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 method Receiving Currency Option Fees to send $1000 USD Hidden currency conversion cost Total fees Time for the transfer to arrive
Paysera USD $4 $0 $4 1-3 days
Ria Money Transfer (slow) USD $5 $0 $5 3-5 days
OFX (previously USForex)* EUR $0 $7.5 $7.5 1-2 days
Ria Money Transfer (fast) USD $15 $0 $15 Minutes
XE Trade USD $0 $25 $25 3-5 days
Western Union (slow) USD $25 $0 $25 4-6 days
MoneyGram (slow) USD $25 $0 $25 3-5 days
Payoneer USD $3 $28 $31 3-5 days
Wire transfer $25-55 $10-30 $35-85 3-5 days
Skrill EUR $42 $30 $72 3-5 days
Western Union (fast) USD $81 $0 $81 Minutes
MoneyGram (fast) USD $81 $0 $81 Minutes
Payza MKD $71 $25 $96 3-5 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 Method Receiving Currency From the US From the UK From Canada From Western Europe From Australia
Ria Money Transfer (cheap method) USD 0.5% Not available Not available Not available Not available
Global Web Pay GBP Not available 0.7% Not available Not available Not available
Azimo USD Not available 2% Not available 1.7% Not available
First Remit USD Not available 2.5% Not available Not available Not available
Payoneer USD 3.1% Not available Not available Not available Not available
OFX (previously USForex), UKForex, CanadianForex, OFX (previously OzForex) USD, GBP, EUR, AUD 0.75% 0.75% 0.75% 0.75% 0.75%
XE Trade USD, GBP, CAD, EUR, AUD 2.5% 2.7% 2.6% 2.4% 3.8%
Wire transfer 2.5 – 5.5% 2 – 4.5% 2.5 – 5.5% 2 – 4.5% 3 – 6.5%
Paysera USD 0.4% 2.9% 3.3% 1% 3.4%
Exchange4free EUR Not available 3.1% 3% Not available 3%
Western Union (cheap method) USD & EUR 2.5% 3% 6.7%* 0.6%* 5%
Small World FS EUR Not available 3.6% Not available Not available Not available
Skrill EUR 7.2% 6.3% 6.2% 6.2% 6.2%
MoneyGram USD & EUR 2.5% 11.8% 7.9% 3.6%* 11.7%
Payza MKD 9.6% 9.4% 10.1% 9.6% 10.1%
Send Money 24 USD Not available 12% Not available Not available Not 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).
  • UKForex and CanadianForex are actually the further heads of OFX (previously OzForex and USForex), so that is why it has been written in a same column. Minimum transfer of $500/£500 for these services.
  • 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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