Afghanistan is currently in the midst of political unrest imposed by fundamentalist group, the Taliban. Due to the nature of this conflict, the global consensus has been to pause international remittances in and out of the country. The status of this suspension is subject to change on a daily basis and on this page we will outline what this means for those who wish to send money to Afghanistan.
Author
Jonathan Merry
5 minutes
February 5th, 2024
Disclosure
Best Overall
Wise is the top rated money transfer provider that usually appears in our search results to Afghanistan.
For many Afghans, receiving financial help from family and friends overseas is a primary source of income. According to the World Bank, the country received nearly $800million in overseas remittances in 2020, accounting for almost 4% of Afghanistan’s GDP last year.
Since the Taliban gained control in August 2021, however, Afghanistan has become increasingly disconnected from financial systems around the world. Customers who intend on sending money into the country are likely to face obstacles, delays and refusals, as the nation continues to be considered an ongoing concern for the international remittance market.
In August 2021, almost immediately after withdrawing the last of the U.S. Troops from Kabul, The U.S. Treasury Department halted the shipment of US Dollars and cut off access to the Afghan central bank’s reserve.
Many of the biggest money transfer companies, such as Western Union and MoneyGram, followed the United States’ lead, by suspending all remittance services in and out of the country.
Bank branches and popular remittance companies have since reopened and resumed their services, but due to ongoing security concerns customers should be wary of the potential for future suspensions.
Current Exchange Rates for Afghanistan
The nation’s official currency - Afghan Afghani (AFN) - has suffered greatly since the Taliban took over. Due to long delays and suspensions of foreign currency exchange, the value of AFN has fallen dramatically, plunging to new lows amid the ongoing turmoil.
What’s the Overall Best Way to Send Money to Afghanistan?
At the time of writing (October 2022) we do not advise customers to send money to Afghanistan, due to the country’s current uncertain financial status. We will post updates on the financial situation as and when they become available.
Frequently Asked Questions About Afghanistan Money Transfers
How money transfers work & how long it takes?
The process will largely depend on the provider you use, however, the process typically involves the following steps:
You will need to sign up with the chosen provider (use our comparison tools to find the best service for your needs)
Then you will need to deposit the amount you want to send and the fees associated with it.
The provider will transfer your funds in the right currency directly to the recipient without any intermediaries.
You can deposit your money with a bank card online or you can make a transaction inside the store.
This process usually takes 1-2 days for the recipient to receive their money, but some providers can send money instantly.
Why use money transfers over my bank?
Unless you don't mind paying higher fees to send money abroad, we recommend you avoid using your bank to for international money transfers. Banks usually charge a lot of different fees for each transfer you make, including handling charges and foreign exchange commission.
Money transfer services, on the other hand, provide the same security, quicker delivery times and much lower fees as they are deposited directly to recipients bank account without any intermediaries. Quite often, using a money transfer provider is the best way to send money internationally.
What can I use money transfers for?
It might look confusing and unusual to use anything other than a bank to send money for any reason other than a generic transfer, however, there are many more ways to use money transfers.
For instance, you can sign up with a money transfer provider to receive your pension abroad. Many money transfer companies have dedicated teams and resources for that particular reason.
You can save a lot on fees if sending large sums at once. For example, if you’re looking to buy a house abroad you can benefit from the better exchange rate and lower fees by using a money transfer company compared to a traditional bank.
You can use money transfer services for the same reasons you use your bank, but with lower fees, quicker delivery times and better exchange rates. If you are just getting started you can read our selection of guides to help you grasp on the basics.
How to find the best exchange rate?
Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here’s are a few tips to find the best exchange rate online:
Start looking early: various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair.
Pay attention to the current exchange rate: staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is advised to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price.
Avoid using your bank: banks are trustworthy, reliable and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate.
Can I send money with MoneyTransfers.com?
No. MoneyTransfers.com is a comparison website aiming to match you with the best money transfer providers for your needs when transferring money online.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com