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Guinea and its capital of Conakry have a prominent position on the coast of West Africa and all the business it attracts, primarily in the mining sector, means a lot of people send money in and out of it.
If you're one of them, compare your options before sending money to Guinea and find out what you can do to get more cost-effective transfers.
Just enter your transfer amount and currency into the table below, and it will run the numbers and show how much different transfers may cost with different providers. This calculator can make comparing transfers and finding a better deal much easier.
There are several ways of sending money to Guinea. Some transfer services will deliver funds in your choice of method.
You can send money directly to your recipient's mobile phone with a growing range of mobile money services.
There are several cash transfer services in Guinea, which can deliver cash to your recipient on your behalf.
You may be able to send money to Guinea by going through your bank, but you'll need to contact it and ask.
The table below shows how much transfers cost with different services so you can get a sense of how much you can save by comparing options before sending your money transfer.
Money transfer service 1 | Money transfer service 2 | |
---|---|---|
Fee | $14.99 | $9 |
Exchange rate | 1 AUD = 6206.47 GNF | 1 AUD = 6124.92 GNF |
Transfer speed | Instantly | Instantly |
Amount of Guinean francs received/strong> | GNF6,113,435 | GNF6,069,795 |
Overall | GNF43,639 more | GNF43,639 less |
Both options here are services which can deliver funds almost immediately through cash pick-up and in this case, the one with the higher fees will still give the recipient more money overall, netting them over 40,000 Guinean francs (about $6) more. This is because the exchange rate is so much better than the other transfer service.
It's worth looking at both the exchange rates and the fees when comparing money transfers.
How long it takes to send money overseas using a transfer service will often depend on how many bank transfers are involved en route, if you're transferring to or from a bank account. Each bank transfer can add a couple of days to the overall time, depending on the bank and the transfer location.
If you want an instant transfer you can find a place to pay with card or cash, and then select cash delivery or mobile money as an option.
Although it's fast it also tends to cost more than other options do.
If you don't have a bank account you're still able to pay with cash in some locations, such as at a local MoneyGram agent.
If your recipient doesn't have a bank account they can still receive mobile money transfers and pick up cash in Guinea.
The popularity of mobile money services is growing in Guinea and some services will now let you send funds to Guinea for delivery as mobile airtime.
This can be a very fast and affordable way of making payments in an underbanked region and if you also have a suitable mobile money account you may be able to save money by making a payment directly rather than using a transfer service.
Transfer services will require some information before processing your transaction. Different transfers will require different amounts and types of information. The basic details you need to provide include:
There are several things to consider when comparing money transfer services. To find the one that's best for you, look at the elements which are most important to you.
Then you can compare the transfer service's exchange rates to those mid-market rates to see exactly how much you're paying on top of the fees.
Today's exchange rate AUD to GNF
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