The former Republic of Macedonia has gone by the name of North Macedonia since 2019, following a longstanding dispute with Greece. It is a beautiful landlocked country situated on the Balkan peninsula and bordered by Kosovo, Serbia, Bulgaria, Greece and Albania. Whether you are hoping to head to North Macedonia for a vacation or work trip, or need to send money to friends and family there, we will be providing all the information you need to make a well-informed decision about which money transfer service to use for this cross-border payment.
Previously a part of Yugoslavia before they gained independence in 1991, North Macedonia is one of 11 Balkan countries in southeastern Europe. Just over 2 million people reside in North Macedonia, the majority of whom are originally Macedonian but almost quarter of the population are Albanian, Turkish, Serbian and Bosnian. North Macedonia has a rich history and a great deal of awe-inspiring natural environments, such as Lake Ohrid, one of the deepest and oldest lakes in the world; 1.36 million years old, to be exact.
Known as “the city of statues” the capital of Skopje is North Macedonia’s most popular tourist destination. It is also home to the National Bank of the Republic of North Macedonia, the central bank which manages foreign exchange reserves for the entire country.
The official currency of North Macedonia is currently the Macedonian Denar (MKD) but this could change if the country’s application for European Union membership – submitted 17 years ago – is approved. However, North Macedonia’s EU Accession Negotiations have faced multiple setbacks and it appears the country is unlikely to join the EU anytime in the immediate future.
The current exchange rate for the Macedonian Denar (MKD) is 54.86513 MKD per American Dollar (USD) as of the time this was written. The MKD reached a high of 54.8651 MKD per USD and a low of 54.3968 MKD per USD during the last 90 days. The average exchange rate over the last 90 days was 54.5339 MKD per USD.
The average volatility rate of the MKD against the USD was 0.26% for the last 90 days. This is a normal volatility rate which follows the long-term behavior of the MKD. You can reasonably expect only moderate fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Macedonia is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money will reach its Macedonian destination in a matter of minutes. The fast option is also quite affordable and costs less than most of their slower competition. The main drawback to Ria Money Transfer is that some users complain of hassles and a platform which isn’t the easiest to use. When it comes to their fast option, you can be sure you’re getting a good deal when it comes to both speed and cost.
The cheapest way to send money to Macedonia is through Paysera. Paysera is a great option if you’re sending money to Macedonia, and there are several reasons. First of all, Paysera is one of the very few options which won’t mark up the currency conversion exchange costs. The only catch is that the money will be received in USD if it was sent in USD. Their upfront costs are also very low, making Paysera the cheapest option for Macedonia. Waiting times are normally only 1-3 days as well.
Paysera is great, but it isn’t as available as many other options. If you intend to send large sums of money (USD $1000 or more) at once, then OFX is your best option for large transfers. They charge you less as you send more money in a single transfer, but they carry a high minimum transaction size requirement.
The easiest way to send money to Macedonia is through Payoneer. With Payoneer, you can switch between different money transfer methods to suit your needs. You have several options for sending money through Payoneer. We recommend you use Payoneer to send money to either the recipient’s debit card or bank account, which offers greater convenience and security when compared to other methods. With the debit card method, the recipient can withdraw the money right away upon the transfer’s completion.
OFX is the overall best way to send money to Macedonia. This is because OFX simply offers the best-rounded deal you will find. Their waiting times are only 1-2 days, which is quite fast for money transfers at the rates you’re paying them. They also charge the lowest amount of money for larger transfers, but they guarantee generally low rates. Lastly, their platforms are easy to use once your account and the recipient’s details are all worked out.
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