How to Send Money to Nicaragua at Best Rates?

Table of contents:

• Ways to Send Money to Nicaragua
• How Much Will It Cost Me for Money Transfer from the US to Nicaragua?
• How Long Does It Take to Send Money to Nicaragua from the USA?
• What Is the Easiest Way to Transfer Money from the US to Nicaragua?
• Send any Amount of Money to Nicaragua at Low Rates with IPSIPay

The extensive immigration of Nicaraguans to the States was the main driver of increasing international money transfers. Along with adjusting to life in America, the Nicaraguans provide continuous financial support for their families back home.

Finding the most affordable but fast way to send money to Nicaragua is often a dilemma for senders and recipients. If you’re troubled with sending money cross-border, this overview will help you.

Ways to Send Money to Nicaragua

A significant part of Nicaraguan economically active immigrants don’t have bank deposits and aren’t bank-served. For them, one way to reduce the negative impact of being unbanked is to seek alternative methods to send money to Nicaragua. They mainly consider money order companies, online remittance providers, and p2p payment apps. Although, those aren’t equally beneficial for all use cases. Consider the pros and cons of each money transfer method below.

Money Order Services

These are most practical if the recipient needs to receive money in person and prefers cash. However, there’s a limit of $5,000 for a cash pickup through Western Union in Nicaragua. The same works for transactions from debit cards and bank accounts.

Online Remittance Providers

This way is rather affordable regarding the higher exchange rates compared to banks and money transfer companies. USD conversion to NIO, a national currency in Nicaragua, costs about 0.45% – 0.5%. The problem is that the number of offers for this direction is scarce.

P2P Mobile Apps

Many consider p2p mobile apps the best solution as they combine low transfer rates and speedy payment processing. Additionally, peer-to-peer applications allow you to repay purchases at POS terminals and online stores. But mind that not all money transfer apps provide global coverage. Check the information about their geo-distribution to find out whether they are suitable for international transactions.

As you can see, shopping for the best offer requires a balanced approach. Now, since you’re aware of the limitations of remittance methods, let’s specify which way would cost you less.

How Much Will It Cost Me for Money Transfer from the US to Nicaragua?

The first thing to remember is that charges largely depend on the payment method. Let’s say you’ve decided to transfer $100 and then $1,000 from the US to Nicaragua. Here is the service fee comparison in USD.

* the credit card issuer adds a foreign transaction fee of 2.5 – 3.5%

** IPSIPay app waives transaction fee for cashing out user’s balance to branded Visa debit cards

Bank transfers are the least advantageous due to the highest fees. Remitting funds converted to the national currency of Nicaragua costs from $35 to $55 on average. However, you can save extra dollars by running transactions via online banking. It will cost less than operations assisted by bank tellers.

If you want to convert currency without extra charges, we recommend three bank wire options:

1. Open a multi-currency US bank account. It will provide a separate balance in INO to receive and send money internationally. That’s quite a convenient option if you’re an expat or dual citizen with a savings/checking account back in your homeland.
2. Fund transfer with the national currency of Nicaragua. It’s advisable if you have cash on hand and plan to send it through a US bank branch.
3. Transfer the money in USD to a foreign dollar account. Occasionally, it might be the best option if your recipient doesn’t need cash for immediate spending. Or if they use a USD account to grow personal savings.

Transfer the money in USD to a foreign dollar account. Occasionally, it might be the best option if your recipient doesn’t need cash for immediate spending. Or if they use a USD account to grow personal savings.

How Long Does It Take to Send Money to Nicaragua from the USA?

Generally, when you send money online, it can be delivered in less than half an hour. It’s a standard time for online remittances from the US, including transfers to Mexico, Nicaragua, and other countries.

Online and mobile products send money faster than banking methods. There’s no wonder as interbank transactions depend on bank cut-off times for wire transfers. However, the transactions between bank accounts will take no less than 2-3 business days when using a non-banking remittance provider.

What Is the Easiest Way to Transfer Money from the US to Nicaragua?

It’s hard to determine which remittance method is the most convenient. Your decision should stem from the circumstances you’re in and the preferences of a sender. Most customers favor mobile payment apps. There are several reasons for that:

• Recipients don’t need to come up to pickup locations in person. It saves time and is particularly convenient in remote areas with no pickup points. Such transfers are also safer as no one will steal the money on your way home.
• There’s no need to provide a government-issued ID. It’s a significant benefit for unbanked people that still need ways to send money internationally.
• There’s no need to verify your phone and MTCN numbers to receive funds.
• Senders can track the transfer status on the go in their transaction history in the app. There’s no need to type in MTCN or the recipient’s mobile number to track a transfer.

Moreover, users only need to assign the recipient by email address or contact number when they want to transfer money peer-to-peer. No additional financial details are required. There’s no annoying paperwork compared to wiring money through Western Union to Nicaragua. Even if it’s a case of wiring money to a foreign bank, you can save the recipient’s details in a template for recurring payments. This way, you save a bunch of time and nerves.

Send any Amount of Money to Nicaragua at Low Rates with IPSIPay

For regular transactions to Nicaragua, you need a provider with affordable service fees and a reasonable limit for a single transaction. The IPSIPay instant money transfer app meets both requirements. It also provides you with a wide range of useful digital finance services. Apart from multiple ways to affordably send money to Nicaragua, you can leverage:

• An up to $10,000 limit for single transactions.
• Zero cost peer-to-peer transfers. Moving money directly between mobile wallet accounts is free of charge.
• Withdraw funds to IPSIPay Visa debit cards for free.
• Low fee for cash withdrawal at ATMs: only $1.95 for domestic use and $3.00 for international withdrawals.

Go to AppStore and GooglePlay to download the IPSIPay app for free. Get an affordable way to send money to Nicaragua at no time.