Send Money To Bahrain
Bahrain means “two seas”. The tiny Persian Gulf monarchy comprises at least 30 islands. According to World Bank data, the country’s population was 1.332 million in 2013. The country’s ruler, Hamad bin Isa Al Khalifa, is a Sunni King and his family has a strong grip on the main military and political posts. Bahrain was a big player in ancient trade, with many major trade routes passing through the small island country. It was amongst the earliest regions to fully convert to Islam. Although Bahrain was one of the first Gulf states to discover oil, its levels of production were lower compared to countries like Kuwait and Saudi Arabia. As a result, Bahrain has had to diversify its economy to remain competitive.
Popular money transfer services that send to
Bahrain’s official currency is the Bahraini Dinar. The currency was introduced in 1979 by the Bahrain Monetary Agency when it became the country’s issuer of paper money. The notes were dated 1973 which is when the agency took over from the Bahrain Currency Board. One Bahraini dinar is the equivalent of approximately 2.13 British pounds and 2.65 US dollars. Saudi riyals are also widely used in Bahrain apart from the 500 riyal note which can only be accepted in airports, electronic shops and major supermarkets. If you are travelling to Bahrain, you might want to have some money in the local currency to cover taxi fares and other small payments.
Send Money with Bank Deposit
One of the most lucrative lines of business in Bahrain has for many years been the handling of cash outflows from the country. The cash transfers industry is fuelled by the high number of expatriates working in the country who export a good chunk of their incomes to their home countries.
There are really no stringent restrictions when it comes to importing and exporting cash to and from Bahrain. Anyone with a residence visa can in the country can open a bank account and start importing and exporting funds. Fiscal administrators don’t pursue overseas-held accounts. With no requirements to declare currency when entering any of Bahrain’s territories, it is easy for travellers to transfer currencies in and out in the forms of their choice.
Send Money Through Cash Pickup
Any retail bank in Bahrain can transfer money in any currency to any destination. In fact most people find using their own banks as the most convenient way to send money overseas. The main variables between the different banks are the fees they charge. But there are many other institutions that offer this service, so you may want to take some time to shop for the best deal. Banks in Bahrain are competitive, accurate, speedy and reliable. But at the same time, the receiving institution also determines how efficient the transaction is. The quickest way to transfer money is to use banks that are closely affiliated or branches of a similar bank.
Bank cheques or drafts are another way to send money. By simply using courier or registered mail or bank-to-bank mail you can send money to a recipient anywhere. The problem with this method is that cheques or drafts are susceptible to being stolen or going astray for different reasons. Tracing them then becomes a great inconvenience. Another issue with the cheque transfers is the clearing delays, especially when converting from one currency to another.
There are also many family-owned exchange companies that operate in Bahrain. These trading families have years of experience in the currency exchange business and sometimes offer more competitive rates compared to the banks. The charges levied are mainly determined by the speed of transfer.
Money Transfer Regulations
We live in the digital age. This means that when it comes to transferring cash internationally, we have more options than ever. One option that continues to gain traction is cash pickups. With cash pickups, you don’t have to break the bank to securely transfer funds any part if the world. At the same time, your recipient collects the cash through a designated agent in person- often within less than one hour.
Advantages of cash pickup
1) Convenience and securityThe great thing about cash pickups is that they are both convenient and secure. At the same time, your recipient accesses the cash you send very fast. Basically, once you send money, your recipient immediately visits an agent and collets the cash.
2) Foreign exchange fluctuations Currency exchange rates are always fluctuating. One way to optimise a cash transfer and save money is to send the money at the perfect time. Cash pick-up serves this purpose very well as the recipient is able to receive the funds within minutes and convert it at the prevailing rates at that given moment.
3) User experienceThe best cash transfer methods are the ones that are easy to understand and use. Cash pickup is a great method in this respect. You don’t need wait for hours to open an account and then wait for it to be validated. This would be inefficient and time consuming.