22 Apr 2024
Do you know how your online money transfer from UK to Gambia can boost the economy of Gambia? Many people are migrating to the UK because it is a land of opportunities. In 2022, there was an increase of 1.3 million job opportunities in the UK. Most careers are highly paid there, so you can secure your future and help your family build their careers in Gambia. Moreover, the tax deduction from your remittance will empower the economic growth of your country.
In 2022, Gambia receives almost 28% of the remittance of its GDP. It is one of the largest amounts that positively impacts the Gambian economy. There are 1.18 million immigrants living in the UK. According to the UK Office of National Statistics, 36,279 Gambians live in the UK. Most of them are working as expatriates, and others are students. Both the students and workers have to send money for various purposes, which benefits the economic growth of Gambia.
When individuals send money to their families, it increases their income. People also use remittances to pay rent and buy groceries, which circulates in society and increases economic growth. Moreover, they use this amount to pay taxes and bills, which helps in economic growth. Let's learn how remittance from the UK can drive the economy of the Gambia:
Remittance is beneficial for families, communities, and countries' economies. When an individual sends money from the UK to the Gambia to provide financial aid to his family, he indirectly enhances the economy of his community.
Gambia has leaped forward with the help of remittance. The GDP of Gambia is dependent on remittance. Almost 18% of people globally live as expatriates and send remittances to their countries to provide financial support. People worldwide use up to 75% of remittance to get necessities like food, shelter, health, and clothes. Remittance transfer has the potential to improve the country's economy. Gambians can lift their economy by wisely using the remittance in SDGs.
A greater amount of remittance will lead to a better lifestyle and drive a country's economic sector. The digital revolution has made the process of remittance easier for everyone. Now, expats can send money within a few clicks to help their people living in Gambia.
Money is regulated in different areas, raising the wealth of a particular area. Let's discover the benefits of the remittance:
Remittance is a powerful source of foreign exchange. When converting foreign currency into Gambian currency, the influx of foreign currency positively impacts the currency reserves. It stabilizes the economy and raises the worth of Gambian currency. Remittance also facilitated import payments. It maintains the flow of imports and supports domestic production.
Moreover, remittance can also play a critical role in stabilizing exchange rates. Converting Gambian currency into the pounds can be costly, but a better economy and more remittance can help bridge the gap. Furthermore, currency stabilization is crucial for international trade and investment businesses.
When expatriates send money online to Gambia from UK in foreign currency, that money is used to empower small-sector businesses. A lot of people in Gambia are running household businesses or small-scale businesses. Remittance can be a huge support in the empowerment of the company.
Remittance opens the door for entrepreneurship. Often, small and individual businesses face initial challenges like limited access to financing, lack of stock, and lack of modern equipment, tools, and machines. Foreign aid can help businesses overcome such challenges, positively impacting a country's economy.
Remittance helps families fulfill essential needs like food, clothes, and shelter. Usually, expats send monthly remittances to support their families and help them enjoy a better life. The families use that money for various purposes like paying academic fees, electricity or water bills, taxes, transport, and health concerns.
Remittance is a source of income for many families, especially in rural areas. So, the amount of remittance can be used for multiple purposes. Investing more money in educational and health concerns will lead to improved outcomes.
When remittance becomes an additional source of income, it creates greater chances of investment. Investment is a profitable source not only for investors but for the specific company and country as well. Investors will enjoy the profit, and the company that utilizes that money will grow more.
The investment will increase working opportunities for people. Companies will launch new projects, and new people will be hired, directly contributing to the empowerment of the economy.
When individuals send remittances, the government will deduct some taxes and charges. Those taxes will enhance the economic growth of a country. The government can utilize the money for the welfare of the people.
Moreover, when expatriates continuously send money to Gambia from UK, the banks will deduct a few service charges. It will increase bank deposits and boost the country's economy.
The concept of remittance is not new. It has proven beneficial for all the underdeveloped countries. When developed countries send a certain amount to under-developed countries, it significantly impacts the economies. Let's discover the benefits of remittance:
● As stated by the World Bank, remittance was the most powerful means of financial empowerment during Covid-19. Almost $647 billion in remittance was transferred in 2022, aiding millions.
● Almost 800 million people are dependent on remittance.
● If expatriates working in well-developed countries send a small portion of their monthly income, it will become double for the receiver living in an underdeveloped country.
● Online remittance has benefited both the sender and recipient of the remittance, and now multiple people can get access to remittance in a few seconds to tackle emergencies.
● Almost 70 countries are highly dependent on remittance.
Read to learn about: Remittance Inflows to the Gambia in 2023.
● Remittance is powerful in accomplishing SDGs (Sustainable Development Goals), like overcoming poverty, hunger, health, and education.
As an expat living in the UK, you can change the economic condition of your country. The UK stands among the most powerful economies in the world. A small amount of remittance sent from the UK can entirely change the economic destiny of the Gambia. Remittance is beneficial in driving the economy of any country. Remittance also plays a huge role in improving Gambia's educational and health sectors. An increase in the economic level means more job opportunities and a better lifestyle. When expats send money to their family members, they utilize it for various purposes, enhancing the community's living style.
Meanwhile, remittance was the only source of income for millions of families. Now, expats can make instant money transfer from UK to Gambia to help their families in their hour of need. Moreover, the digital world has introduced low-cost remittance transfers. ACE Money Transfer is a renowned remittance transfer company supporting low exchange rates and the lowest service charges.
When an expat sends a part of his income from a foreign country to another country, it is known as a remittance. It can be in the form of gifts or financial aid from expats to their families.
The remittance amount can be used to boost a country's economy for various purposes. It can finance investments in different projects, create job opportunities, enhance education and health services, and fulfill essential needs.
You can send money from the UK to Gambia through banks or remittance transfer services such as ACE Money Transfer. ACE supports first fee-free transactions to the Gambia from the UK at reasonable exchange rates.
Remittances eliminate poverty, boost the economy, raise a country's living standard, benefit the exchange rate, and facilitate imports.
Remittance can open doors and opportunities for many people. It can facilitate the educational system and support small businesses in eliminating poverty.
