The Bahraini Dinar (BHD), like the Qatari Rial, is pegged to the American Dollar (USD). The BHD has been in circulation since 1965 but was pegged to the IMF’s special drawing rights in 1980. This effectively means that since 1980, the Bahraini Dinar has been pegged to the USD.
The BHD is pegged to the USD at a rate of 0.9015 per USD. This has been the situation for almost four decades now. If you are concerned with fluctuations in international currency conversion rates, it would serve you well to learn more about the USD and the factors which affect it. The BHD reached a high of 0.3785 BHD per USD and a low of 0.3761 BHD per USD during the last 90 days. The average exchange rate for the last 90 days was 0.3770 BHD per USD.
The fastest way to send cash online to Bahrain is through the fast option offered by Ria Money Transfer. With Ria Money Transfer’s fast option, your money should reach its Bahraini destination in a matter of minutes. The only downside to using Ria Money Transfer’s fast option is that it’s not as cheap as the slow option. Regardless, they are a fast and competitively priced option which is actually cheaper than much of the slower competition.
If you don’t like Ria Money Transfer for usability reasons, Western Union also offers a fast option. The only thing is that it is more expensive.
The cheapest way to send funds online to Bahrain is through OFX. The main thing that can turn some people away from OFX is that it carries a minimum transfer volume requirement.
If you meet the minimum transfer requirements listed by OFX, you can send money for the best rates on the market. OFX doesn’t charge an upfront stated fee. They do however charge a small hidden currency conversion cost that shrinks as the amount of money you are sending increases. The more money you send with OFX at once, the more money you save.
The easiest way for money transfers to Bahrain is through Payoneer. Payoneer is an intuitive and fast solution for sending money abroad. The company offers you a way to send and receive money to or from almost every country. The recipient to a Payoneer transfer can receive the funds directly onto a debit card, ready for ATM withdrawal immediately after the payment has been received. They also allow for transfers directly into the recipient’s bank account. Furthermore, Payoneer offers various promotions which can reward certain customers.
The overall best way to send funds online to Bahrain is through OFX. When it comes to cost, OFX is simply unbeatable, unless you want to walk to Bahrain with a bag full of cash. Their rates are low, but their ease of use makes them even better. OFX isn’t the most intuitive service out there, but it's fairly straightforward. When it comes to transfer times, OFX usually only takes a day or two to complete a transfer. When every variable is considered, OFX is the overall best way to send money online to Bahrain.