20 Jun 2023
Living and working abroad may seem fun and gold unless you encounter problems like providing for your family. You must send money to Gambia every month to take care of them. Remittance fees may seem scary when you have to do regular money transfers to Gambia. It causes a great cut of money on remittance. Though remittance fees are increasing, you can't hold yourself from sending money to your loved ones.
According to the world bank group’s estimate, the amount of money remitted has been increasing vigorously over the last decade. International remittances were recorded to be almost $626 billion in 2022. With an average growth rate of 15.11%, remittances to the Gambia reached $615 million in FY22. Despite these statistics, many expats still face troubles due to high transfer costs that interdict them from sending the desirable amounts back home.
Rather than stressing out about the situation, why don't you act wisely and save money on remittance fees? There is a possible solution to every problem, just like there is a key for every lock. All you need is knowledge.
This blog will discuss ways to save money on remittance fees in 2023 when sending money to Gambia and tips to simplify your transactions.
Sending money wisely, considering a few factors, can significantly help you save enough. These are the ways that can help you save some money by making economic global money transfers to the Gambia.
The first thing you do while making an international money transfer to Gambia is compare exchange rates and currency differences. Check the value difference between the currencies of both countries. After calculating according to the exchange rates, then decide how large amount you want to send. Select the platform with minimal transfer fees for the most significant exchange rates.
Choosing the right service for your remittance transfer is also very important. Always select a company or survival provider after carefully observing their functions, accessibilities, and packages before making a final transaction. Researching for the right one will take minutes but maybe save money on remittance fees.
How to send money to Gambia wisely? The answer to this question is straightforward. You must follow some simple tricks and advice, and you will be pleased with the results. They will add a sparkle to your remittances by saving money on transfers. Here is what you can do to avoid being overcharged
Traditional banking methods fraud you from so many kinds of hidden fees. The displayed price is significantly lower, and the client got attracted to it and registered with the bank. They get a big shock when they get the actual transfer cost. You must pay a lot of markup on the exact price, like third-party and currency exchange fees.
Banks are very clever not to mention any of these to the clients unless they ask. So, grab this information and ask the service provider if they have any hidden fees. In this way, they can not manipulate your mind, and you will only pay the amount you agreed to for transferring money to the Gambia.
Sometimes you are also asked to pay extra fees based on the services you take. For example, if you do a transaction using a credit card, that may be expensive as compared to one through a debit card or a bank.
If you live in Europe, you must know the best ways to send money to Gambia from Europe - a quick guide.
Several service providers like ACE Money Transfer often run promotional campaigns for customers offering low or zero transfer costs along with enticing rewards. Participating in these promotions can help you make enough savings on your money transfer needs. For instance, if you send money to Gambia online via ACE Money Transfer during its promotions for Gambian expatriates, you will benefit from competitive exchange rates, the lowest transfer costs, and the opportunities to win huge rewards.
Currency exchange rates always keep fluctuating, and these rates decide the amount that your beneficiaries will receive. To ensure that your loved ones get more money, keep checking the currency rate updates and decide the transfer time when you see the optimum conversion rate.
ACE Money Transfer enables you to get currency rate updates via email and notifications as well as through their live currency exchange rate calculator available on the mobile app and website, which is linked to the live interbank currency conversion rates.
Using credit cards to send money to Gambia can be expensive as the transfer fees are much higher. ACE Money Transfer is more cost-effective and accessible. Online money transfer services are feasible and perfect for domestic and business transfers. It is the most innovative and sophisticated company.
It is easy to send money to the Gambia using services from ACE Money Transfer. It helps you find the most straightforward, fastest, and most secure methods for sending money to Gambia. It also assists you with the lowest and most competitive exchange fees.
You can start the whole process by just signing into the online account. You have to fill in the necessary information, and you are done with the registration process. The money transfer process is also straightforward and saves you time and effort (apart from money).
If you work or study abroad, you can not ignore doing transfers. But there are 5 ways to save money on remittance when sending money to the Gambia. You will save yourself from a large cut if you act upon these rules or tricks. Therefore, always consider these ways before making a money transfer to Gambia from abroad.
FAQs
What are remittance fees, and how do they impact the money I send to The Gambia?
Remittance fees are charges that financial institutions or remittance services apply to international money transfers. These fees reduce the amount of money that eventually reaches the recipient in The Gambia.
What are the typical remittance fees for sending money to The Gambia in 2023?
Remittance fees can vary widely depending on the financial institution or service used, the country of origin, and the amount of money sent. As of 2023, fees for sending money to The Gambia typically range between 5-10%. However, the services like ACE Money Transfer offer the lowest transfer costs and competitive exchange rates.
What are the five ways I can save on remittance fees when sending money to The Gambia?
The article discusses several strategies, including comparing different money transfer services, considering mobile money transfers, negotiating fees with your bank, using online platforms with lower fees, and sending larger amounts less frequently to reduce transaction costs.
How does sending larger amounts less frequently help reduce remittance fees?
Most remittance services charge a flat fee for each transaction, regardless of the amount sent. So, by sending larger amounts less frequently, you can minimise the number of transactions and, thus, the total fees incurred.
Are there any risks or downsides to using online platforms or mobile money transfers to send money to The Gambia?
While these methods often offer lower fees, potential downsides may include risks related to cyber-security, slower transfer speeds for certain platforms, and the recipient's access to and familiarity with digital technology. Always ensure that the service you use is reputable and secure, like ACE Money Transfer, which is an FCA-regulated Authorised Payment Institution (API).
