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Money Matters Abroad: How to Master Expat Banking as an Overseas Senegalese

Money Matters Abroad: How to Master Expat Banking as an Overseas Senegalese

01 Nov 2023


Venturing across the globe does bring a plethora of opportunities and experiences. However, it also brings unique financial challenges. From paying bills to making a money transfer to Senegal, even the little activities take up a complicated path.

This guide will help you understand the loopholes, tricks, and secrets that will turn you into a seasoned master of expat finance and banking.

What is international banking, and why has it grown in significance?

Simply being able to transfer money across bank accounts in different countries is considered cross-border banking. Businesses and individuals have been transferring money across borders for decades. However, more financial institutions are now offering this service with greater convenience. They are making efforts to make international banking simpler, faster, and less expensive as cross-border flows of both capital and citizens have grown in the modern era.

One of the most important points on every aspiring expat's checklist for moving abroad is setting up a cross-border banking system that works for them.

This demand ought to increase with time. Since 2000, there has been a 41% growth in the number of migrants living abroad. Expats are increasingly utilising chances for offshore asset management.

If you're an expat, you might want to transfer money into an account back home or send money to family members back home. You may be struggling with currency swings and want to convert your money to a more stable currency simply.

It is possible through international banking as it allows you to move funds in different currencies to different locations.

How can I get a bank account as an expat?

Although opening an overseas bank account is a fairly simple process, there are a few things you should think about before you begin.

Research Your Alternatives

Before beginning the process of obtaining an expat bank account, you should investigate the various financial services offered in your new country. Look for banks that specialise in serving foreigners since they provide a variety of services that are tailored to their particular requirements. Make sure to choose a bank that allows easy cross-border transactions so that sending money to Senegal won’t be a problem.

Compile the Necessary Paperwork

To open an account, the majority of banks demand identification, address, and employment evidence. It is crucial to have all of the necessary documentation prepared because doing so will hasten the procedure.

It is important to call the bank ahead of time to see if additional papers or references are needed so that you can prepare them in advance.

Get Your Appointment

Once you have the necessary paperwork prepared, make an appointment with the bank. You can plan an appointment time that works for you because many banks also provide the option of online appointment scheduling.

Consult with a Bank Employee

A bank employee will help you fill out the relevant paperwork and fill out the required forms during your consultation. They will also respond to any inquiries you may have regarding your account and the services that the bank provides.

Prove Identification

You should bring identification and any necessary supporting documents to the appointment if requested by the bank. You might need to provide your passport, visa, address proof, and employment verification to proceed with the application.

Wait for Confirmation

The bank will check your information after you have completed your application and the required papers to decide whether you qualify for an expat bank account. Be patient because this procedure could take a few days to many weeks.

Making Your Account Active

The bank will give you advice on how to activate your account after your account has been approved. This could involve ordering a debit or credit card, setting up online banking, and making payments.

What Other Options Are There for an Overseas Bank Account?

Expats have a few different options besides standard bank accounts to think about. Prepaid debit cards, e-wallets, cryptocurrency wallets, and numerous international financial platforms can all be examples of these.

Unlike ordinary debit cards, prepaid cards do not require a bank account to use. Instead, you pre-fund the card with cash so that you can use it to make transactions or cash withdrawals.

On the other hand, an e-wallet is an online account that enables the storage and usage of virtual currency. They are frequently linked to credit or debit cards and can be used for both online and in-person purchases.

Cryptocurrencies, like a Bitcoin wallet, utilise the decentralised digital currency that enables an expat to store, use, and transact with your Bitcoin safely. However, online money transfer to Senegal through crypto is not common.

Expats can send and receive money abroad for a reasonable price via fintech companies like ACE Money Transfer. Such firms permit multi-currency accounts that let you retain and control money in other currencies.

Using Fintech for International Banking

Utilising a fintech company for cross-border banking is a great alternative to utilising traditional banks. It is a new industry of financial technology businesses with a focus on digital sequences that can conduct cross-border transactions using a smartphone. Many fintech services are frequently providing speedier and less expensive transactions than outdated conventional fintech

The number of FinTech firms with their users has increased significantly in recent years. A growing number of fintech companies, which formerly catered exclusively to businesses, are now providing a variety of services to individuals. Today, Fintech firms are considered a viable alternative to traditional banking.

The Process of Opening a Finetech Account

It is often quicker and simpler to open an account with a fintech provider than with a traditional bank. Usually, you can do this online or using their app. You only need to complete this step once for an account that offers international banking without borders.

ACE Money Transfer is the leading remittance service provider that offers market-competitive exchange rates and lightning-fast cross-border transactions. ACE makes extra efforts to secure your transactions to Senegal so that your hard-earned money is well protected. You can easily sign up on ACE and start making your money transfers.

Wrap Up

Through online banking and professional assistance, you can simplify the process of managing your funds in a new country. If you want to ensure a smooth transition while moving abroad, try to plan and seek advice from professionals. ACE can handle your cross-border transactions for you so that you can easily send money to Senegal for your family.

FAQs

Q: Is it possible to keep my Senegalese bank account while working abroad?

Yes, almost all Senegalese banks allow you to keep your local account while living overseas. However, there might be some specific terms and conditions for people living abroad.

Q: How can I transfer funds to Senegal with ease and affordability?

It is advisable to use money transfer services like ACE. Conduct thorough research on exchange rates, fees, and speed to choose the best option.

Q: How can I build a credit history in my new country of residence?

You can start with an international bank account. After that, get a secured credit card or explore credit builder programs.

Q: Do Senegalese have any tax implications on their overseas income?

Tax laws may vary from time to time, so it is important to research the tax treaties in Senegal.

Q: Can I invest in Senegal with my overseas income while I live abroad?

Yes, many expats invest in Senegalese stocks or real estate from overseas using brokerage and property management services.


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