As per the World Bank, a minimum of 200,000 Rwandan francs is sent to Rwanda monthly by Rwandans residing abroad or those sending funds internationally. However, you might be curious about the process for sending or receiving money. Alternatively, you might be seeking guidance on determining the most suitable method to employ:
In earlier times, individuals would physically hand over money and request someone to deliver it to a specific person, often enclosed in an envelope. The advent of technology, particularly internet technology, has significantly shrunk the world, enabling this process.
Utilizing the internet, the recipient can receive money through the following approaches:
- Collecting the funds from designated offices of companies offering this service. (Cash pickup)
- The money is transferred to his phone with assistance from telecommunication companies. (Mobile transfer)
- The funds are deposited into a bank account. (Wire transfer)
- Alternatively, you can receive funds through a Crypto Wallet.
Let’s explore various services based on the method you choose.
Several companies facilitate receiving money in this manner, including WorldRemit, MoneyGram, Remitly, and Western Union in Rwanda. These companies enable you to collect the funds through their agents.
To begin, as evident in these images, you select the sum of money you intend to send, specify the recipient’s country, and instantly view the corresponding value of the money in either dollars or your preferred currency for sending.
Subsequently, you proceed to determine the manner in which the recipient will receive the funds. You pick one among the three options previously discussed. Following that, you also make a selection regarding the payment method. This could involve using a bank card (VISA or Mastercard), conducting payment through a mobile device (which some services support), or utilizing funds available in an account on the website itself.
How does the receiver get the funds?
Upon sending the money, you, as the sender, provide the recipient with a reference number (Transaction Number), or if you are the receiver, the sender gives it to you. Subsequently, the recipient takes this reference number to a service agent, who then facilitates the transfer of the funds. These service agents are distributed throughout the country and are affiliated with the mentioned services. Alternatively, the recipient could also visit various bank branches such as Equity Bank, GT Bank, KCB Bank, Unimoni, and Amasezerano Community Banking to complete the transaction.
When using these services, it’s important to provide the sender’s name. The remittance amount can vary, potentially reaching up to 3.5 million RWF, depending on who is going to facilitate this transaction. An added advantage of utilizing this approach is the swift arrival of funds, often within a matter of minutes after the sender initiates the transaction.
Should you wish for the recipient to receive the funds on their mobile device using a communication line within Rwanda, you have the option to utilize the services or websites previously listed, along with additional alternatives like HeptaPay, PaySend, M-Pesa Global, and various others.
When initiating a money transfer, if you opt for the recipient to receive the funds via Mobile Money or Airtel Money, you will be prompted to provide the recipient’s phone number and name. Additionally, you will make a selection regarding your preferred payment method.
Read more on HeptaPay
Once the funds are successfully received on the recipient’s phone, no further action is required. The recipient promptly receives the money on their mobile device and can begin using it immediately. The duration for this process can vary, typically spanning from one to seven days.
Various banks worldwide have established a collaborative method to communicate between them which allows transferring money between them. This enables the option of sending funds to someone’s bank account in a different country. The procedure is akin to what we previously discussed, involving the selection of the “Bank Account” option while specifying how the recipient wishes to receive the money. Several platforms that facilitate sending money to bank accounts include Western Union, MoneyGram, Remitly, WorldRemit, online banking, or the alternative of visiting your bank directly for assistance in sending the money.
When initiating a bank transfer, you will be prompted to provide the recipient’s bank account details, the intended amount to be sent, the recipient’s name, and the SWIFT Code of the recipient bank. The SWIFT Code can be located on your bank’s website or obtained by visiting their branch, where they will assist you in obtaining it. The specifics of this information may vary based on the destination, but in the case of Rwanda, these details are generally sufficient.
I’d also like to bring to your attention that when opting for a bank transfer, certain platforms might prompt you to link your bank account. Following this, upon setting up an account, you can proceed to select your preferred payment method.
Upon submission, you will encounter a prompt to agree to the terms and conditions. This can be done by clicking the “ACCEPT” button.
Using Crypto Wallet
Cryptocurrency offers an alternative avenue for transferring funds to another individual. As we discussed in the previous article on cryptocurrency, it constitutes a distinct form of currency akin to dollars, Rwandan francs, euros, rand, and others. When utilizing a cryptocurrency wallet to send funds to someone’s wallet, they receive the identical cryptocurrency you transmitted, and subsequently have the option to convert it into their local currency.
Several software applications can assist you in this process, such as Coinbase, Exodus, and others. Notably in Rwanda, there’s a platform called Yellow Card. These programs enable you to purchase cryptocurrency, which involves converting traditional currency into cryptocurrency. Subsequently, these platforms aid the recipient in receiving the converted amount in their local currency.
When sending money to someone through your cryptocurrency wallet, the recipient will need to provide you with their Ethereum receiving code, which you can then utilize for the transaction. This can be especially useful when sending cryptocurrency to someone who is not using the same type of wallet as you. The benefit of using Yellow Card lies in its capability to enable you to withdraw cryptocurrency to Mobile Money in Rwanda, facilitating seamless conversion.
Please note: Cryptocurrency operates outside the regulation of any government. In case you encounter difficulties while receiving funds, seeking assistance might be challenging. It’s essential to acknowledge that users assume full responsibility for any potential risks or issues that may arise in the process.
This outlines the approach for sending money to individuals in Rwanda or abroad. You can select various methods based on your requirements or preferences. While these distinct platforms may entail different prerequisites, they generally follow similar procedures.
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