The best, fastest & cheapest ways to send money to Nicaragua

The exchange rate plays a key role in determining how much NIO your recipient in NI will get.

For example, in the past month average rate for USD to NIO was 36.8094 NIO.

Since USD-NIO exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more NIO.

If you need to make an urgent transfer, we recommend using Wise, which has consistently offered the best rates for Cordob Oro over the past six months.

The most cost-effective way to fund your transfer to Nicaragua is through a Bank transfer with Revolut, which is 1.7% cheaper than the second-best service.

The way you fund your transfer to Nicaragua impacts the cost, speed, and how much NIO the recipient will receive.

Based on our data from the last six months for a $2,000 transfer from the US to Nicaragua, the following are your best options:

• Revolut with bank transfer deposit costs $0 and has a 0.12% markup.

• Wise with a debit card deposit costs $13.82 with 0% markup.

• Wise with a credit card deposit costs $43.43 with 0% added to the NIO exchange rate.

We advise against using Debit card, as they tend to be the most expensive option for NIO transfers.

Credit card transfers may incur cash advance fees and higher interest rates on NIO.

CC deposits also tend to be more expensive. For example, Wise charges $43.43 for credit card deposits, while a bank transfer via Revolut costs $0.

Whenever possible, avoid transfers via the SWIFT network to NI. SWIFT transfers to Nicaragua are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much NIO you can send.

The amount you transfer can also affect the fees and the NIO exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Nicaragua.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of NIO you can send.

This is why it’s really important to compare your options when transferring money to Nicaragua.

The speed of sending Cordob Oro to Nicaragua depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $2,000 transfer to Nicaragua:

Use PayPal for fastest transfers

Of the 7 companies offering NIO transfers, PayPal consistently offers the fastest delivery times across all deposit methods, appearing 39 times in our searches over the past 6 months.

For bank account & card deposits use Wise

Wise offers fast and affordable Cordob Oro transfers, with fees of around $10.55 for bank deposits and $Wise for debit card deposits, plus a small 0% markup on top of the NIO rate.

For credit card transfers use Wise

Based on our six-month search data, Wise takes up to one day to send NIO via credit card, with a fee of $39.74 and 0% markup.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for NIO transfers. Due to intermediary banks on the way to Nicaragua, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Nicaragua:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our six-month analysis, Wise stood out as the top money transfer company servicing Nicaragua, appearing in 100% of NIO transfers in our search system.

Mobile apps and e-wallets

Most money transfer services that accept Nicaragua offer mobile transfer apps, which often have better deals on NIO exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Nicaragua are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring Cordob Oro as cash is almost always instant but requires the recipient to visit a nearby agent in Nicaragua to collect the NIO.

Bank wire transfers

You can transfer Cordob Oro via your bank.

We strongly recommend not using your bank to wire NIO directly to Nicaragua due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send NIO from there.

There are multiple ways to receive money in Nicaragua. Picking the right one can save you on fees and speed up the NIO transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Nicaragua, we recommend Revolut. They appeared in 54.7% of NIO searches as the cheapest option for bank transfers to Nicaragua.

The card transfer will also land in the recipient’s bank account in Nicaragua. Use Wise to deposit with a debit card at just $13.82 per transfer.

Cash pickup and delivery

If the recipient in Nicaragua needs NIO urgently or doesn’t have access to a bank account in Nicaragua, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive NIO directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Nicaragua, Cordob Oro will arrive without any involvement from the recipient.

However, if you're sending NIO as cash or transferring large amounts to Nicaragua, the recipient may need the following:

• Government-issued ID: A national ID of Nicaragua, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of NIO being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Nicaragua, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of Cordob Oro.

There may be tax obligations and government-imposed limits or restrictions on NIO transfers/payments to NI.

Some NIO transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain NIO transfers (especially large sums of Cordob Oro) may need to be reported to the tax authorities in Nicaragua or in your country.

When unsure, it’s best to consult with a tax professional in Nicaragua or your home country to ensure compliance with the regulations.