Sending money to Guyana can be a bit tricky, but with the right guidance, you can ensure a safe and fast transfer. The country has a relatively stable economy, but the currency exchange rates can fluctuate.
Guyana uses the Guyanese dollar, but many businesses and individuals prefer to receive payments in US dollars. This is where international money transfer services come in, providing a convenient way to send money across borders.
To send money to Guyana, you'll need to choose a reliable transfer service that offers competitive exchange rates and low fees. Some popular options include Western Union, MoneyGram, and Ria Money Transfer.
How to Send Money to Guyana
To send money to Guyana, you can use Western Union's online service or visit an agent location. You'll need to register online and verify your profile for free to send money to bank accounts in Guyana without incurring any transfer fees on your first transfer.
You'll need to have your recipient's bank branch name, account number, and full address to send money to their bank account. Bank transfer times can take anywhere from minutes to one banking day.
To make an online money transfer, simply log in to your Western Union profile, type in 'Guyana' as the destination and the amount you wish to send, and pay for your transfer by credit or debit card. You'll receive a confirmation email with a tracking number (MTCN) that you can share with your receiver to track the money.
To transfer money to Guyana from a US agent location, you can search for an agent location near you, take a valid government-issued ID or phone number to the counter, and use cash or a US bank-issued debit card to pay for your remit.
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From USA
Sending money to Guyana from the United States of America is a straightforward process. You can use Western Union's price estimator tool to determine the cost of sending money, which takes into account transfer fees.
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To make an online money transfer, log in to your Western Union profile or register for free, and follow these steps:
- Begin your money transfer to Guyana by clicking ‘Send now’.
- Type in ‘Guyana’ as the destination and how much you wish to send.
- Click on ‘Bank account’ and select an existing receiver or enter bank account details for a new one.
- Pay for your money transfer by credit or debit card.
- Look out for a confirmation email containing a tracking number (MTCN).
You'll need a US driver's license, passport, or government-issued ID to register online. Your receiver's account number and the purpose of the transfer are required when sending money to Guyana.
To transfer money from a US agent location, search for an agent location close to your home, take a valid government-issued ID or phone number to the counter, and show your receiver's bank and account details. You can pay with cash or a US bank-issued debit card.
Here are the main options to send money to Guyana from the United States of America:
- Online money transfer using Western Union's website or mobile app
- Transfer money from a US agent location using cash or a debit card
Bank transfer times can be anywhere from minutes up to one banking day. Ensure you have the recipient's details, including their bank branch name, account number, and full address.
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Monito's Recommendations
When sending money to Guyana, it's essential to find the cheapest option that suits your needs. Today's cheapest money transfer service might not be the cheapest tomorrow, so it's crucial to compare rates regularly.
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Monito's comparison engine is a great resource for finding the best rates for transfers from the USA to Guyana. Over the past 30 days, Monito has tracked the performance of various money transfer services.
The cheapest money transfer service might not be the best option for everyone, so it's essential to consider your specific needs and preferences when making a decision.
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Understanding Costs and Rates
The cost of sending money to Guyana can be a bit overwhelming, but don't worry, I'm here to break it down for you.
The total cost of a GYD transfer depends on your location, the amount of GYD sent, the delivery/deposit methods, transfer fees, and the markup applied to the GYD exchange rate.
Transfer fees can range from $0 to $15.87, depending on the payment method used, with bank transfer being the cheapest option at $0 per transfer.
The exchange rate markup is another factor to consider, with some providers charging up to 5.84% worse than the mid-market rate.
Here's a summary of the costs involved:
The exchange rate is constantly changing, so timing your transfer is essential to get the best rate.
On average, the exchange rate from USD to GYD has stood at 209.1873 Guyan Dollar over the past six months, with the highest value recorded at 209.4532 and the lowest at 208.6579.
To get the best rate, it's essential to compare rates and choose a provider that offers you the most GYD and fits your transfer needs.
Some providers, like Wise, offer a competitive exchange rate that is only 0.13% above the mid-market rate.
By understanding the costs and rates involved, you can make an informed decision and send money to Guyana without breaking the bank.
Payment Methods and Safety
To send money to Guyana, you have a few payment methods to choose from. Bank transfers are often the default option and can be done through a money transfer company like Wise, which offers lower fees and more favorable exchange rates.
Wise is the cheapest provider for bank transfers from the 8 we tested, with an average fee of 151.57 GYD for sending money to Guyana. This makes it a great combination of competitive exchange rates and lower fees.
Sending money to Guyana with a debit or prepaid card is also simple with Wise, and they're a leader in debit card payments to Guyana.
Using a credit card to transfer money often results in a cash advance fee being charged by your card issuer, so it's recommended to use a bank transfer or debit card instead.
To stay safe with money transfers to Guyana, it's essential to only transfer Guyan Dollar to those you know and trust, as well as using a regulated money transfer company.
All the money transfer services to Guyana we recommend are safe and regulated by financial bodies.
Here are some options for sending money to Guyana:
- Wise: Bank transfers, debit and prepaid cards
- Other options: Bank transfers, debit and prepaid cards, credit cards
Business Payments
If you have a business in Guyana, you might need to send money to and from the country. Specialist foreign exchange providers often offer better rates for business transfers than banks.
Sending large amounts of money to Guyana can be expensive. You should consider the exchange rate, transfer limits, customer service, safety, company experience with large transfers, and any legal requirements in Guyana.
Wise is a highly-rated company for GYD transfers, coming on top as the highest-rated company out of 8 money transfer companies serving Guyana. They tick all the boxes, making them a great option for large transfers.
Make sure you're aware of the laws in place that govern repatriation of funds from Guyanese business operations before deciding to do business in Guyana. The right professionals can provide the right guidance to keep you compliant.
Frequently Asked Questions from the USA
You can use our price estimator tool to work out the cost of sending a large or small amount of money to Guyana. This provides information on things like transfer fees.
You'll need a US driver's license, passport or government-issued ID to register online with Western Union. This is a one-time requirement.
To make an online money transfer to Guyana, just follow these steps:
- Log in to your Western Union profile or register and verify one for free. Begin your money transfer to Guyana by clicking ‘Send now’.
- Type in ‘Guyana’ as the destination and how much you wish to send. You’ll be able to view typical transfer times as you make your selections.
- Click on ‘Bank account’. You’ll then have the choice of selecting an existing receiver or entering bank account details for a new one.
- Pay for your money transfer by credit or debit card.
- Look out for a confirmation email containing a tracking number (MTCN). This can then be shared with your receiver in Guyana to help track the money.
To transfer money to Guyana from a US agent location, simply:
- Search for an agent location close to your home.
- Take a valid government-issued ID or phone number to the counter. You’ll also need to show your receiver’s bank and account details.
- Use cash or a US bank-issued debit card to pay for your remit to Guyana.
- Read the tracking number (MTCN) on your receipt, which can be shared with your receiver to follow their money.
The main options to send money to Guyana are bank transfers and cash transfers.
Frequently Asked Questions
Does Guyana use Western Union?
Yes, Guyana supports Western Union money transfers, allowing you to send funds to bank accounts for free on your first transfer. To get started, register online and verify your profile with Western Union.
Does Western Union work in Guyana?
Yes, Western Union works in Guyana, allowing you to send money to bank accounts for free on your first transfer. Learn how to get started by registering online and verifying your profile.
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