Fortunately, two great services, TransferWise and OFX, are available in Micronesia. This doesn’t mean you’ll get an amazing deal (there are faster services available elsewhere), but you won’t have too much trouble. Apart from a few great options, Micronesia is a relatively limited destination for transferring money from other countries.
Micronesia uses the American Dollar (USD). The USD is generally regarded as the default international currency, whenever others are not applicable. The USD is quite strong (relative to historical performances), and sending money in USD is easier and gives you more options than you’d normally have.
TransferWise is the fastest way to send money to Micronesia. TransferWise is a peer-to-peer online money transfer service. This allows them to send money to and from a huge list of countries, but at consistently low rates and with consistent waiting times. With TransferWise, your money should only take a day or two to reach its Micronesian destination.
The cheapest way to send money to Micronesia is through OFX. With OFX, you pay a small percentage of each transaction which shrinks the more you send at once. There are no upfront fees and the service is undoubtedly the cheapest on the market. Furthermore, it typically only takes a day or two for your money to reach its destination.
The main drawback to OFX is that it carries a minimum transfer size requirement which is significantly higher than any of the competitions. Despite this, their rates cannot be beaten, particularly when you send more money at once. The more money you send through OFX in a single transfer, the cheaper the transfer becomes.
If you don’t like the minimum transfer size requirement, TransferWise offers a similarly cheap deal. TransferWise still falls short when it comes to larger transfers.
The easiest way to send money to Micronesia is through TransferWise. TransferWise makes sending money to Micronesia exceptionally easy. After you set up your account, all you need to do is follow these simple steps:
1) Tap in the amount of money to be sent
2) Tap in the destination
3) Pay TransferWise for the transaction.
4) Wait one or two days for the funds to arrive at their Micronesian destination
The overall best way to send money to Micronesia is through OFX. OFX offers the best rates available while also making the money transfer process relatively easy. The company focuses on international currency conversions, but also sends money at great rates.
With OFX, you can expect the lowest costs and good service on a regular basis. The waiting times are average, at just one or two days before your money reaches its Micronesian destination.
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