How to send money to Nicaragua
Find out how to make a money transfer to Nicaragua at the most competitive cost in a few easy steps
1. Check the NIO rate against your own currency
Even though the evolution of the currency market is impossible to predict, it is a good idea to follow it so that you can optimize how many the recipient of your transfer will receive. Monitor the evolution of the Nicaraguan córdoba mid-market and send the money when the rate is at its highest level of the past days.
2. Find the optimal deal by comparing all the available companies.
Monito's comparison engine lists 11 companies offering money transfer services to Nicaragua, such as TransferWise, Western Union, MoneyGram, Xendpay, WorldRemit. Save money by comparing all your options and go with the most competitive one for your upcoming transfer.
3. Choose the best service for you
What is the most important for you? Total cost, speed of the transaction, number of positive evaluations? Examine the different criteria before selecting the provider.
In addition, it is important to have a look at the options to pay for the transfer and receive the money. Most of the time you'll have money transfer providers allowing you to send the money from your bank account, other providers will also allow you to pay with your cards. On the recipient's side in Nicaragua, you often have to decide if you want the amount in NIO to be deposited on a local bank account or received in cash (from an agent location).
4. Sign up and get started wih your money transfer with the service of your choice
Now, simply complete the sign-up form on the provider's homepage (you most of the time have to upload some ID documents to confirm your identity), and provide the details of your money 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.