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The Importance of Transfer Speed to Send Money to the Gambia

The Importance of Transfer Speed to Send Money to the Gambia

04 Nov 2023


If the current generation of Gambian migrants were to ask their earlier generation of expatriates how they would send money to Gambia, their answer would take them by surprise.

 

Nowadays, sending money online from one country to another or from one place to another, for that matter, is an easy, hassle-free, and rather fun activity. Thanks to the leaping technological advancement!

 

In all fairness, what sets today’s online money transfers apart from those of the past, is the speed.

 

In the past, you could expect your money transfers to be perfect for anything and any purpose but the time they would take to deliver funds would render them unfit for financial emergencies.

 

And in an emergency, of whatever kind, what you immediately need is, well, an immediate set of steps to handle the situation.

 

Imagine you are working in a foreign land to earn a living and know that your family depends on you financially. Suddenly, an emergency has arisen and you have to send money back home in an instant. 

 

What is the first thing you would consider while trying to transfer funds back home? You guessed it right! It is the speed.

This blog will throw light on the importance of speed in your online money transfers to the Gambia and guide you on how to secure speedy transfers.

 

But for a better understanding, a brief walk through the background is essential.

 

A Look into the Brief Background

An estimated 118,000 Gambians are living in foreign countries to earn a living, an IOM UN Migration report said. They make significant financial contributions.

The financial contribution these Gambian migrants make through the remittances they send back account for over 20% of the country’s GDP.

They had sent back over $600 million as inward remittances in 2022, according to a World Bank report.

The people of the Gambia travel to foreign countries to find jobs because otherwise, they suffer unemployment and poverty. Therefore, they work abroad and keep supporting their families back home through a money transfer to Gambia.

Since their purpose to expatriate is to support their families financially regularly, they have to ensure they find a service provider that helps them with their money transfers in terms of speed, and other features such as fees and currency exchange rates that have a direct impact on their savings.

Take a look here at The Tips To Save On Your International Money Transfers.

Financially struggling households are particularly vulnerable to emergencies so financial aid must be readily available to them. This is only possible if the service provider offers you speedy transfers. Right? 

But there is a catch!

Several service providers will offer speed but at the expense of other features which you cannot afford to ignore like fees and exchange rates. For example, a service provider may offer you a swift delivery of funds in exchange for extra charges. It is okay if you were to do it once. But do you send money back home once in a while? Or do you do it regularly?

The answer is obvious.

Therefore, it is important to find a service provider that offers you speedy transfers without costing you extra and with all other financial benefits.

Let’s now understand the benefits of speed in your money transfers to Gambia.

 

Importance of Speed and its Benefits in Global Money Transfers

With rapid technological advancement, the first thing you want in your life is the speed to get things done. Because so far technology has paced up life substantially in almost all areas. So, money transfers are no exception.

You want to see your funds delivered in an instant. And why speed is of the essence in money transfers is explained below.

 

Handling Emergencies

A speedy money transfer comes in handy for handling financial emergencies that require your immediate financial attention. A delay in delivering funds in an emergency can worsen the problem. 

 

Smooth Financial Support

With speed in your online money transfer to Gambia, you can ensure smooth financial support to your family back home. Because delays in the process can increase the gap between transfers and disturb the support cycle.

 

Less Worrisome Process

Would you be worried about the delivery of funds if they reached the beneficiary instantly? Less likely. But your worry about it would be more if you were to wait for long to see if funds are delivered yet or not.

 

Guard Against Financial Fraud

A speedy transfer is an automatic guard against online financial fraud. Because a delay will allow scammers time and room to hack the transaction. But a swift money transfer blocks such a fraudulent manoeuvre.

 

Increased Focus on Work

With having to worry less about the delivery of funds, you will be able to focus more on your work and your job abroad instead of contacting the beneficiary repeatedly to check if funds are received or not.

Let’s see a few factors that can impact the speed of an international money transfer.

 

Factors Impacting the Speed of Money Transfers

Keep the following factors in mind that can impact the transfer speed.

  • Incorrect payment details
  • Payment method
  • Time of initiating a transfer
  • Which institution do you choose for your money transfer
  • Intermediary financial institutions
  • Destination Country
  • Volume of money
  • Fraud prevention layers and process
  • Holidays and weekends
  • Time zone difference
  • Time currency conversions take

These are some of the factors that can impact the time of transfer and cause delays.

 

Choosing the Right Institution

The simple way to choose the best money transfer service for swift money transfers back to the Gambia is to check different service providers and draw comparisons between their service features.

Determine your money transfer needs and then select a corresponding service provider. But make sure that for a speedy transfer of funds, you must not pay more as a few companies offer speed as a built-in service feature.

 

Wrapping Up the Discussion

One of the best service features of ACE Money Transfer is the speed at which the firm delivers funds across borders. Whether you ask for it or not, if you choose to send money to Gambia online with ACE Money Transfer, you will get the funds delivered in a matter of a few hours or even less in addition to paying low fees, get live and market-competitive exchange rates and much more from just one stop.
 

FAQs

Why speed matters in online money transfers?

Ans. Speed matters in money transfers the most because a) it involves your hard-earned money and you want it delivered to the beneficiary quickly and b) a delay in the process can render you worried about the funds. 

What are the benefits of a speedy money transfer?

Ans. Speedy money transfers cater well to financial emergencies, ensure smooth and uninterrupted financial support back home, are a less worrisome process and offer prevention against fraud.

What causes a delay in the speed of money transfers?

Ans. Several factors, such as the time of initiating a transaction, the service provider you choose, destination country, amount of money, time zone difference, and so on, cause delays in delivering funds.

What harm can a delayed delivery of funds cause?

Ans. A delay in the speed of money transfers can leave your funds vulnerable to online financial fraud, render you deeply worried, interrupt the flow of financial aid you send back home, and make a financial emergency worse.  

How to find a service provider that offers swift money transfers?

Ans. The first step is to determine online money transfer needs draw comparisons between different service providers and see which one corresponds to your needs. But make sure to not pay extra for speed as several companies offer swift transfers as a built-in service feature.


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