Send money internationally to Yemen (YER) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Yemen
What is the best YER exchange rate today?
How much does it cost to send money to Yemen?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
The remittances to Yemen
Among the 923'000 Yemeni emigrating from Yemen, the majority currently reside in the Middle East. Economic and social instability have led to emigration from Yemen to richer neighboring countries. Poor conditions have pushed many Yemenis to search opportunities abroad, particularly in Saudi Arabia as there are greater work opportunities and it is close to Yemen.
The countries where they are the most settled are:
- Saudi Arabia (460'000 persons)
- The United Arab Emirates (200'000)
- Kuwait (50'000)
- The United States (50'000)
- Qatar (40'000)
- Israel (30'000)
- Libya (20'000)
- Bahrain (20'000)
- The United Kingdom (15'000)
The country received the equivalent of 3.4 billion of US dollars in 2015. That's huge. But the most important fact is that it represents an increase of 130% compared to 2012. This is because the mass emigration from Yemen is very recent. A lot of Yemenis began to leave their country around mid-year 2014. More than half of the remittances are sent from Saudi Arabia.
This is mainly the men who went away from their country, leaving wives and children at home. All those migrants are in need to send money back home to their families. What are the best options to send money back to Yemen?
The solutions to send money to Yemen
From banks, foreign exchange brokers, online money transfer operators to cash payment services there are so many solutions that we easily get lost. The thing is to find the one that suits you the best, the one that answers your needs, the perfect one. And the perfect one is the hyper-personalized one. Always.
Banks are typically not the best option as they charge huge fees and it is not sure that they offer transfers to Yemen as Yemeni Rial is a rare currency. It can be advantageous if your bank has a subsidiary in Yemen. Al-Rahji bank and Enjaz bank normally allow to wire funds between Saudi Arabia and Yemen, either by cash or by bank transfer.
Foreign exchange brokers offer competitive rates for large transfers. A well-known for transfers between Saudi Arabia and Yemen is UAE exchange.
Online money transfer operators are good options for bank transfers because they offer interesting and cost-effective rates.
However transfers to Yemen are typically done by cash. If you need to send cash to Yemen you could use a international cash payment service. A lot of them operate on the money transfer market such as Sigue money transfer, Moneygram, Western Union, Al Ansari, Express money, Lari, Dahabshiil, Enjaz Easy.
Compare all your options to optimize your transfer. You will get a much better deal of you choose the cheapest alternative based on a comparison.