Nicaragua, officially Republic of Nicaragua, is a country in Central America. Remittances sent by Nicaraguans working overseas account for over 15% in the country’s GDP. In year 2015, Nicaragua received foreign remittances of over $ 1.19 billion. Most of this was sent from US and Costa Rica.
Currency of Nicaragua is Nicaraguan Cordoba (NIO) but it receives remittances in multiple currencies. Other than native currency NIO, it accepts remittances in US Dollar (USD) and Honduran Lempira (HNL). Therefore, before sending money to Nicaragua, money transfer services should be compared for exchange rate, remittance fee and transfer time for supported currencies.
You can choose an intelligent search and compare platform for international money transfer like ExchangeRateIQ to find the best option. You can even check offers and reviews of various remittance providers to transfer money to Nicaragua. It will surely help you save time and money.
Current Exchange Rate(Mid Market) :- 31.71 NIO/USD
is a currency exchange rate. Usually traders in currency exchange market have two exchange rates -
- Selling exchange rate - at which sellers are willing to sell a particular currency and
- Buying exchange rate - at which buyers are willing to buy a particular currency.
Mid-market rate is the mid-point of these two rates. This is the most transparent and the most accurate exchange rate. It is also known as “Interbank Rate” or “Spot Rate” or “Real Exchange Rate”. This is the rate which independent sources like Reuter, Google etc show.