How to send money to Nicaragua
Discover how to send money to Nicaragua at the most competitive cost with these 4 steps
1. Make sure the NIO exchange rate is favorable
Even though the currency market is fluctuating, it is a good idea to keep an eye on it in order to maximize how much you will receive against your sending currency. You should set-up smart alerts to monitor the evolution of the NIO exchange rate.
2. Compare 12 money transfer providers available for transfers to Nicaragua in order to find the best one.
Our comparison engine lists quite a few services offering money transfer services to Nicaragua, such as TransferWise, Western Union, MoneyGram, Xendpay, WorldRemit. You can save a lot of money by comparing all your options and go with the best one for your upcoming transfer.
3. Pick the best provider for your specific needs
Search for the money transfer service with the most competitive pricing, fastest transfer speed, highest reviews, or the best compromise.
Another important aspect is to take into account the pay-in and pay-out options. You can often have money transfer companies offering to you the option to wire the money from your bank account, some will also give you the option to pay by cards. To receive the money in Nicaragua, choose if you need the money to be deposited on a local bank account or received in cash (from an agent location).
4. Sign up and start your money transfer to Nicaragua with the company of your choice
The last step is to sign up on the money transfer provider's website (you most of the time have to give documents to confirm your identity), and set upyour transaction.
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.