With a coastline of 2,470 km facing the Indian Ocean, Mozambique can give Australia a run for its money with its diverse and fascinating beach experiences ranging from tropical, wild, adventurous and world class. Since 2001, Mozambique has showcased one of the most consistently high Real Gross Domestic Product (GDP) growth rates in the world of above 7% Real GDP, with impressive growth in sectors like tourism, natural resources that include gas and oil, and agriculture.
Mozambique ranks Australia as its 20th highest source for imports which accounts for about 0.7% of its total imports. The total merchandise trade, imports and exports included, is almost AUD$0.5 million, with the trade in services much higher at AUD$43 million in total. Australia also has an investment of AUD$29 million in Mozambique.
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Compare different money transfer companies for sending money to Mozambique
Jonathan is a businessman in the gas and oil industry and has recently heard about the niche opportunities in Mozambique regarding these industries. Should there be potential in this industry in Mozambique, he might open necessary local bank accounts and work through a Paypal service to get money there.
As a second option, he compares different companies for sending money to bank accounts and for cash pickups in Mozambique. He uses a comparison amount of AUD$1,000 and gets the following data below.
| Money transfer company A | Money transfer company B |
|---|
| Exchange rate | 1 AUD = 34.46095 MZN | 1 AUD = 32.3642 MZN |
| Transfer fee | 10 AUD (if under 10,000 AUD) | 70 AUD |
| Amount of MZN received in Mozambique for 1,000 AUD | 34,460.95 MZN | 32,364.23 MZN |
| Transfer time | 2 to 4 days | Minutes |
| Transfer options | Online, phone | Online, phone, agent |
| Difference in MZN | | |
View the variables that Jonathan used to compare companies in sending money to Mozambique
- Exchange rates. The exchange rate between Mozambique and AUD has seen a consistent weakening of the MZN currency with recent dips due to political unrest that affected the economy. These changes can be quicker to reflect on some company services compared to others.
- Pickup methods. The pickup methods to use when receiving money in Mozambique can be through a bank account, either by receiving money to it, or by withdrawing from a Paypal account. Cash pickup is available when using MoneyGram and Western Union.
- Fees. Fees are higher for cash pickups than for bank account transfers and usually also become less when amounts sent are higher due to a lower input cost necessary.
- Bank to bank benefits. There are no bank to bank account benefits, although there are free service factors when using Paypal to Paypal based transfers.
- Turnaround time. The turnaround time can range from minutes to days. Short turnaround times like 10 minutes when using MoneyGram or Western Union will result in higher fees but are ideal for emergency cash transfers. Generally, a bank account will take a longer amount of time of about two work days, but could take up to five days.
- Transfer methods. The transfer methods include phone, online accounts, mobile app and agent locations.
- Transfer options. For the available companies, transfer options include once-off payments, forwarded contracts, regular payments, and market orders. These are a great collection of options to cover both emergencies or a business setup as in the case of Jonathan’s needs.
- Minimum and maximum transfer amounts. The minimum amounts range from zero to AUD$1,000 and maximums can range between a daily or maximum or weekly maximum.
- Customer service. The customer service options include phone and email support and also a live chat option in the case of WorldFirst Foreign Exchange that could help immediate queries to be resolved.
Back to topHow can you send money to Mozambique from Australia?
You can use Compass Global Markets, MoneyGram, Western Union and WorldFirst Foreign Exchange to send money to Mozambique from Australia.
The Citibank Plus account supports the MZN currency, but a visit to a branch will be necessary to know whether it is only for card purchases in Mozambique or whether it supports an international money transfer to Mozambique.
Paypal supports the Mozambique market, please see below in the article on the steps for a Paypal account holder to receive money in Mozambique.
How do you receive money from Mozambique in Australia?
- Money transfer services - You can use Compass Global Markets, MoneyGram, Western Union and WorldFirst Foreign Exchange to send money to Australia from Mozambique.
- Paypal - Verify whether the bank account in Mozambique supports uploading money to a Paypal account and then send money to a Paypal user in Australia or withdraw it to an Australian bank account.
Back to topEmergency cash transfers to Mozambique are possible
There are two companies available to use when you are in need of emergency cash. Both MoneyGram and Western Union have years of experience in delivering money transfers and will get you a cash transfer within minutes.
Use the agent locations, detailed below, as a starting point and work through customer support to see if your destination can also receive a cash transfer for you to pickup.
Back to topCash pickup locations in Mozambique when using MoneyGram and Western Union
Maputo
- Standard Bank Mozambique
Av Mao Tse Tung No 559, Maputo, 1100
2581490459
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am - Standard Bank Mozambique
Av 25 De Sept No 2614, Maputo, 1100
2581327356
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am
Beira
- Standard Bank Mozambique
Largo Do Metical No 14, Beira, 2100
2583325095
Monday to Friday, 8am to 3pm, Saturday and Sunday, 12am to 12am
Maputo
- Banco Intl De Mozambique
Millenium Bim Amilcar Cabral
Av. Amilcar Cabral Nr.
Maputo, Maputo
+2582-1-311096
Monday to Friday, 8am to 3:30pm, Saturday and Sunday, closed - Expresso
Bim Expresso Timor
Maputo, Maputo
+2582-1-306923
Monday to Friday, 8am to 6pm, Saturday and Sunday, closed
Beira
- Banco Intl De Mozambique
Rua Major Sarpa Pinto 1134 B
Beira Sede
Beira, Sofala
+258-23-329605
Monday to Friday, 8am to 3pm, Saturday, 10am to 1pm, Sunday, closed
Global tips for picking up cash in Mozambique
Tourists and foreigners are advised to move around with a high degree of caution in Mozambique. Avoid picking up cash in the dark and if possible, keep travel to daytimes. Serious cases of crime, which include sexual assault, robberies, petty theft and bag snatching, have been reported. It is wise to move in groups and pay close attention to your personal security when picking up cash.
Public demonstrations still occur in Mozambique and it is best to pick up cash in an area where these can be avoided in your travels. Use the locations above as a starting point and choose your cash pickup location close to professional environments and tourism hotspots.
Back to topWhat are the steps to send money to Mozambique?
Send money to a recipient using a money transfer service or cash pickup service:
- The recipients details (includes ID in some cases) for both types of services.
- The bank account details of the recipient for both types of services.
- The physical location or agent location where the recipient can pick up the money when it is a cash pickup service.
- The right amount and currency from where you are sending for both types of services.
If you are sending money to a bank account, the following details are important:
- The SWIFT / BIC details which details the branch and bank specifics to where you are sending the money.
- Account details of the recipient.
- Recipient’s basic details.
- Correct amounts and currency.
If you are using Paypal, you will need the following:
- You will need an account with Paypal in one of its supported markets.
- A bank account that is able to withdraw or upload money from and to your Paypal account.
- Be able to convert the currency in Paypal to your local currency or bank account currency.
