21 Jul 2023
With a nominal Gross Domestic Product (GDP) of $22.15 billion as of 2021 and a GDP per capita income of $1,137.3 in 2021, both figures reported by the World Bank, the people of Zambia have been undergoing severe financial stress. These Zambian migrants travel to developed countries like Canada to find better employment they cannot find in their native country, to earn a living and then send money to Zambia from Canada to support their families financially.
But, many migrants wishing to transfer remittance back home get confused in the process and in deciding to choose a method to do so.
Do you know why?
Simply because of the large array of options to choose from.
Although transferring remittances from Canada to Zambia is an easy practice, how would you tell an easy option apart from a complex one unless you know the difference between the two?
This blog will walk you through the different methods of transferring funds from across borders to make you understand which option is super easy for this purpose.
But first, let's take a look at some of the reasons that attract Zambian migrants to Canada.
A look at the following will give you a fair idea about the immense appeal Canada has for migrants from across the world.
Canadian employers encourage educated foreigners, regardless of where they belong, to come to work in Canada.
Canada is the most educated country worldwide, according to the World Population Review. Particularly, the tech industry of Canada is most accommodating of appropriately skilled people.
So, your chances as a Zambian migrant to find work in Canada can increase manifold if you are highly and appropriately educated. The best part is that employers prefer hiring fresh graduates.
The feather in the country’s cap is that you choose a field of study you like, and once you have completed your studies, you will find a meaningful and career-oriented job aligned seamlessly with your education.
This is a unique distinction the country prides itself on. 93% of Canadian graduates find work in fields they have studied, according to Statistics Canada.
Realising the financial distress workers undergo, you will get your salary paid twice a month – once each at the start and middle of every month.
This is a great advantage for Zambian expatriates who can ensure a money transfer to Zambia that can exceed in number, subject to the dual payments you get.
Let’s now take a look at the two main methods to transfer remittances to understand which is super easy and why.
Albeit several methods are available, those broadly stem from the following two.
Banks are institutions offering financial services to people on a large scale. From safe keeping of your money to transferring funds, banks offer you all. But, with the advent of money transfer companies, the following challenges banks still face were highlighted and diverted migrants to the companies. These challenges are:
And this is where the catch is!
Several online money transfer companies have overcome the challenges banks still face. The fascinating details are as follows.
Many companies deliver funds in a matter of hours. Some take a day or two, which is a lot shorter than the time for banks. A few companies have made this process so fast that you can send money to Zambia online in a matter of a few minutes only.
Several companies offer live rates that are linked with the ever-fluctuating international market to allow you to initiate a transaction when rates are in your favour.
Some companies charge fees only when the amount exceeds a certain lower limit, below which transfers will remain free.
Through these apps, you can transfer funds instantaneously with low fees, speed, and 24/7 service availability. These apps allow you to initiate, track and complete a transaction on the go or from your comfort zone.
Do you want to know more about ACE Money Transfer’s mobile app?
Click here: ACE Money Transfer's Money Transfer App.
A money transfer company offering all the features listed above is the one whose services you would like to avail yourself of. But, in addition to all of these features, what if the company has several payout locations dotted across the world? This will be a great convenience for the recipient to collect funds from the nearest location they could find.
These features might seem similar to the banks, but do they offer other advantages the companies do? Well, the answer is obvious!
You will find all the features listed above, and much more from just one window, in the service package of ACE Money Transfer in your online money transfer to Zambia or elsewhere in over 100 countries worldwide.
What are the steps to send money from Canada to Zambia?
Sending money from Canada to Zambia typically involves these steps:
The exact process can vary depending on the service you choose.
How long does it take to send money from Canada to Zambia?
The duration can vary depending on the service you use. Some services can transfer money almost instantly, while others may take a few business days. It can also depend on factors like the payment method, receiving bank, and the time you initiate the transfer. It's recommended to check the estimated delivery time before you confirm the transfer.
What are the costs associated with sending money from Canada to Zambia?
The costs can vary depending on the transfer service. Some services charge a flat fee, while others may take a percentage of the transfer amount. Some services may offer a zero-fee transfer as part of their promotions. Exchange rates can also affect the total cost, as some services might offer lower rates than others. Always check the total cost before you confirm the transfer.
Are there limits on how much money I can send from Canada to Zambia?
Yes, transfer limits can depend on the service you use and the laws of both countries. Some services might have a daily, monthly, or per-transaction limit. Large transactions may also require additional documentation due to anti-money laundering regulations. It's recommended to check the transfer limits of the service you're using if you plan to send large amounts of money.
Is it safe to send money from Canada to Zambia online?
Yes, it's generally safe to send money online as long as you use a reputable money transfer service. These services use robust security measures to protect your data and funds. However, it's crucial to protect your account details and avoid sharing sensitive information over public Wi-Fi or with unknown individuals. Always check the credibility of the service by looking at customer reviews and its registration with relevant financial authorities.