Because of the famous sign, RIa is a well known brand even for people who never used the service.
Ria Money Transfer Review
What is Ria Money Transfer?
Transferring money overseas is now easier than ever thanks to technological advancements. Ria is a widely used international transfer company. This US-based company offers money transfer services worldwide. Individuals can transfer directly to a receiver’s bank account, home delivery, or cash collection at an agent location.
For many people, this is the right international transfer service for their needs. However, it’s essential that you know which upfront fees are added for your transfer, exchange rates that’ll be used, and more before transacting. That is why we’ve written this Ria Money Transfer review to help you make an informed decision.
What you need to know about Ria Money Transfers
Ria was established more than 30 years ago to offer worldwide transfers either to a recipient’s bank account or for delivery or collection. This company works through a network of agents offering currency transfers for 167 different countries. Some of its agents include retail stores, gas stations, supermarkets, and post offices. Apart from money transfer services, it also offers cheques cashing, bill payments, money orders, and prepaid debit card services.
Ria Exchange Rates and Fees
Like other international transfer services, individuals pay a transaction fee and an exchange rate when they send money via Ria. This company provides a price calculator on its website. Simply key in your transfer amount to see exchange rates and fees charged. Here is however a summary of what to expect.
Ria Money Transfer Exchange Rates
You can send money via this platform from Canada, Spain, Australia, etc. But in some countries, transfers are made only through physical agents. Just visit their website click on ‘find location’, enter your city, state, and postal address to find an agent. You’ll see details of various agents including their phone numbers, address, services offered, etc. Like we’ve earlier said, there’s a price calculator to help individuals determine their exchange rate margin for their currency pair. Let’s however look at some examples.
- Sending $2000 to India- 1 USD= 71.7701 Indian Rupees, which means your receiver will get 143,540.20 INR. That’s a margin of 0.56%.
- Sending $2000 to Cyprus- 1 USD= 0.848 EUR. Your recipient will receive 1749.60, which, translates to a margin of 1.12%.
Basically, rates on this platform are different depending on which currency pairs are used. However, Ria’s margin ranges from 0.5% to 1.2% which is an affordable option.
Ria Money Transfer Fees
Fees charged depend on destination, how your receiver receives money and payment method. For example, when you send money to Egypt, you’ll pay $5, $35, $15, and $9, via bank transfer, credit card, debit card, and using cash option respectively.
Apart from transaction fees charged by this service, some banks may also include additional charges for processing or for a cash advance when using a credit card. A receiver’s bank may also have other charges like intermediary fees.
Ria Money Transfer Pros and Cons
While this service has many perks, it also comes with some drawbacks which can make one avoid this platform.
- It has a wide reach globally with 397,000 agent locations in 167 countries
- Fast delivery. If you pay using credit or debit cards, it’ll only take 15 minutes.
- You can track transfers online and you’ll receive an email once transactions are completed.
- Various payment options including home delivery in countries like Peru, Pakistan, Vietnam, etc.
- You can transfer any amount since there is no minimum transfer amount on this platform.
- High transaction fees
- Online rates vary among different agents
- The online platform is not available in most countries
- Sending money through a bank account takes approximately 4 days
How does Ria Money Transfers work?
Follow these steps if you want to transfer money globally;
- Visit Ria’s website, choose which transfer you want to make to see delivery options and transaction fees.
- Enter your receiver’s name, address, and mobile number.
- Determine how to fund and deliver money to your recipient.
- Register a user account to complete your transaction. Note that your details will be stored so you won’t have to register again.
How to pay for money transfers at Ria?
Individuals can pay for transfers using any of these methods;
Cash- cash payments are fast since funds become immediately available for online transfer to your receiver. This is a good option for those who don’t have an account with a bank.
Bank transfer- It’s affordable but slow. Funds can take as long as 4 business days to reach a receiver.
Debit/credit card-transfers paid using this option take only 15 minutes to reach. However, the method is expensive and may cost you extra fees.
Also note that beneficiaries can get funds via bank deposits, cash pickup, home delivery a mobile depending on which withdrawal option is allowed in their country.
Ria Money Transfer Review
Ria is a reputable international transfer service. Transferring money via this platform is fast and simple. Plus, individuals have several payment options. But we advise that you compare with other transfer routes to make sure that you’re getting the best deal before using this service.