Money Orders

Submitted by andynica on 1 October, 2006 - 09:30.

I've been researching ways to send money from the USA to a Nica family that are friends of mine. They are poor and don't have a bank account. Are US postal money orders (which are normally picked up at a post office in a foreign country) possible? They seem very cheap ($3.40 per order, max of $700/transaction). Can they be picked up in Nicaragua, and if so, where. I'm looking to send to Ometepe Island, which has no banks.

All of the money transfer info on this forum talks about wire transfers (not possible, because the family has no money to open a bank account), and Western Union ($121 for $2000, a preposterous fee, in my opinion). MoneyGram is less ($39 for $2000), but still much more than money orders.

Any experiences or info? Thanks!

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Sending Money

Submitted by andynica on 14 October, 2006 - 15:21.

So it turned out the best way was to use the US Post Office's Dinero Seguro (Sure Money) service. They charge only $10, $15, or $20 depending on the amount. $2000 was $20. They can be paid for at select US Post Office branches, and can be picked up at any Banco Uno branch in Nicaragua, including the service windows at grocery stores. The receiver just needs their ID card. No bank account needed, and no additional fees are charged to the receiver.

IRNET was another option, offered by credit unions as a cheaper alternative to bank wire transfers, but unfortunately of my 2 credit unions, one didn't offer it at all, and the other offered it only to Mexico.

Info on Dinero Seguro is at (888)-368-4669, or http://www.usps.com/communications/news/press/2005/pr05_106.htm

Info on IRNET is at your credit union, or http://www.woccu.org/prod_serv/irnet/index.php

Thanks to those who answered my post with info.

experience

Submitted by Huehuete Bob on 1 October, 2006 - 09:55.

In my experience people do not honor money orders here. What I did was to get a paypal debit card and send it to my son when he was in Nic and I was in the U.S. That way you can fund the card with whatever amount you want and the person can withdraw only the amount funded at an ATM here. They can withdraw up to $400 a day and the cost is about $2....or at least it was a couple of years ago.

Canta no LLores

Debit card

Submitted by fyl on 1 October, 2006 - 09:41.

Assuming this is a long-term relationship, I suggest a debit card. Open a bank account in any of a zillion banks or credit unions that offer free debit cards. Send them the card.

ATM fees are nominal and with most you can even check the balance with the card.

Also, while this doesn't address your question, they could open an account in Banco ProCredit. You need something like C$5 to open it. That gives them a starting point for saving. They could open it is $ if they wish as well. Note that Banco ProCredit works with Western Union so transfer fees to them suck rocks so it isn't good for transfers.