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From Earnings to Sending: Navigating Money Transfers as an Overseas Senegalese Worker

From Earnings to Sending: Navigating Money Transfers as an Overseas Senegalese Worker

31 Oct 2023


It is a pretty fascinating thought for the people of Senegal to travel to developed countries and find employment opportunities. Once they land in a foreign country, these Senegalese migrants start earning a living and then send money to Senegal from overseas to offer financial support to their families back home.

You wonder why do Senegalese wish to travel to greener pastures?

Well, the simple reason is that they have to find reasonable jobs that they cannot find in their native country. And developed countries, owing to their strong economies and expansive job markets, can easily accommodate job seekers.

Furthermore, it is not only the jobs that Senegalese go abroad for. It is also because of many other amenities that they can get while working abroad.

A report by Springer Link said that the minimum number of Senegalese migrants abroad is estimated to be 550,000. However, some other reports say that the total Senegalese diaspora in the world currently is about 1 million. They are making significant financial contributions to their country’s economy through the remittances they send back.

The World Bank reported that the Senegalese migrants sent back a total of $2.71 billion in inward remittances to Senegal in 2022.

When it comes to sending money back home, Senegalese migrants have to consider several factors while choosing a service provider or a money transfer method in the first place.

Do you know what these factors are? And why are these factors so important as to warrant one’s rapt attention?

Well, these are critically important questions that this blog aims to answer. But before navigating the online money transfers to Senegal, let’s first see the benefits you can get while working abroad as a Senegalese migrant.

What are the Benefits of Working Abroad?

Apart from jobs and financial viability, you get the following few benefits when you travel to foreign countries to earn a living and send financial aid to your family back home through your every money transfer to Senegal.

Self-reliance and Confidence

The first benefit of working abroad is that it instils in you immense confidence and makes you self-reliant. It is because you have to carve a path in a foreign land on your own without your support network.

International Opportunities

Working abroad is itself an international employment opportunity. But it also opens new windows of opportunities for you. You can apply for better jobs than you already have.

High Wages

Another benefit is that in several foreign countries, basic wages are fairly high. These high wages benefit you more when you travel to a country where the cost of living is relatively low.

Learn more bout countries that pay you the most as an expatriate worker.

Travel Opportunities and Exploring Cultures

You get to travel a lot when you are working abroad, and with these multiple travelling opportunities, you get to explore new cultures. Exploring new cultures opens your horizons and also provides you with the necessary exposure that helps you as an expatriate.

Learning Financial Management

Since you have to manage your life and everything with it alone, it helps you learn financial management. As an expatriate, you can better manage your finances which is necessary for attaining financial viability and independence.

Let’s navigate through your money transfers to Senegal from abroad.

Money Transfers to Senegal – A Deep Dive into the Background

On the basis lies the fact that you have two major ways to transfer funds. These are:

  • Banks
  • Online Remittance Transfer Companies

Until the advent of remittance transfer companies, money transfers were almost monopolised by the banks, despite several challenges, including excessive transfer time, high service charges, other charges, including currency conversion fees, and uncompetitive and static currency exchange rates. However, the advent of these companies only diluted the monopoly of the banks in this particular area.

Look around, and you will find many people still prefer banks for the transfer of funds. It is because a) the banks cater to the general financial needs of the people, b) their long presence in the market commands respect, and c) people are wary of online companies due to fraud and security issues.

You are also justified if you choose banks for your online money transfer to Senegal. But a closer look at the second way of transferring funds might make you think, ‘Oh! An earlier look would have been better!’

The reasons for such thinking are explained below.

Major Benefits of Online Remittance Transfer Companies

Before looking at the benefits, remember that you must be extremely careful while selecting a service provider because a lax attitude on your part can land you in the lap of an unscrupulous company.

Speed and Efficiency

There are a few reputable companies, such as ACE Money Transfer, that deliver your funds in a matter of a few hours instead of several days. This ensures that you send smooth, constant and timely financial support back home, enabling you and your family to cater to financial emergencies easily.

Low Service Charges

Some of these companies charge a low fee that is only a fraction of the amount being sent. Whereas, ACE Money Transfer offers you a fee-free transfer if a) you are sending funds to Senegal for the first time and b) if your amount remains under a certain limit below which your money transfers will likely be free.

Live and Market-Competitive Currency Exchange Rates

Some companies offer you live currency exchange rates that allow you to initiate a transaction at a time when rates move in your favour. Even before initiating a transfer, you can request ACE Money Transfer to show you the current rates to help you decide whether you wish to send money now or later.

Safety and Security

With several security layers around your hard-earned money, the speed at which your funds are transferred only adds to the security of your funds. But remember that some companies may charge you extra for extra speed and safety, while a few others just don’t.

Wide Operational and 24/7 Online Presence

Precisely this is why they are called online remittance transfer companies! These companies have a wide operational and online presence that you can easily access online anytime and from anywhere.

Wrapping Up the Discussion

You can also get all of the benefits listed above if you choose ACE Money Transfer to send money to Senegal online with it. The best part is that you will get all these benefits from just one window and can also participate in campaigns the firm launches regularly and win exciting prizes.
 

FAQs

What pushes Senegalese out of Senegal?

Rampant unemployment, poverty, destitution, political instability, a flailing economy, and lack of quality education to secure a financially healthy future are some of the factors that push Senegalese abroad.     

What amenities do I get from working abroad?

You will get the benefits of self-confidence, self-reliance, higher wages, prospective career opportunities, good life quality, chances to seek top-quality education, chances to travel and explore different cultures, and so on, by working abroad.

What are the challenges in a bank’s remittance operations?

A few major challenges banks still face in their remittance transfer operations include long delivery times, commuting hazards, a lot of paperwork, high fees, and uncompetitive currency exchange rates.  

Why do some people still prefer banks to money transfers from abroad?

Some people still prefer banks for their remittance operations because banks command respect, cater to several financial needs of a large number of people, and that people are wary of online fraud and scams.What benefits do I get from money transfers through companies?

If you wonder about how to send money to Senegal, then online money transfer companies are the answer because they deliver funds swiftly, offer live and market-competitive exchange rates with safety, have a wider network and 24/7 availability, and save you from commuting hazards, all for a low fee.

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