Turkmenistan is not a particularly easy country to send money to from other countries. That being said, there are some half-decent options available to you.
The current exchange rate for the Turkmenistani Manat (TMT) is 0.80796 TMT per American Dollar (USD) as of the time this was written. The TMT (New Manat) was introduced in 2009 to replace the older Manat, which was pegged to the Russian Ruble at a rate of 1 Manat per 500 Rubles.
The TMT has seldom fluctuated far in any direction against the USD. You can reasonably expect the rate of 3.50 TMT per USD to remain the exchange rate going forward, roughly speaking and barring any unforeseen circumstances.
The fastest way to send money to Turkmenistan is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Turkmenistani destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
The cheapest way to send money to Turkmenistan is through MoneyGram’s slower option. MoneyGram charges small upfront fees for each transfer. They make most of their money through hidden currency conversion markups, however. Regardless, when both of these factors are considered, you save when you use MoneyGram to send money to Turkmenistan.
The easiest way to send money to Turkmenistan is through Payoneer. With Payoneer, you can choose between one of several money transfer methods to suit your needs. We recommend you use Payoneer to send money to the recipient’s debit card, which offers greater convenience and security when compared to other methods. With this method, the recipient can withdraw the money right away upon the transfer’s completion. You can also opt to send your Payoneer balance to the recipient’s bank account if that suits you better.
Keep in mind that Payoneer is a diverse and adaptable method for holding money and sending it abroad. Feel free to find out more about the services they offer and how they may suit your needs. They also offer unique promotions for using specific services which they offer.
For the sake of simplicity and ease of access, Western Union is the overall best way to send money to Turkmenistan. Western Union is a tried and tested company that delivers money across the globe. Using Western Union to send money is easy for both yourself and the recipient. Western Union agents can be found throughout Turkmenistan, and their services are available in most other countries.
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