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Remittances and International Money Transfers - A Guide for Gambian Expats

Remittances and International Money Transfers - A Guide for Gambian Expats

16 Nov 2023


Gambian expats living in different countries worry about secure ways to make an online money transfer to Gambia. Over the past few years, the amount of money being transferred internationally has been a noticeable increase. People are relocating abroad for a better lifestyle and to meet their financial needs. Similarly, Gambian expats send funds from abroad to the Gambia to achieve various goals. Depending on the individual, these goals might be different. 

The main obstacle for these expats is locating the ideal remittance partner for services related to international money transfers. The necessary information regarding your remittance requirements is provided below in case you are one of those overseas expats. So let's start with a comprehensive guide to helping Gambian expats find the best way to send money home.

How Have Expat  Money Transfers Changed Over Time?

Due to the globalization of economies, international money transfers are now a common practice. You can work in the US and purchase a home in Mallorca, invest in a company in Macau, or pay for a vacation in Sao Paolo. Free movement of capital, goods, and people is necessary for all of this to occur. Most expats used traditional banks to help them send money to their families and friends abroad before the turn of the 20th century. 

Banks at the time were practical for everyone, including those paying mortgages and other bills. The expats, however, also had to deal with high costs and unfair exchange rates as a result of this. Transfers were delivered after a delay of 5-7 working days due to bank turnaround times. The most inconvenient group of people were foreigners sending money for urgent needs. Even now, sending significant sums of money across borders comes with a fair share of time, cost, and currency risk considerations.

You can now send and receive money digitally all over the world because of the growth of global fintech businesses. You can transfer money more easily to bank accounts, credit and debit cards like Visa, Mastercard, and UnionPay, and directly to your recipient's mobile phone, thanks to the variety of payment options these businesses provide.

What Is a Remittance Service Provider?

An individual, company, or organization providing remittance services takes instructions from clients to transfer money or property to a recipient. Providers of remittance services are also referred to as money transfer service providers. A remittance provider's AUSTRAC registration status must be verified.

Points to consider while choosing an International MoneyTransfer as a Gambian Expat

Selecting a reputable Remittance service provider can be difficult at times. You should keep the following things in mind to choose a dependable option when you send money to Gambia:

Exchange Rates

Examine the exchange rates and charges provided by various money transfer services. While some providers may charge higher fees but offer competitive rates, others may charge lower fees but offer less favourable exchange rates. To assess the overall cost-effectiveness of the service, take into account both variables.

Transfer Rate 

Choose the transfer speed at which you require the money. While some services offer same-day or immediate transfers, others might require a few business days. Select a service that fits your needs for time. If you're living in the UK and want to make secure money transfers to the Gambia from the UK, then ACE is always there for you. Read ahead to learn tips for finding reputable and reliable remittance services for sending money to the Gambia.

Convenience And Accessibility

Take into account the money transfer service's usability and accessibility. Look into whether they have a simple-to-use website or mobile app that makes it simple to start transfers and keep track of your transactions. Additionally, assess the options for sending and receiving money to see if they meet your needs. Examples include bank transfers, mobile wallets, and cash pickup locations.

Trustworthiness And Security

Look for a service that is reliable and has a good track record for security. Check to see if the business has a license and is governed by the proper financial authorities. Additionally, look for security features like encryption and two-factor authentication to safeguard your transactions and private data.

Customer service

It's always advantageous to have assistance available if you run into issues or have questions. If there are any issues, such as a delay or non-arrival of funds, make sure the remittance company you choose has a solid customer service department.

Broad Network Coverage

Always opt for a network that provides wide-ranging network coverage. Choose remittance options that can only offer remittance transfers to a few regions. In the field of remittance service providers, ACE Money Transfer stands out because of its extensive affiliations and payout partners. With ACE's services providing real-time transaction tracking, you can send money to Gambia online with the utmost peace of mind. Beneficiaries of ACE can receive money in the Gambia in many ways.

How Can I Get The Best Exchange Rates For International Money Transfers?

It is difficult to determine how much in currency conversion fees you are paying when there is a margin on the current exchange rate. And if you're not careful, you might pay a lot more for your transfer than you meant to. To guarantee that you receive the best exchange rate, you can take the following actions:

Before Choosing, Consider Your Options

It's important to compare prices across platforms as you shop around for the best deal. To determine if there are any trends or times of the month or year when the rate is better, it may also be useful to spend some time researching the economic trends of the recipient's nation.

Set Up Rate Alerts

Typically, rate alerts can be set up once you register with a transfer company. If you don't need to transfer right away, it's better to wait until your currency pair reaches the desired rate.

The remittance industry has suddenly experienced success and expansion. Expats can benefit from high-quality money transfers when they are properly informed about the best remittance service provider. Any expat can make the best decision to carry on with money transfers using best practices after going through all the key metrics. Following these important guidelines will enable any expat to save money when making an online money transfer to Gambia to friends, family, and loved ones.

Bottom Line 

With the help of ACE Money Transfer's most well-liked digital solutions, international money transfers for expats have become less complicated. It's finally time to take control of your upcoming money transfer to the Gambia and maximize your benefits from doing business internationally with ACE.

FAQs 

What is a global remittance transfer?

Transfers in which the sender gives money to a money transmitter or financial institution in the form of cash or another form of payment and asks for money to be transferred to a particular location or account abroad.

What Are The Restrictions For International Transfers?

The reporting of international transfers over $10,000 is required from financial institutions and money transfer companies. The Office of the Comptroller of the Currency is where you can find out more information about the Bank Secrecy Act.

How long does it take to send money internationally between banks?

International bank transfers typically take one or two days, but depending on the currency, they could take up to five. For instance, stronger currencies like the US dollar and the euro typically move more quickly.

What impact do exchange rates have on international money transfers?

How much money you get back at the other end can vary significantly depending on exchange rates. Additionally, it may have an especially noticeable effect on larger transfers. Knowing how to minimize risk is essential because the foreign exchange market is so volatile.

Which international money transfer app is the best?

The innovative ACE Money Transfer mobile app is called ACE Money Transfer. Users of Android and iOS devices can download the app. Technology is taking over most industries, which offers comfort and convenience. That is precisely the motivation behind ACE's decision to offer their esteemed clients an exclusive, cutting-edge mobile application. Log into your ACE account through the mobile application to control international remittances while on the go.


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