How to Send Money to Macedonia at the Best Exchange Rate

Time Doctor - Macedonia Square in Skopje

Paying attention to the exchange rate is the most important thing to do if you frequently send money abroad. Most of the money transfer services make their profits by monetizing the differences in the exchange rates and by keeping these charges hidden. Even if you think that your transfer amount is too small for a big service fee or that sending money to a country like Macedonia won’t cost you much, check out the tables below.

The most popular money transfer companies do send money to Macedonia but you need to draw careful comparison and assess the scope of the charges.

 

Table 1: Sending $1000 from the US to Macedonia
Transfer methodReceiving Currency OptionFees to send $1000 USDHidden currency conversion costTotal feesTime for the transfer to arrive
PayseraUSD$4$0$41-3 days
Ria Money Transfer (slow)USD$5$0$53-5 days
OFX (previously USForex)*EUR$0$7.5$7.51-2 days
Ria Money Transfer (fast)USD$15$0$15Minutes
XE TradeUSD$0$25$253-5 days
Western Union (slow)USD$25$0$254-6 days
MoneyGram (slow)USD$25$0$253-5 days
PayoneerUSD$3$28$313-5 days
Wire transfer$25-55$10-30$35-853-5 days
SkrillEUR$42$30$723-5 days
Western Union (fast)USD$81$0$81Minutes
MoneyGram (fast)USD$81$0$81Minutes
PayzaMKD$71$25$963-5 days

Note:

  • Minimum transfer of $500 for OFX (previously USForex).
Table 2: Sending Money from Several Countries to Macedonia. The Total Cost Including Hidden Currency Exchange Fees.
Transfer MethodReceiving CurrencyFrom the USFrom the UKFrom CanadaFrom Western EuropeFrom Australia
Ria Money Transfer (cheap method)USD0.5%Not availableNot availableNot availableNot available
Global Web PayGBPNot available0.7%Not availableNot availableNot available
AzimoUSDNot available2%Not available1.7%Not available
First RemitUSDNot available2.5%Not availableNot availableNot available
PayoneerUSD3.1%Not availableNot availableNot availableNot available
OFX (previously USForex)USD, GBP, EUR, AUD0.75%0.75%0.75%0.75%0.75%
XE TradeUSD, GBP, CAD, EUR, AUD2.5%2.7%2.6%2.4%3.8%
Wire transfer2.5 – 5.5%2 – 4.5%2.5 – 5.5%2 – 4.5%3 – 6.5%
PayseraUSD0.4%2.9%3.3%1%3.4%
Exchange4freeEURNot available3.1%3%Not available3%
Western Union (cheap method)USD & EUR2.5%3%6.7%*0.6%*5%
Small World FSEURNot available3.6%Not availableNot availableNot available
SkrillEUR7.2%6.3%6.2%6.2%6.2%
MoneyGramUSD & EUR2.5%11.8%7.9%3.6%*11.7%
PayzaMKD9.6%9.4%10.1%9.6%10.1%
Send Money 24USDNot available12%Not availableNot availableNot available

Notes:

  • All the percentages marked as ‘*’ are actually the transfers that you can make in Euro.
  • Through Payza you will get amount in Macedonian Denars and through Global web pay you will get the amount directly in GBP(pounds).
  • Minimum transfer of $500/£500 for OFX.
  • OFX is a good option for sending larger amounts of money and their exchange rate fee goes down for larger amounts.
  • The companies may provide you the option to choose a different receiving currency option, but for that purpose you may contact directly to the company and ask them all the charges related to the transaction.

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