Transferring money to and from Mozambique has never been this easy. Read through this article to understand what you need to know about sending money in Mozambique.
Ã¼ Best ways to make money transfer
The best option available for sending money is using the Money Transfer providers because they are faster and will give higher rates.
Ã¼ Types of options to send money
Sending money should not be expensive. You should, therefore, ignore all those methods that charge you so much money to send money. Some of the best ways that you can use to transfer money in Mozambique include using Bank Transfers, Money Transfer providers like World First, Mpesa, PayPal, and Cheques and Money Orders.
Ã¼ Restrictions on receiving money in Mozambique
There are some restrictions that users have to be aware of before sending money to Mozambique. First and foremost, ensure that the bank you are using has a platform that will allow someone to wire the money to you. The daily transfer is R3000. The sender and the recipient are also expected to be at least 18 years of age. The law states that the bank should give all information about the transfer. If you are willing, then it might be a restriction.
Ã¼ Restrictions on sending money
These restrictions are also the same with those that affect recipient of the cash. Some additional rules are that you must comply with the rules and regulations of Mozambique. It is also a requirement that you state where the money that you are sending is coming from.
Ã¼ Process to send money
The process that you use will be different depending on the method that you are using to transfer the cash. When you decide to use electronic methods like PayPal, you log in to your account. Then click on send money. A screen then appears asking you to enter the recipient's email address followed by the amount of money you are sending. You then click on send.
Ã¼ Brief economic trend
The economy of Mozambique has been deteriorating for quite some time now. This has been due to the undisclosed borrowing. The GDP in the year 2015 was 6.6%. In 2016 it was 3.3%. In 2017, it is forecast to be 4.8%. This implies that there is a slow growth that is affecting many sectors.
Ã¼ Main Bank
BanABC is the major bank in Mozambique.
Get an account with an exchange broker to Mozambique?
Getting an account with an online exchange broker is the first step to arranging a money transfer to Mozambique. Setting up such an account is quite simple and straightforward and you should have all the relevant information to hand. If there is any issue with your account you will be contacted by someone from the online exchange brokerage company during the setup process. This means that you will be able to quickly and easily set up your new account and start transferring money to your recipient in Mozambique.
Define your recipient to Mozambique?
When your account is up and running you need to define your recipient. Your recipient is the person who will be receiving the money in Mozambique. You need to make sure that you give all of the relevant details so that your transaction will be handled swiftly. Then it is time to arrange your currency transfer to Mozambique by sending the money to your recipient.
Send money to Mozambique?
So once you have got an account and defined your recipient you need to choose the currency that you will be sending, in this case the New Metical (MZN). However if your recipient lives in the southern belt of Mozambique you could also send US dollars, a South African rand and Pounds Sterling as these are all accepted forms of currency that they will be able to spend. You can also take a look at the currency rate Mozambique currency is selling for at any time so that you know how much money your recipient should be receiving.