The Hidden Cost of Sending Money Home
Every year, Sierra Leoneans in the United States send hundreds of millions of dollars home to support their families. And every year, a significant portion of that money disappears — not to taxes, not to regulation, but to fees and poor exchange rates that most senders never fully understand.
We tested eight remittance providers by sending $200 to Sierra Leone and measuring exactly how many SLE (New Leone) arrived on the other end. The difference between the best and worst provider? Over 500 SLE — the equivalent of roughly $22, or more than 10% of the transfer.
Here is what we found.
The Rankings: $200 from the US to Sierra Leone
1. Wave (Best for large transfers) Wave charges a 1% fee, which on $200 comes to $2.00. But its exchange rate of 22.93 SLE per dollar is the highest of any provider we tested. After the fee, your family receives approximately 4,539 SLE. For amounts over $300, Wave's superior rate more than compensates for its fee.
2. Sendwave (Best for zero-fee transfers) Sendwave charges absolutely nothing. No fees, no hidden margins in the rate. At 22.52 SLE per dollar, $200 lands as exactly 4,504 SLE. That's a compelling offer, particularly for smaller amounts where fees have an outsized impact.
3. Wise (Best for bank transfers) Wise charges 0.6% plus $0.50 — so $1.70 on a $200 transfer. With a rate of 22.47 SLE per dollar, your family receives 4,451 SLE. Wise takes 1–2 days but is ideal for recipients who prefer bank deposits.
4. Remitly Remitly's $3.99 flat fee under $500 makes it less competitive on smaller amounts. On $200, after the fee you're sending $196.01 at 22.36 SLE/dollar, landing 4,381 SLE. For amounts near or above $500, their 1.5% fee structure becomes more competitive.
5. WorldRemit WorldRemit charges $4.99 for transfers under $200 — which eliminates it as an option at this amount. At $200 exactly, the fee kicks in, meaning you're sending $195.01 at 22.24 SLE/dollar for 4,338 SLE.
6. Ria Ria's flat $2.99 fee and 22.13 SLE rate produce 4,345 SLE for a $200 transfer. Decent speed (minutes), but you're leaving real money on the table compared to the top providers.
7. Western Union The brand name doesn't help your family. Western Union charges 3% plus $5 — a brutal $11 on a $200 transfer. At 21.78 SLE per dollar, your family receives only 4,106 SLE. That's 433 fewer SLE than Sendwave for the same $200.
8. MoneyGram Similarly expensive. A 2.5% fee plus $4 means $9 gone on $200. At 21.67 SLE per dollar, the result is 4,101 SLE — nearly $20 of value destroyed relative to sending with Sendwave.
The Math of Why This Matters
The difference between sending with Sendwave versus Western Union on a $200 transfer is 433 SLE. At a typical grocery price in Sierra Leone, that's more than 10 kilograms of rice.
If a family receives $200 per month and switches from Western Union to Sendwave, they gain over 5,000 SLE per year — at no extra cost to the sender.
Delivery Speed Matters Too
Beyond the money, how quickly it arrives matters. Mobile money delivery (Wave, Sendwave) is nearly instant — perfect for emergencies. Bank transfers via Wise take 1–2 days but may be needed for larger, scheduled transfers. Cash pickup (Ria, Western Union, MoneyGram) is minutes but requires the recipient to travel.
Recommendations
- Default choice: Sendwave for most transfers. Zero fees, fast, reliable.
- Large transfers ($300+): Wave, because its superior rate overcomes the 1% fee.
- Bank-to-bank: Wise is the best regulated option with transparent fees.
- Avoid: Western Union and MoneyGram unless there is no other option available to your recipient.
Set a Rate Alert
Exchange rates move daily. The mid-market rate for USD to SLE was 22.93 in January 2026, but it fluctuates. Use RemitSL's rate alert feature to be notified when the rate hits a target that works for you — so you can send at the best possible moment.
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