Sending money from Burkina Faso to the United States used to involve slow bank wires and excessive fees, making supporting loved ones abroad difficult. However, the advent of innovative money transfer companies like WorldRemit, Wise (formerly TransferWise), MoneyGram, and Western Union has enabled faster, more affordable transfers from Burkina Faso straight to American bank accounts.
In this guide, we outline the leading money transmission services available to Burkinabes who need to send funds overseas to the US. By exploring the specific exchange rates, transfer speeds, pickup locations, and steps for using each provider, individuals can better understand the most cost-effective option based on their budget and needs.
Whether you need to set up regular remittances or want to send a one-time payment for an emergency, picking the right money transmitter helps avoid high bank wire costs and unnecessary conversion fees. Comparing leading cash transfer companies operating in Burkina Faso facilitates simpler, safer payments into American recipient accounts from cities like Ouagadougou or Bobo-Dioulasso.
What Are the Best Companies for Transferring Money from Burkina Faso to the USA?
When it comes to transferring money from Burkina Faso to the USA, two prominent companies, Western Union and OFX, stand out as excellent options. Western Union, a renowned global money transfer service, offers the convenience of sending money in XOF (West African CFA francs) from Burkina Faso to the United States, with the recipient receiving funds in USD. This straightforward currency exchange process ensures that the funds can be readily used in the USA without the need for further conversion.
OFX, on the other hand, provides a different approach by allowing transfers from Burkina Faso in multiple currencies such as EUR, USD, and GBP, with the recipient also receiving the funds in USD. This flexibility in currency options can be advantageous for those who prefer to send money in a specific currency or have diverse financial needs.
Both Western Union and OFX offer reliable and secure platforms for international money transfers, making them among the best choices for sending funds from Burkina Faso to the USA. The choice between them depends on individual preferences and specific transaction requirements, such as currency options and fees.
What Is the Fastest Way to Send Money from Burkina Faso to the USA?
When it comes to sending money quickly from Burkina Faso to international destinations, Western Union and OFX are among the fastest and most reliable options available. Western Union, with its extensive global network, provides a swift means of transferring funds, ensuring that your money reaches its destination in the USA or other countries promptly. Whether you choose to visit a Western Union agent location or use their online platform, you can expect a streamlined process that allows for rapid transfers.
Similarly, OFX offers a competitive and expedited service for sending money from Burkina Faso. With the ability to transfer in multiple currencies, including EUR, USD, and GBP, and convert them to USD in the USA, OFX ensures efficient cross-border transactions. Their online platform provides a convenient way to initiate transfers, and their focus on fast processing means that your funds can reach the intended recipient swiftly.
Both Western Union and OFX offer multiple receiving options, including bank deposits and cash pickups, making it convenient for recipients to access the transferred funds without unnecessary delays. Whether you prioritize speed for personal reasons or need to meet time-sensitive business requirements, Western Union and OFX provide efficient solutions for transferring money from Burkina Faso to international destinations.
What Is the Cheapest Way to Send Money from Burkina Faso to the USA?
When looking for the most cost-effective way to transfer money from Burkina Faso to international destinations, it’s essential to consider various providers. In this case, Western Union typically emerges as the more economical choice among the two options, including OFX. While Western Union is renowned for its convenience and rapid transfers, it often offers competitive exchange rates and lower transaction fees compared to OFX for smaller amounts.
Western Union’s cost-effectiveness can be particularly advantageous when sending smaller sums of money, as it allows you to maximize the amount received by the recipient in the USA or other countries. However, it’s crucial to note that the cost-effectiveness of Western Union may vary depending on factors such as the transfer amount, destination, and currency exchange rates.
For individuals looking to minimize transfer expenses, especially for smaller transactions, Western Union often stands out as the cheaper option for sending money from Burkina Faso to international locations. Nevertheless, it’s recommended to compare the rates and fees of both Western Union and OFX to determine the most cost-effective choice based on your specific transfer requirements and budget constraints.
Should You Transfer Money from Burkina Faso Using Your Bank?
Transferring money from Burkina Faso through your bank may not always be the most advantageous option, primarily due to several drawbacks associated with this method. Firstly, banks typically charge substantial fees for international transfers, both on the sender’s and recipient’s ends. These fees can significantly reduce the total amount of money that the recipient ultimately receives, making it a less cost-effective choice.
Moreover, the exchange rates offered by banks are often less competitive than those available through specialized money transfer providers or online platforms. Banks may apply a substantial markup to the exchange rate, further diminishing the value of the transferred funds. This can result in the recipient receiving significantly less in their local currency, which is especially disadvantageous when sending larger sums of money.
Additionally, bank transfers tend to be relatively slow, with international transactions taking several business days to reach their destination. This delay can be inconvenient, particularly when you need to send money urgently or for time-sensitive purposes. Additionally, banks may require extensive documentation and paperwork for international transfers, making the process cumbersome and time-consuming for both the sender and the recipient.
In conclusion, while using your bank for money transfers from Burkina Faso offers security and reliability, the drawbacks of high fees, less competitive exchange rates, slower processing times, and extensive paperwork may prompt you to consider alternative, more cost-effective options for your international money transfer needs.
How to Send Money from Burkina Faso to the USA? Step-by-Step Guide
To send money from Burkina Faso to the USA, follow these steps:
- Choose a reputable money transfer provider like Western Union or OFX.
- Visit a local agent location or create an online account with the chosen provider.
- Provide recipient details, including their name, contact information, and bank account details in the USA.
- Select the transfer amount and currency.
- Pay for the transfer, including fees, using your preferred payment method.
- Receive a transaction receipt and tracking number.
- Share the tracking number with the recipient in the USA.
- The recipient can access the funds once the transfer is complete, either through a bank deposit or cash pickup, depending on your choice and the provider’s services.
How Can You Find the Best Transfer Rate from Burkina Faso to the USA?
At RemitStack, we take pride in helping individuals find the best transfer rates when sending money from Burkina Faso to various international destinations, including the USA. Our commitment is to empower our users with the necessary tools to make informed decisions about their international money transfers. Through our user-friendly platform, we offer real-time exchange rate comparisons from a wide range of money transfer providers, ensuring that you receive the most favorable rate for your specific transfer. We prioritize transparency, providing a clear understanding of the total costs associated with your transaction, so you can make financially sound choices. At RemitStack, we aim to simplify the process of sending money from Burkina Faso while maximizing the value of your hard-earned money for every international transfer you make. Trust us to be your reliable partner in finding the best transfer rates tailored to your needs.
