Before starting to send money home make sure all of your questions are answered and you feel comfortable with the service you’re using to transfer money. Transferring money home can be an intimidating process, but once you decide on the path and equip yourself with a few informational tools transferring money can be simple, easy, and INSTANT.
Here is an example from start to finish with all of your questions answered. Let’s look at the process of sending money to Zimbabwe from the UK as it is a popular and growing remittance corridor.
What does it mean to Send Money to Zimbabwe?
Money transfer is a form of remittance from a foreign worker back to his or her home country. Many Zimbabweans have moved to the UK because of economic and political reasons and are actively sending money back to Zim to support family and friends in the recovery and development of their home. The role of remittances in development is a major talking point for scholars and economists, but the bottom line is that the Zimbabwe corridor is active and sustaining many families back home.
How do I send money to Zimbabwe? What are my options?
Transferring money to Zimbabwe can happen in a few different ways:
- Retail Money Transfer: One of the big-hitter names in retail money transfer is Western Union, which allows money transfer without an account with Western Union or any financial institution. Western Union is wide-spread and recently reopened their Zimbabwe remittance corridor, but have also received criticism, including links to terrorism, for their lack of security and high fees. With Western Union you get the brand-name with a huge cost.
- Bank Transfer: If you have a bank account and the person you’re sending money to in Zim has a bank account then sending money though your financial institution is also an option. An expensive option. An expensive option that can take up to a week to come through.
- Send Money Online: Sending money online to Zimbabwe allows people to send money at lower fees and do not require a physical location or branch. Often sending money through online companies can save time and money.
Okay, it sounds like sending money online is the fastest and cheapest way to get money to Zimbabwe, but how are they really cheaper than going to the shop?
- Well, the online firm doesn’t have to pay a portion of the transaction to that corner-store agent, doesn’t have to kit out that agent with systems or training, and doesn’t have to do the same on the cash collection side – where your relative uses the funds.
- You also are able to repeat old orders easily online – it’s totally geared for it. Whereas a corner store, each time you walk in, you’re doing it from scratch. Not to mention how much time is wasted waiting in queues!
- Often online companies offer loyalty programs, connecting families and friends by offering monetary incentives and savings.
But is it safe to send money online to Zimbabwe??
Sending money to Zim should be a safe and simple process– that’s why sending money online just makes sense. Make sure when you exchange your money you are getting the best deal, without compromising security. Send money home and Money Move are two a helpful forums for information on migrant remittances, but when one is looking to send money to Zimbabwe, certain safety tips should be considered:
— How long have they been doing business for? Make sure the company has a respected trading history and are registered on company house.
— Are they supported by respected banking partners? Does the money transfer company work with names and companies you recognize and trust?
— Do they use Verified credit card technology, such as 3-D secure? Are they clear about following national and international laws, such as requiring certified copies of identification cards?
— Check to see if the organization is authorized. If the company is based in the UK they should be regulated by the FSA, for instance, maintaining consumer protection, public awareness, and the reduction of financial crimes.
So sending money online to Zimbabwe can be safe and cheap. Any suggestions?
Before transferring money home it is important to do a little research, comparing prices and fees for different remittance services, in order to get the most for your transaction. Here are a few resources that I’ve found helpful in familiarizing oneself with the process and pricing matrix surrounding transferring money to Zimbabwe and around the world.
- Migration Information Source is unmatched in their research and data on remittance and migration flows. The site is filled with tools, data, and facts so you can really know your stuff. I would recommend the data hub for country specific info.
- Remittance Prices Worldwide, sponsored by the World Bank is a definitive comparison and remittance data source that aims to promote transparency in order to lower money transfer fees.
- Southern African Migration Project provides current and thorough research on remittances and development
- Sending Money Home and Moving Money are helpful too, but don’t feature my favorite money transfer company.
Wait, what is your favourite way to send money home to Zimbabwe?
My favourite way to send money to Zimbabwe is through a company called Mukuru.com, established 2004 seems to be one of the easiest and most affordable services to send money back to Zimbabwe. The fresh company was established by Zimbabweans living in the UK who were looking for an innovative and simple way to transfer money to Zimbabwe. Cash collection is immediately available at local bank branches, as vouchers are sent by SMS– connecting Africa in the most inclusive way.
These guys have also mastered the ease of money transfer to Zimbabwe by making it as simple as possible to send money home instantly. Unlike the “cornershop model” of bigger businesses, where each time you want to send money back you have to start from scratch, Mukuru welcomes you into their secure system to allow repeat transactions occur seamlessly.
Mukuru.com has also proven to be a respected trailblazer in the remitting of goods and services, such as offering the option to send fuel, groceries, or even pay DsTV bills for friends and family members back home. Mukuru seems to have gone where very few money transfer companies are willing to go; when sending money to Zim, best to put faith in those who know.