Before, sending money outside Uganda was always a concern, but these days, it’s easy to arrange a fast, secure, and transparent transfer so you don’t have to keep wondering whether the money you’ve sent has been received.
To help you, we’ve sourced out some of the best ways through which you can send money abroad from Uganda. And, like most things, each of these money transfer methods has its advantages and disadvantages as you’ll see.
Here is a summary of the different transfer methods to help you send money abroad.
Transfer methods to send money abroad from Uganda
- Banks
In Uganda, several banks support international money transactions. As a result, you can do a transaction without having to walk to your bank.
It’s however important to keep in mind that different banks have different transaction fees. You can ultimately receive less than you anticipate if the bank provides a low exchange rate or the payment is handled using SWIFT because of large, unforeseen, or hidden expenses.
Make sure to check out different banks in Uganda and what their charges are.
To send money, you only need to give the recipient’s information, and the bank on your behalf will wire money out of Uganda.
- Money Orders
A money order is a payment order certificate that you buy to pay or send money to someone else. For it to work, you must provide details about the payee and the amount that must be paid or sent.
The sender, may buy it with cash from post offices or other financial institutions and mail it or deliver it in person to the recipient.
Even though this service has restrictions in many nations, including Uganda, it is still among the finest for money transfers.
Money orders are the ideal choice to utilize if you are not sending it urgently or for a sizable sum.
- Forex Companies.
Using Forex companies is something you might think about using when you have a lot of money. Especially when it comes to foreign exchange services, foreign exchange companies are safe and frequently the best.
They also offer same-day transfers and charge lower prices than other companies.
Western Union & MoneyGram (Through their agents)
Agents for the well-known money transfer companies Western Union and MoneyGram can assist you in sending money abroad from Uganda.
MoneyGram provides quick, dependable options to send money, including sending it to a bank account, a mobile wallet, or for cash pick-up. It’s also available in over 200 countries and territories.
Similarly, over 550,000 sites worldwide make up Western Union’s extensive agent network. You can arrange payment as a sender online, offline, or through the Western Union app, using cash, a credit card, or a bank transfer.
The costs associated with using Western Union’s cash collection services can be rather costly. You must be aware that the exchange rate will change depending on the payment’s circumstances and will be marked up from the mid-market rate.
Considering that these two have been providing these services for a long time, you probably already know who they are. Additionally, they continue to be among the reliable ways to send money at any time.
Conclusion
By following this simple guide, you’ll find it easy to send money abroad from Uganda. To ensure that both you and the sender are getting the best deal possible, it is worthwhile to compare the various transfer methods before your payment is sent to you.
Depending on the transfer method you choose, you will need to provide the sender with specific details.
Lastly, to prevent unforeseen delays or issues, it’s crucial to make sure you provide all the information needed to complete the transfer.
