go to the money transfer provider's website to go through the sign-up process - be prepared to upload an ID document and/or a proof of adress - and provide the details of your transfer to Nicaragua.
More than 20% of all Nicaraguans (almost 1,2 million people) are living outside Nicaragua. Many of them are living in Costa Rica and other Central American countries, with large communities also present in the United States and in Spain.
Nicaraguans living abroad are sending a lot of money into the country, more than USD 1.2 billion per year, which represents almost 10% of Nicaragua’s GDP. But even more money could arrive to families and small businesses in Nicaragua if less money was lost in transfer fees and bad exchange rates.
Stop wasting money with the poor exchange rates of your bank or high fees of your current money transfer provider. By comparing the best providers to send money to Nicaragua from anywhere in the world and for the exact amount you need to send, you can make sure to get more córdobas for your money.