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The Pros and Cons of Using a Bank for Your International Money Transfers to Senegal

The Pros and Cons of Using a Bank for Your International Money Transfers to Senegal

21 Nov 2023


When a person is living abroad, it is very frequent for him to come up with a situation where he needs to transfer money. People use different methods for money transfers to Senegal depending on their ease. There are plenty of methods for carrying out international money transfers.

 

As the international work market is increasing, international money transfers are also growing popular. The remittance through banks in the year 2016 was $530 billion.

 

Whether transferring through a bank or online service provider, each medium has its pros and cons. The advantages of one become the disadvantages of the other. This article will discuss the benefits and demerits of doing international money transfers to Senegal using a bank.

Advantages of using a bank for your international money transfers to Senegal

Apart from the disadvantages, some advantages give international transfers from banks a whip hand. These advantages include:

Safe and secure money transfers

As the transfer through banks is nonreversible and documented, it is very difficult for hackers to interrupt the traditional system and take your capital. Transfers through traditional banks are time-consuming but usually very safe as compared to online banking.

 

Hackers are more attracted to online banking because the whole process runs electronically, and it is comparatively easy to hack the system of online banks.

Easy exchange currencies

Traditional banking is not a story that is a decade older. People have been sending money to Senegal through banks for a very long time. Even after the arrival of online banking in the remittance market, conventional banking has its edges.

 

Banks pre-buy the currencies that are mostly used, like US dollars, pounds, etc. they don't buy them on the demand of the client. In this way, the process of exchanging currencies becomes simple. People can convert currencies into desirable forms very easily. 

Disadvantages of using a bank for international money transfers to Senegal

After the arrival of online service providers, client attraction towards the banks is falling. There are plenty of reasons for this to happen. Among them, the most popular are described below.

Higher fees as compared to the online remittance market

International money transfers through a bank are not a direct process. banks work in the form of networks or the web. When you transfer money from any country to Senegal, so many third-party banks are also involved. They charge fees for providing services. In this way, final transfer fees become so much more expensive for clients, and they refrain from paying them. High taxes are imposed on the transfer through banks, which reduces the amount to be transferred to a large level. There is a direct impact of taxation policies on remittances to Senegal.

 

Online banks use an electronic network. So the transfer is done directly from sender to recipient. No third-party fees are involved. This gives digital platforms an edge, and people tend to prefer them over banks.

A slow and lengthy process

International money transfers to Senegal online through banks are a very lengthy process. Banks only work five days a week. International transfers from banks usually take 4 to 5 working days. The process becomes even more time-consuming when holidays come in between.

 

Slow banking is very inconvenient for people living in this century when everything is so fast. Apart from that, people working in foreign countries are already away from their families. Their families are alone, and they have to take care of them. In case of emergencies, they need to transfer money immediately. In that case, traditional banks are useless. So more people are moving towards online banking.

International transfers through banks are more complex and less convenient.

Bank transfers require you to visit banks and fill out the forms for carrying out the transfer. It is very hectic for some people to find time from their busy schedules and do it. Online banking, on the other hand, requires no formalities. You can carry out the transfer with little effort. All the information is received online through cell phones. The recipient, on the other side, receives the money through a single notification. For this convenience, people prefer online banks over traditional banks.

Bottom line

Just like any other medium, there are pros and cons of using a bank for your international money transfers to Senegal. Whether you use it or not depends on the circumstances and your needs. There are many online money transfer services and banks that are working actively to carry out successful online money transfers to SenegalACE Money Transfer has been the best money transfer service to date. It has proved to be most beneficial to its customers by providing all the services needed. It offers the best exchange rates and consumable packages to its clients.

FAQs

What is the best way to send money to Senegal?

The best way to send money to Senegal is using the services of ACE Money Transfer. It is the best platform for remittance transfer to developing countries like Senegal. You can complete your transfer in the best and smoothly using this platform. It has many offers for convenient and friendly transfers. 
 

How long does it take if I send money through a bank?

If you send money to Senegal using a bank, then it may take 4 to 5 working days. This span can be delayed even more if there are any holidays before the completion of the money transfer. 

 

Do I have to worry about losing my money while transferring money internationally?

Money transfers are evolving every day. They are becoming more and more secure through the identity and verification advancements of money transfer companies. They give security of funds. Your funds are rarely interrupted by a hacker or scammer. 
 

What is the cheapest way of sending money to Senegal?

The cheapest way of sending money to Senegal is through online banking. Online banks often have large sales and offer international transfers that can reduce the cost of transferring on a large scale. 
 

What is the best time for doing an international money transfer?

The best time for doing an international money transfer is when the sale and campaign deals are going. Online platforms usually have such schemes where they attract clients by offering bumper prizes on money transfers.


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