06 Jun 2023
With a nominal Gross Domestic Product (GDP) of just $2.04 billion, in 2021, according to a World Bank report, the people of Gambia find it challenging to meet the basic requirements of a decent living within the limited financial resources they have at their disposal.
They, therefore, travel to some of the developed countries, those with better economies than Gambia’s like Greece, to find better work opportunities.
On finding jobs and after beginning to earn, these Gambian migrants send money to Gambia to support those dependent on them financially.
Given that these migrants belong to a teetering economy, they try to send money back home in economical ways so that they can save more. But, of course, service providers hardly offer low-fee transfers. How about getting competitive exchange rates at the lowest transfer costs with ultimate security?
Pretty excited! Right?
This blog will shed light on how you can make secure and economical money transfers to Gambia from abroad. Let’s first develop some understanding about what are global money transfers.
A global money transfer involves sending cash from one person or institution to another across borders through a transfer service. Typically, people from developing countries like the Gambia move abroad to earn and send money back home for financial support. These funds transfers are called “international money transfers”.
There are numerous benefits associated with money transfers. They provide a lifeline for family members back home, contribute to the economy, and can even facilitate e-commerce. Additionally, they often offer convenience, speed, and competitive exchange rates, which adds to your financial stability.
In the case of Gambia, a substantial part of the population relies on remittances from family members working overseas. Consequently, finding a cost-effective and secure service for a money transfer to Gambia is crucial for both the sender and the receiver.
When looking for a suitable money transfer service, consider the following factors:
Different services have different fee structures and exchange rates. It's crucial to understand these before choosing a service.
Choose a service that's easily accessible to both you and the recipient. Consider the payout methods available – whether it's a bank deposit, cash pickup, or mobile wallet.
Ensure the service you choose has robust security measures in place to protect your money.
Depending on your needs, you might prefer a service that can transfer money instantly or within a few hours.
Good customer support is invaluable, especially when dealing with money matters. Look for services that offer 24/7 support.
You first need to determine that your purpose for looking for cost-effective money transfers, which it is, is to save money.
The following tips will help you a long way in such a case.
Do you know where you stumble in your online money transfers?
Well, it is when you only take into consideration the fee being charged or the service charges.
Instead of asking about the fee straight, make sure to discuss the fee structure of the concerned service provider. And it is important.
On inquiring about the fee structure, you will realise two things: one, that several service providers will be reluctant to share the requested details, and two, you will learn about the hidden fee that creeps into the bill at the end of the transaction, at a time when the transaction becomes irreversible.
If you wish to save on transfer fees while getting optimum exchange rates, send money to Gambia online via ACE Money Transfer, where you can surely get these benefits simultaneously.
Always look for a service provider who offers you live and competitive currency exchange rates. A live exchange rate automatically becomes competitive, given the ever-fluctuating nature of the rates.
These rates keep fluctuating in the international market, and there is a big advantage if a company links its rates with this market. It will allow you to initiate a transaction at a time when the rates are most in your favour within a given time and in specific circumstances.
Some of the service providers, and remember, these are few and far between, launch campaigns now and then to benefit their valued customers. If you happen to come across any such campaign and join it, you will reap multiple benefits, the least of which is a fee-free money transfer.
Other benefits may include prizes – both cash and kind – through lucky draws. Albeit these campaigns are launched regularly, you must consider joining them if the time of your routine transfers is nearby. Waiting too long, however, will disrupt the financial cycle, which is not recommended.
It is a less considered factor but has immense importance. If you have to travel long distances, you will incur costs. Right? Then the money saved in fees will bear what kind of financial impact?
So, make sure to choose a service provider with several pickup locations to save you from travelling long distances.
Making an online money transfer to Gambia using ACE Money Transfer is the recommended solution for every expat. The firm offers competitive exchange rates, which means that your recipient will receive more money. Besides, the transfer cost is minimal compared with other providers in the market
Making secure and economical money transfers to Gambia from abroad doesn't have to be challenging. By understanding the nature of money transfers and considering key factors such as fees, accessibility, security, transfer speed, and customer support, you can make an informed decision.
FAQs
What is the fastest way to send money to the Gambia?
The fastest way often depends on the service provider and the payout method. Services like Western Union and MoneyGram usually offer instant transfers for cash pickup.
How can I ensure my money transfer to Gambia is secure?
Choose a reputable service provider with robust security measures. Also, never share your transaction details with anyone.
Do all money transfer services provide the same exchange rates?
No, exchange rates vary between providers. Always compare rates before initiating a transfer.
What information do I need to send money to Gambia?
Typically, you'll need your recipient's full name (as it appears on their ID), address, and bank account details if you're sending money to a bank.
Can I send money to Gambia through my bank?
Yes, but banks often charge higher fees and offer less competitive exchange rates compared to dedicated money transfer services.
