Find the best ways to transfer money to Micronesia

Pay attention to USD exchange rates, as it determines how much USD your recipient will receive.

For instance, today’s average USD to USD rate is 1 but the highest rate over the past 3 months was 1 USD/USD.

Your aim is to transfer when USD reaches a higher value so waiting a few days could result in a better rate, hence more USD received.

For urgent US Dollar transfers, we recommend Wise. It consistently provided the best USD rates over the past six months.

How you fund your transfer affects the cost, speed, and the amount of US Dollar the recipient will receive.

The cheapest way to fund your transfer to Micronesia is with a Bank transfer via Instarem, which is 0.8% cheaper than the next cheapest service.

Based on our six-month analysis of a $2,000 transfer from to Micronesia, here are the top options:

• Wise (bank transfer): Costs $9.03 + 0% markup on top of the USD mid-market rate.

• Instarem (debit card): Costs $15 + 0% markup.

• (credit card): Costs $0 + % markup.

Debit card is the most expensive deposit method for US Dollar transfers, so we recommend avoiding it to maximize the amount of USD received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Micronesia.

For instance, charges $0 for credit card deposits, while Wise charges $9.03 for bank transfers.

Avoid sending USD over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for USD transfers.

Money transfer companies often have minimum and maximum limits on how much USD you can transfer.

The amount of USD you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large USD transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much USD you can send.

To ensure your money transfer to Micronesia goes smoothly, especially if moving large amounts of US Dollar, use our comparison tool to find the service that best fits your needs.

The speed of sending US Dollar to Micronesia depends on factors like the amount of USD sent, the chosen deposit and withdrawal methods, and when you send USD.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer 2,000 USD to Micronesia, here are your options:

• For the fastest transfers, use Wise - Out of 2 companies serving Micronesia, Wise appeared 2 times in our searches as the fastest service in the past 6 months.

• For bank and card deposits, use Wise - Wise provides fast and affordable USD transfers, with fees around $9.03 for bank account deposits and $13.92 for debit/prepaid card deposits, with a small 0% markup on the ‘real’ USD exchange rate.

• For credit card transfers, use - charges $0 for credit card transfers to Micronesia with % markup. However, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need US Dollar to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Micronesia.

Avoid using the SWIFT network for USD transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For USD transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our 6-month analysis, Wise ranked as the top provider for sending money to Micronesia, appearing in 2 comparisons involving USD.

2. Mobile apps and digital wallets - Many services available in Micronesia offer mobile apps, often giving transfer offers on USD rates.

3. Cash transfers - You can send cash to Micronesia through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Micronesia to collect the US Dollar.

4. Wire transfers - While you can wire money to Micronesia through your bank, we advise against it. Banks can charge up to $60 per transfer to Micronesia and add 5% - 6% to the USD exchange rate. Instead, use bank transfer to deposit money to Wise and send USD from there.

There are several ways to receive money in Micronesia, and choosing the right one will help the recipient get the most USD. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Micronesia, we recommend Wise, which appeared in 50% of USD searches as the cheapest option for bank transfers. USD will arrive directly to the recipient's bank account in Micronesia.

• Deposit to digital or mobile wallet - USD can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Instarem. Recipients in Micronesia will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs USD urgently or doesn't have access to a bank account in Micronesia, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Micronesia. This will require the recipient to visit a nearby agent in Micronesia.

When making large USD transfers or sending US Dollar for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Micronesia.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in USD.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Micronesia from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. US Dollar will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of US Dollar.

There may be tax implications and government-imposed limits on US Dollar transfers.

Some US Dollar transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger USD transfers may need to be reported to tax authorities in Micronesia or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Micronesia or your home country to ensure compliance with relevant regulations and tax laws.