Liberia is a small African country. If you think of sending or receiving money to or from Liberia, you may not prefer using a bank as they take too long. Banks are not also favorable because of their rates which are ralitvely higher. The good news is that there are several ways to make a money transfer there.
Best ways to make a money transfer
There are several ways to make a money transfer in Liberia. These include:-
Types of options to send money
Restrictions on sending and receiving money
According to Central Bank of Liberia, any money received by a recipient in Liberia will be made in both Liberian Dollars and US Dollars. The regulation further states that the recipient will receive the money in 25% Liberian Dollars and 75% US Dollars. The rates will be as those of the CBL at the time of the transfer.
Process to send
You only need to follow three steps, depending on your preferred means:-
Brief economic trend
According to World Bank, Liberia's economy has been stagnant for the pas three years. This means it has been at 0% growth. This has been attributed to the devastating effects of the ebola crisis. However, there are better prospects for growth in 2017 with a projection of 2% in the FY2017.
Also in the medium term, the economic growth is projected to reach 5%. This will be based on recovery of gold mining, improvement in infrastructure as well as increase in agricultural productivity.
The main bank in Liberia is Central Bank of Liberia. It regulates all the financial institutions in Liberia.
Banks can take too long to transfer money to Liberia?
If you have always used banks whenever you have needed to send money to Liberia you will know how long a transaction can take. In most cases the recipient will have to wait five days before they can access their money. Unfortunately for many people this is far too long and this can be where problems can occur. So rather than use a bank to bank transfer why not think about an online currency transfer to Liberia?
US dollars in Liberia?
You may have heard that US dollars are used in Liberia and this is true. So you can choose between sending the Liberian unit of currency, the Liberian dollar (LRD) or US dollars when you arrange a money transfer to Liberia. One way to decide which currency to use is to ask your recipient which one they would prefer. They will have a much better idea of which currency is preferentially in their country, so take their advice and send a currency that they request.
Currency rates in Liberia?
While you are arranging your transfer you can find out the currency rate Liberia money is following on any particular day. It doesn't matter when you choose to send your money, the currency rate will always affect the amount that your recipient receives. Use a free online currency converter, which will be available via your online exchange broker, and see how much currency your recipient will get. Once you have found this out you can then tell your recipient how much they should expect to receive after you have completed the transfer.