Remittances from relatives represent nearly 25% of the money in circulation in Moldova. If you’re sending money to family in Moldova, you’ll want it to arrive in good time and at the best rates on the market. Continue reading to find out the best ways of sending money to Moldova from the UK.
Remittances in Moldova
The official currency of Moldova is the Moldovan leu or Leu, represented by the “MDL” abbreviation or the “L” symbol.
Thanks to modern technology, there are now an array of options for sending remittances in the local currency directly to locations in Chișinău, Bălți, Tiraspol and more.
In Moldova, it’s common for recipients to request remittances in euros (EUR) or US dollars (USD).
Regardless of which currency they receive, it’s important to know the best way to send money to loved ones in Moldova.
Transfer money to Moldova with your bank
Banks perform a myriad of financial transactions, including international money transfers. However, transferring money to Moldova via your bank could turn out to be costlier than expected.
At first glance, most banks do offer low transaction fees for international money transfers. However, poor exchange rates often tilt the transfer, i.e. the profits, in their favour.
Then there are receiving bank and SWIFT transfer fees to pay – which aren’t always advertised upfront.
Finally, a combination of bureaucratic red tape and outdated practices mean that you should avoid using your bank to transfer money to Moldova if better options are available.
Send money to Moldova with Xoom
Although Xoom is a PayPal company, there are some differences between the two services.
While PayPal serves both individual and business accounts, Xoom was created for non-commercial transfers.
What they do have in common is that they both stack up as costly ways to send money to Moldova. That’s because, on top of their exchange rate mark-up and transfer fees, Xoom also charges a 3-4% currency conversion fee.
Often mistaken for a foreign transaction fee, a currency conversion fee is an extra cost charged for what is really just a calculation. Imagine looking at your supermarket receipt and realising you’ve been charged a ‘till calculation fee’ as well, and you’ve got the idea.
One advantage of sending money to Moldova with Xoom is they do offer a cash pick-up option but only in EUR and USD.
Send money to Moldova with MoneyTO or Western Union
If your recipient in Moldova doesn’t have a bank account or prefers to pick up MDL in cash, MoneyTO and Western Union both offer this option. Cash pick-up may be the most convenient option for your recipient, but it can also be expensive.
That’s because their service fees and exchange rate margins push up the total cost of the transfer.
Despite this, Western Union and MoneyTO have the best coverage of all the regions in Moldova. That’s great news if you’re sending money to remote areas of the country.
Use a money transfer service to send money to Moldova
Thanks to innovative technology, digital providers usually offer a faster, cheaper way to send money abroad than banks and high street providers.
Services like TransferWise, Paysend, Ria and Skrill all offer excellent features, payment and pick-up options to meet the growing demand for remittances in Moldova.
Whether you’re sending large or small amounts of money, a specialist money transfer provider will generally be your most efficient option.
Send money to Moldova with Azimo
Azimo is the best way to send money to Moldova. In fact, you can save up to 75% versus other providers and banks.
But don’t just take our word for it. According to World Bank data*, Azimo is the cheapest way to transfer money to many locations.
That’s because our exchange rate compares favourably to the mid-market rate, i.e. the fair exchange rate, and our fees start at just £0.99p.
*Taken from Q3 data 2020
From Victoria Bank to BCR Chișinău, Azimo only works with the most trusted banks and financial institutions in Moldova. Coupled with the best encryption and anti-fraud technology, your money is safe with Azimo every step of the way.
If you need to send money to Moldova in a hurry, we offer instant, one-hour or same-day transfers to most major Moldovan bank accounts, mobile wallets and pick-up locations – even at weekends.
Use our award-winning app to set up currency alerts for the MDL and EUR, so you always know the best time to send money.
How to send money to Moldovan bank accounts with Azimo
Whether you’re sending money to family in Moldova or making payments to a business supplier in Moldova, take care when filling out their information. A misspelling or wrongly entered digit could delay your transfer – so it’s always best to double-check. For Moldovan bank accounts, please make sure you’ve checked:
- The recipient’s full name.
- The recipient’s address – not the bank’s address.
- The 24-digit IBAN beginning with ‘MD’.
- That their account can accept the amount of money you’re sending.
- The company name if you’re making a business payment.