Sending money abroad to loved ones in Guam should be simple, convenient, and cost-effective no matter where you reside in the world. However, opaque bank fees and unfair exchange rates often erode too much value from remittances meant to help families or support investments in this US territory.
Thankfully, increasing competition between digital money transfer companies using the latest financial technologies now enables immigrants residing overseas to route more money quickly and safely to recipients across Guam. In this guide, we compare the leading transmitters providing affordable transfers tailored specifically for payment corridors into Guam.
By analyzing crucial factors like transparent upfront pricing, foreign exchange rates, transfer speed and access points across the island, we break down the best way to send money to Guam from the continental US, Asia-Pacific and beyond in 2023 and save. Following our analysis allows you to maximize your income sent to support special occasions or daily necessities for loved ones.
Guam’s Currency – the United States Dollar (USD)
The currency of Guam is the United States Dollar (USD). As an unincorporated territory of the United States, Guam uses the U.S. dollar as its official currency. This means that the same denominations and coins found in the United States are also used in Guam, making it a convenient and familiar currency for residents and visitors alike. The U.S. dollar’s widespread acceptance in Guam simplifies financial transactions and trade with the United States, as well as with other countries in the region, contributing to the island’s economic stability and ease of doing business.
What Are the Best Companies for Transferring Money to Guam?
When transferring money to Guam, several companies offer efficient services from different parts of the world, including Germany/Europe, the United Kingdom, and the USA. Revolut is a notable option, providing the facility to send money from these regions in their respective local currencies (EUR, GBP, USD) to Guam, with the recipient receiving USD. This makes Revolut a convenient choice for those who appreciate a modern, digital-first approach to money transfers.
MoneyGram is another reliable option, allowing transfers in EUR from Germany/Europe, GBP from the UK, and USD from the USA to Guam, with all transactions converted to USD for the recipient. Known for its extensive global network, MoneyGram is ideal for those who prefer a service with widespread accessibility.
CurrencyFair stands out for its flexibility in received currencies. It enables transfers from Germany/Europe in EUR, from the UK in GBP, and from the USA in USD to Guam, with the option for the recipient to receive EUR, USD, or GBP. This multi-currency option is particularly beneficial for those needing various currency options.
TransferGo offers a straightforward service, facilitating transfers from Germany/Europe and the UK to Guam in EUR and GBP respectively, and converting them to USD for the recipient. This is suitable for users looking for an easy and direct transfer process.
Western Union, with its vast network, also supports transfers from these regions to Guam, converting all transactions to USD for the recipient. This is particularly beneficial for those who prefer a service with wide availability and quick cash pick-up options.
XE, known for its expertise in currency exchange, allows transfers in EUR from Germany/Europe, GBP from the UK, and USD from the USA to Guam, with the recipient having the choice of receiving EUR, USD, or GBP. This provides significant flexibility in currency options for the recipient in Guam.
In conclusion, for transferring money to Guam, these companies offer a range of options in terms of the sender’s currency and received currency. Companies like Revolut and MoneyGram are ideal for straightforward transfers, while CurrencyFair and XE offer greater flexibility in terms of received currencies. Western Union and TransferGo also provide reliable services, catering to different needs and preferences. The choice depends on individual requirements, including currency preferences and the desired speed of the transaction.
What Is the Fastest Way to Transfer Money to Guam?
Determining the fastest way to transfer money to Guam involves considering the efficiency and speed of various service providers. Revolut, known for its modern, digital banking platform, offers rapid transfer services, often completing transactions almost instantaneously, making it an excellent choice for those who prefer speed and convenience in a digital format. MoneyGram is another provider renowned for its quick transfer capabilities; it has a long-standing reputation for completing transfers within minutes, especially beneficial for urgent transactions.
CurrencyFair, while recognized for its competitive exchange rates, also focuses on swift transfer times, typically ensuring that the funds reach the recipient promptly. Western Union, a major player in the money transfer market, stands out for its extensive global network and speed, often enabling recipients in Guam to collect funds shortly after the transfer is initiated. Lastly, XE, primarily known for its expertise in currency exchange, extends this efficiency to money transfers, often completing transactions quickly and reliably.
When speed is the primary concern, services like MoneyGram and Western Union are likely to offer the fastest transfer options to Guam, while Revolut, CurrencyFair, and XE provide efficient and rapid services as well. The choice of the fastest provider may depend on the specific transfer requirements, including the method of transfer and the desired speed of transaction completion.
What Is the Cheapest Way to Transfer Money to Guam?
