Compare the best ways to send money to Rwanda

The exchange rate determines how much RWF the recipient will receive.

For instance, in the past 7 days average exchange rate between the US Dollar and the Rwand Franc was 1,454.0168 RWF.

Since USD - RWF exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more RWF for your recipient.

If you urgently need the money in Rwanda, we recommend using Wise, which offers the best RWF exchange rates.

The cheapest way to fund your transfer to Rwanda is by using a bank transfer with Remitly, which is 0.16% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of RWF received.

Based on a $7,000 transfer to Rwanda using our live data, the options you have are:

• A bank transfer with Xoom will cost you $0 in fees and a 2.3% markup

• Debit card transfer with Remitly costs $0 with 1.85% markup

We recommend not using credit card when sending money to Rwanda, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on RWF.

Whenever possible, avoid sending RWF over the SWIFT network. Despite the name, RWF transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much RWF you can send.

Often, the amount will also impact the fees and the RWF rate you get.

For example, we found Wise to be the best option for sending large amounts to Rwanda.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Rwanda.

The speed of transferring RWF to Rwanda depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your RWF, the more it will cost you in fees.

For example, consider a transfer of $7,000 from the US to Rwanda:

• Fastest provider: Among 7 companies servicing Rwanda, Paysend consistently offers the quickest delivery times across all deposit methods.

• Bank or debit card deposits: Services like Xoom for bank account deposits and Paysend for card deposits provide almost instant and cost-effective RWF transfers. Fees are approximately $0 for bank deposits and $0 for debit card deposits, with a minimal 2.01% markup.

• Credit card deposits are another option, but be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making RWF transfers over SWIFT

SWIFT is slower for RWF transfers due to the involvement of intermediary banks in Rwanda, so it’s best to avoid it if speed is your priority.

For RWF transfers, you have the following options:

Money transfer companies

You can send Rwand Franc via an FX broker (a managed service) or via an online-only company (self-managed).

According to our analysis, we found that Wise is the overall best way to transfer money to Rwanda.

App

Most money transfer services to Rwanda offer mobile apps, which often provide better RWF exchange rates.

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

In-person

Cash transfers to Rwanda can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect RWF.

Bank transfers

We suggest you not to use your bank to wire money to RW because of the fees but rather use it to fund your RWF transfer.

There are several ways to receive money in Rwanda, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Rwanda, we recommend using Xoom.

• Cash pickup: if you need immediate access to cash in Rwanda, consider using cash pickup, but check availability.

• Mobile wallets: you can receive RWF directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Remitly.

In most cases, RWF will arrive without any involvement from the recipient.

However, if you’re sending Rwand Franc as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

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

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

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Rwand Franc transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Rwanda, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Rwand Franc to Rwanda.

Some RWF transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain RWF transfers need to be reported to the tax authorities in Rwanda.

When in doubt, please contact a tax professional in Rwanda or in your country.