International money exchange of transfer of money from one country to another country is a sophisticated transaction. If you are to send money to Syria government of the country you are resident of must have a pact with the Syrian government permitting such transfer.
As sanctions are levied against Syria for its participation in terrorist activities and its active civil war, most of the countries of the world have debarred their citizens from sending money to Syria.
People living in other countries which have not levied sanctions against Syria can send money to Syria provided they satisfy all the legal requirements fully.
In this article we present the possibility and the procedures to send money to Syria from those countries which have not levied any financial embargo.
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How to send money to Syria?
Essentially, there are three ways you can send money to Syria. While each channel has its own advantages and disadvantages, factors like
- Commercial transactions
- For family and friends living in Syria
- For educational expenses of your family member in Syria
- For services rendered by a freelancer in Syria for a foreign entity
Weigh while taking a decision to adopt the right one.
In case of any doubts it is better you consult respective officials of the Ministry of Finance before attempting to send money to Syria.
Let us see the three channels for sending money to Syria.
International wire transfer is the oldest and most traditional channel of the three. The channel is a highly regulated network with intricate formalities to be followed by both the sender as well as the receiver Bank in Syria.
The sender will have to approach his bank and fill up the form with the name and details of the beneficiary in Syria along with the bank name and account number of the recipient. Based on the current exchange rate your amount will be converted into Syrian currency and transferred to the beneficiary through the official banking channels.
International Money Order
The second channel is the international money order. People wishing to send money to Syria can utilize money order facility at gas stations, convenience stores, grocery stores or post offices.
Money Transfer Agencies
This channel is by far the most popular of the three channels. Apart from being as safe as safe as banking channels these facilitators have an edge of being swift and economical.
Money transfer agencies have nominal procedures to facilitate the clients to transfer money to Syria. People desirous of sending money to Syria may do well to analyze the various agencies which are in this trade before selecting which one to go with. Study their respective service patterns, interest or handling charges and the likely time they take to affect the transfer.
In case you cannot pick on your own, professional referral agencies provide free comparative analysis of the various money transfer agents and suggest the best one for you.
Once you finalize the agency, fill up online your details, amount of money you intend to send to Syria, the name and address of the beneficiary with identifiable identity proof.
Cost of sending money to Syria
Duration of Money Transfer to Syria
If you opt to use the banking channels to send money to Syria, the transfer will take not less than 3 working days. The duration is also with international Money Order. However, since the money transfer agencies’ operation is wholly based on internet, the transfer is affected in less than 10 minutes time.
The money transfer agency will intimate online their counterpart in Syria about the transaction amount, name and address of the beneficiary together with their identity proof details. The Syrian agency will intimate the beneficiary or the beneficiary can approach the agency on his own to find the status of transfer.
With the onset of internet and entry of private players in to the arena, the process of sending money across international borders has undergone a metamorphic change. Competition has ensured the costs are lowered to the users of the facility. Service levels have looked up so also innovative schemes have come to the fore.
Traditional banking channels, being time guzzlers drag their feet and often prove costly despite low level of transaction charges. It is far easy, economical and swift if you utilize the services of money transfer agencies to send money to Syria.