The best, fastest & cheapest ways to send money to Bahamas

The exchange rate plays a key role in determining how much BSD your recipient in BS will get.

For example, in the past 7 days average rate for USD to BSD was 0.9992 BSD.

Since USD-BSD exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more BSD.

If you need to make an urgent transfer, we recommend using Remitly, which consistently offers the best rates for Bahamian Dollar transfers.

The most cost-effective way to fund your transfer to Bahamas is through a bank transfer with Remitly, which is 0.87% cheaper than the second-best service.

The way you fund your transfer to Bahamas impacts the cost, speed, and how much BSD the recipient will receive.

Based on our live data for a $7,000 transfer from the US to Bahamas, the following are your best options:

• Remitly with bank transfer deposit costs $0 and has a 0.03% markup.

• Xe with a debit card deposit costs $0 with 2.35% markup.

We advise against using bank transfer, as they tend to be the most expensive option for BSD transfers.

Credit card transfers may incur cash advance fees and higher interest rates on BSD, and are usually more expensive.

Whenever possible, avoid transfers via the SWIFT network to BS. SWIFT transfers to Bahamas are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much BSD you can send.

The amount you transfer can also affect the fees and the BSD exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Bahamas.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of BSD you can send.

This is why it’s really important to compare your options when transferring money to Bahamas.

The speed of sending Bahamian Dollar to Bahamas depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $7,000 transfer to Bahamas:

Use Xe for fastest transfers

Of the 4 companies offering BSD transfers, Xe consistently offers the fastest delivery times across all deposit methods.

For bank account & card deposits use Xe

Xe offers fast and affordable Bahamian Dollar transfers, with fees of around $0 for bank deposits and $0 for debit card deposits, plus a small 2.35% markup on top of the BSD rate.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for BSD transfers. Due to intermediary banks on the way to Bahamas, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Bahamas:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our analysis, Wise stood out as the top money transfer company servicing Bahamas.

Mobile apps and e-wallets

Most money transfer services that accept Bahamas offer mobile transfer apps, which often have better deals on BSD exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Bahamas are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring Bahamian Dollar as cash is almost always instant but requires the recipient to visit a nearby agent in Bahamas to collect the BSD.

Bank wire transfers

You can transfer Bahamian Dollar via your bank.

We strongly recommend not using your bank to wire BSD directly to Bahamas due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send BSD from there.

There are multiple ways to receive money in Bahamas. Picking the right one can save you on fees and speed up the BSD transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Bahamas, we recommend Remitly.

The card transfer will also land in the recipient’s bank account in Bahamas. Use Xe to deposit with a debit card at just $0 per transfer.

Cash pickup and delivery

If the recipient in Bahamas needs BSD urgently or doesn’t have access to a bank account in Bahamas, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive BSD directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Remitly.

When sending money to a bank account or e-wallet in Bahamas, Bahamian Dollar will arrive without any involvement from the recipient.

However, if you're sending BSD as cash or transferring large amounts to Bahamas, the recipient may need the following:

• Government-issued ID: A national ID of Bahamas, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of BSD being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Bahamas, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of Bahamian Dollar.

There may be tax obligations and government-imposed limits or restrictions on BSD transfers/payments to BS.

Some BSD transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain BSD transfers (especially large sums of Bahamian Dollar) may need to be reported to the tax authorities in Bahamas or in your country.

When unsure, it’s best to consult with a tax professional in Bahamas or your home country to ensure compliance with the regulations.