When it comes to transferring money to Guam in the most cost-effective manner, MoneyGram emerges as the cheapest option among the available service providers. MoneyGram’s competitive advantage lies in its combination of lower transfer fees and favorable exchange rates, making it a particularly economical choice for those looking to minimize the cost of their transactions. While other providers like Revolut, CurrencyFair, Western Union, and XE also offer money transfer services to Guam, they generally tend to have higher overall costs.
Revolut, known for its digital banking services, and CurrencyFair, with its focus on competitive exchange rates, are still more expensive in comparison to MoneyGram. Western Union, despite its extensive global network, and XE, renowned for currency exchange services, also do not match MoneyGram in terms of cost efficiency. Therefore, for individuals and businesses aiming to transfer money to Guam at the lowest possible expense, MoneyGram stands out as the most budget-friendly option, ensuring a greater portion of the transferred money reaches its destination without incurring high costs.
Should You Transfer Money to Guam Using Your Bank?
When contemplating the best method for transferring money to Guam, it’s important to consider that using traditional banks may not be the most advantageous option. The primary drawback of relying on banks for international transfers is the significant cost involved. Banks typically impose substantial fees, comprising both upfront charges and hidden costs in the form of exchange rate markups, which can significantly reduce the amount that the recipient in Guam ultimately receives.
Conversely, money transfer sites or specialized remittance services generally offer more competitive exchange rates and lower fees, ensuring that a larger portion of your sent funds effectively reaches the recipient. This makes these services a more cost-effective choice for international money transfers.
Another critical factor to consider is the time it takes for the funds to reach Guam. Bank transfers can often be slower due to the involvement of multiple intermediary banks, leading to delays and uncertainty for both the sender and the recipient. On the other hand, money transfer sites and specialized remittance services prioritize speed and efficiency, with many capable of completing transfers much more quickly, sometimes even within minutes. This expedited process ensures that recipients in Guam can access their funds promptly and without unnecessary delays.
Therefore, if your main priorities are cost efficiency and speed, opting for money transfer sites or specialized remittance services over traditional bank transfers is likely to be the more beneficial choice. These alternatives typically offer a more efficient and economical solution for sending money to Guam.
How to Send Money to Guam? Step-by-Step Guide
Sending money to Guam through online transfer services can be a straightforward and hassle-free process. Here’s a step-by-step guide to help you navigate the process smoothly:
- Choose a Money Transfer Service: Begin by conducting research to identify a reputable money transfer provider that suits your needs. Consider factors such as exchange rates, fees, transfer speed, and coverage in Guam. Options like WorldRemit, Wise, and Western Union are worth exploring.
- Create an Account: Visit the chosen provider’s website and initiate the process by signing up. You’ll be required to provide personal information, and identification documents, and complete any necessary verification steps to establish your account.
- Initiate a Transfer: Once your account is set up and verified, log in and select the “Send Money” option. Specify Guam as the recipient country.
- Enter Transfer Details: Enter the amount you wish to send, either in USD or EUR, and provide the recipient’s name and relevant banking details if the transfer is for deposits or cash pickup. Ensure that all information is accurate and double-check before proceeding.
- Review and Confirm: Carefully review all the transaction details, including the exchange rate, fees, and recipient information. Verify that everything is correct before confirming the transfer.
- Choose Payment Method: Select your preferred payment method from the available options, such as bank transfer, debit/credit card, or other online payment methods, and complete the payment process.
- Finalize Transaction: After making the payment, make a note of the confirmation code and tracking number provided by the money transfer service. These will be essential for future reference.
- Track Transfer: Use the tracking number provided to monitor the status of your transfer online. Keeping an eye on the progress will help you stay informed, and you can also notify the recipient of the expected funds.
By following these straightforward steps, you can ensure that your money is sent securely to your recipient in Guam, making the process convenient and reliable.
How Can You Find the Best Transfer Rate to Guam?
At RemitStack, our mission is to help individuals and businesses discover the best transfer rates when sending money to Guam. Our platform is meticulously designed to compare a wide range of money transfer providers, drawing on our deep industry knowledge and expertise. We prioritize key factors such as exchange rates, service fees, transfer speeds, and provider reliability, ensuring that our users can identify the most cost-effective and efficient options tailored to their unique needs.
Our service is especially valuable for those looking to maximize the value of their financial transactions, enabling them to secure the most favorable deals when transferring money to Guam. Whether it’s for personal or business purposes, RemitStack is committed to offering up-to-date and comprehensive comparisons. Our goal is to simplify the process of selecting the right money transfer service, providing transparency and clarity to empower our users to make well-informed decisions that align with their specific transfer requirements.
By using RemitStack, our users can confidently navigate the complexities of international money transfers, knowing they have access to the best rates and services available in the market. We are dedicated to simplifying this often intricate process, serving as a trustworthy and reliable resource for those seeking effective financial solutions for their international transfer needs to Guam.
