Find the best ways to transfer money to Ethiopia

The exchange rate determines how much ETB the recipient will get when you transfer money to Ethiopia.

For example, today, the average exchange rate between US Dollar and Ethiopian Birr is 127.188.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more ETB.

If you do need to send ETB now, we suggest using Wise. Their rate for transfers to Ethiopia was the best over the past 6 months.

The cheapest way to pay for your transfer to Ethiopia is via Bank transfer with Wise. It is 2.2% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of ETB you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Ethiopia using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Bank transfer option for transfers to Ethiopia, as it’s the most expensive.

Credit card transfers to Ethiopia come with cash advance fees and higher interest rates on ETB.

Wise, for example, charges $33.43 when paying with a credit card vs $510.21 via bank transfer by Wise.

When possible, avoid sending ETB over the SWIFT network. Despite its name, SWIFT transfers to Ethiopia are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts.

Here’s what to expect when sending money to Ethiopia, depending on how much you plan to transfer.

Sending under $1,000 to Ethiopia

Money transfer apps allow you to send money quickly and with minimal fees. Apps like WorldRemit and Western Union, make sending small amounts of money possible with no hassle.

Sending $1,000 or more to Ethiopia

MoneyTransfers.com provides reviews of money transfer apps based on sending $2,000 or less. Once you go over this amount, you may encounter some transfer limits.

For example, WorldRemit only lets you send up to $9,000 in 24 hours, and even then, you can only send $5,000 per transaction.

Western Union requires verification before you can send large amounts. Before this, you can only send $3,000.

Sending $10,000 or more to Ethiopia

For transactions over $10,000, WorldRemit will no longer be an option unless you break payments into smaller amounts and take a few days to transfer the total amount.

Once verified, Western Union will let you send up to $50,000. Capital One will also allow you to send up to $50,000 in a wire transfer.

Sending $100,000 or more to Ethiopia

The largest transfers may require the assistance of a broker like TorFX or Currencies Direct. Alternatively, you can make multiple transfers using the apps listed above.

In general, the quicker you need ETB delivered, the more it will cost you in fees.

Transfer speed to Ethiopia depends on the ETB amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Ethiopia.

Overall, of 9 companies serving Ethiopia, Ria Money Transfer is the fastest regardless of the deposit method, appearing 54.2% of the time in our searches.

For bank or debit card deposits, services like Ria Money Transfer excel in this regard, offering near-instantaneous and cheapest ETB transfers with $4 or $18.16 fees respectively and 2.8% markup.

Credit card transfers via Wise to ETB can take up to a day with a $33.43 fee and -0.09% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

For most urgent transfers to Ethiopia, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for ETB transfers as it's slower due to intermediary banks in Ethiopia.

There are a few ways to send money to Ethiopia:

Online

You can send money to Ethiopia with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Wise is the overall best online money transfer provider according to our 6-month analysis. They’ve appeared 81.9% of the time for ETB transfers in our search system.

App

Most money transfer services supporting Ethiopia transfers have an app, often, offering a better ETB rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Ethiopia in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect ETB.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Ethiopia. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank transfers to Ethiopia.

And if you need cash right away, check if cash pickup is an option for transfers to Ethiopia.

If you don't have access to a bank account, you can receive money in mobile wallets, for example:

• Amole

• HelloCash

• E-Birr

• Sahay

• M-Pesa

Please also note that CashApp is not available in Ethiopia.

To receive money in Ethiopia, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of ETB to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Ethiopia, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Ethiopia. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Ethiopia, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large ETB transfers and will help you get things done fast.

You as a sender will need to pay tax when:

• Transfer exceeds the gift allowance limit

• You have a foreign bank account containing $10,000 or more

• You send as a business and more than $10,000 during the tax year

Ethiopian recipients won’t pay tax on gifts. However, any money they receive as part of a business transaction must be reported as “worldwide income.”

That said, only legal residents of Ethiopia are required to pay tax on worldwide income, while others are still held to Ethiopian-sourced income. Ethiopia employs a progressive tax that ranges from 0% to 35%.