25 Jan 2024
The bustling streets of France host a vibrant Gambian community that often suffers from a constant dilemma: how to transfer their hard-earned euros back home without losing a sizable chunk to transfer fees. The Gambian community understands that they have to regularly send money from France to Gambia as remittances account for 22% of the Gambian annual GDP.
This blog aims to solve this problem for Gambian expats by offering knowledge on how to maximize their remittances.
If you send remittances more often, then you might have noticed that a certain amount is deducted from your total transfer amount. Every expat should be aware of the following charges that are associated with almost every international money transfer. This will help them make better decisions when it comes to choosing the right service.
Exchange rates differ greatly between banks and dealers. That is why exchange rates play a big role in international remittances. Google offers real-time checking, but keep in mind that banks and dealers may offer rates different from those in the forex market.
Interbank exchange rates used for foreign transactions are somewhat higher than the price that Google displays. All in all, and particularly for expats, services like ACE Money Transfer are renowned for offering the greatest exchange rates. Their margins are modest compared to big banks.
Service fee is the costs incurred by banks and dealers to handle the procedures involved in processing foreign remittances. When it comes to banks, their fees could range from 5% to 7% of the total amount. The dealers often charge lower service costs. In certain circumstances, the dealer may give you a Zero Service Fee as well. However, most of the time, this charge is concealed and factored into the exchange rate.
These charges range from $15 to $30, and the receiving bank deducts them as a service charge from the money that is remitted. The dealer sends an additional sum to the bank to deduct to guard against any loss in the cash sent. These fees are the same for all banking systems and currencies.
To keep the quoted value lower and allow the foreign bank to subtract it from the supplied amount, some dealers choose not to include this amount in the quotation. The bank may get less money as a result of these practices than was sent. Thus, it could lead to an issue.
The exchange rate tax, or GST, is levied on exchange rates, and the values of all remittance providers are typically nearly the same. This fee is not refundable.
If the total amount remitted exceeds a certain limit in a financial year, the bank or dealer will pay a 5% tax while moving money overseas. The TCS will be computed on the amount.
If you wish to save your money on your money transfer from France to Gambia, consider the following tips for choosing your provider.
Consumers primarily trust banks with their money. However, their exchange rates and service costs could be awful. Moreover, their money transfer procedure is laborious and involves a lot of waiting. Modern technology contributes to the transformation of the conventional money transfer system by offering time- and money-saving options with an entirely digital approach.
Comparing the exchange rates and service fees of various banks and platforms is made easier by obtaining quotes from them. However, going to each bank and asking for rates could be time-consuming and difficult.
Keep an eye on the conversion rates and service prices. While some dealers offer the greatest exchange rates, others charge greater service fees. Moreover, others offer higher exchange rates but no service fees at all.
When sending money abroad, banks are frequently the first place that individuals look to. Nevertheless, there are several disadvantages to sending money overseas through banks. For starters, banks usually impose hefty fees on foreign money transactions. Larger transactions will cost more for these fees because they are typically expressed as a percentage of the total amount being sent. Additionally, banks frequently provide unfavorable exchange rates, which further deplete your hard-earned cash.
Process times for international money transfers via banks might also be lengthier. It can be annoying when there is a delay, particularly if you need to pay money right away. It can be inconvenient for both parties if the money doesn't arrive to the recipient for a few days or even weeks. Hence, it is better to avoid banks if you want to send money to Gambia from France.
One of the best ways to send money to Gambia from France is through ACE Money Transfer. It has been a leading service provider for the past two decades.
When sending money to the Gambia from France, ACE Money Transfer stands out with its competitive fee structure tailored to maximize your funds' transfer value. They have refined their service to ensure affordability without compromising on reliability.
Benefit from ACE's competitive exchange rates that ensure your recipients in the Gambia get more Dalasi for your Euros. This commitment to fair pricing makes ACE an invaluable partner in international money transfers.
ACE makes it easy for users to figure out the remittance process with a simple online interface and mobile app. This trouble-free approach eliminates hidden costs and complex procedures. It allows for clear and manageable transfers.
Time is money, and ACE understands that with its emphasis on rapid transaction processing. Their efficient system ensures that your funds reach the Gambia promptly, minimizing the waiting time and the associated costs.
ACE Money Transfer has a broad network of pickup locations in the Gambia, ensuring convenient access to funds for your recipients. This extensive reach across the region helps to avoid additional internal transfer costs.
With ACE's transparent service, you can track your funds every step of the way. You'll be informed from the moment you send it to when your family or friends collect the money in the Gambia, ensuring peace of mind and no surprise fees.
Security is the most important thing, and ACE adheres to strict security protocols. ACE’s advanced systems safeguard your money, maintaining the integrity of your transfer without extra charges.
By focusing on these features and leveraging ACE Money Transfer, expatriates in France can confidently transfer funds to the Gambia, knowing they are minimizing costs and maximizing the financial impact for their loved ones. ACE's commitment to transparent, efficient, and affordable remittance services provides not just a transaction, but a valuable financial tool for international money management. Sign up on ACE today and enjoy your first free online money transfer from France to Gambia.
Consider the service’s fees, exchange rates, speed of transfer, security measures, and ease of use.
Compare services for the best exchange rates and lower fees, and check for any hidden charges.
ACE offers competitive fees and exchange rates, ensuring more money reaches your recipient with less expense.
Yes, ACE provides secure transactions with advanced safety protocols to protect your funds. Moreover, it is properly licensed by all the relevant authorities, which adds to its credibility.
Yes, ACE has a user-friendly mobile app for convenient transactions from France to the Gambia