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The Rise of Contactless Payments: How Can Zambian Expat Workers Benefit from Digital Remittance Solutions?

The Rise of Contactless Payments: How Can Zambian Expat Workers Benefit from Digital Remittance Solutions?

21 Nov 2023

Many Zambian expats keep looking for the best ways to send money to Zambia while living abroad. Remittances, or the money sent home by a foreign worker, provide a lifeline for millions of migrant workers and their families, as well as increase the GDP of many nations worldwide. Up to 28 countries receive up to 20% of their GDP through remittance flows, according to World Bank data. Money transfer organisations (MTOs) are innovating to provide better solutions, but the cost of sending and receiving money internationally has created barriers.

By providing a quick, secure, and effective replacement for conventional payment methods, digital payments have revolutionised the way you conduct business. As more people become aware of their ability to stimulate economic growth, digital payments are quickly gaining popularity in Zambia. 

There has never been a better time for companies and customers to switch from cash to digital payments, thanks to the growth of mobile money platforms and online banking services. Surprisingly, the most recent financial survey conducted by the Securities and Exchange Commission (SEC) shows that only 32.5% of Zambians are capable of making significant financial savings.

Digital Remittance

Digital remittances or payments are forms of electronic payment that enable safe and speedy transfers without requiring a physical exchange. Digital payments have increased over the past few years, with technological advancements and changing consumer preferences being major factors. Additionally, e-commerce, mobile payment methods, and contactless options are now standard.

Zambia's Digital Payments Landscape

With more people choosing electronic ways to send money to Zambia online over conventional cash-based ones, Zambia's digital payments landscape is expanding quickly. According to GSMA Intelligence, 16.36 million mobile cellular connections—or 80.6% of the population—were active in Zambia at the beginning of 2023. According to the report, 4.30 million people in Zambia were using the internet at the beginning of 2023, when internet penetration was 21.2%.

Customers can make online payments using Internet banking platforms or debit or credit cards, respectively, at point-of-sale terminals. Both businesses and consumers now have a sizable opportunity due to Zambia's encouraging growth in digital payments. More accessible, safe, and effective online transactions will become possible as a result of this growth.

The Rise of Contactless Payment 

The worldwide trend towards a more practical and seamless payment experience has fueled the growth of contactless payments. As technology advances, consumers embrace the simplicity and speed of making purchases by tapping their cards or using mobile payment apps. The emergence of contactless payments has caused a paradigm shift in the world of commerce. 

By using Near Field Communication (NFC) technology, customers can use this safe payment method by tapping their contactless-capable cards or mobile devices on compatible payment terminals.

How To Find The Best International Money Transfer Service In Zambia?

For Zambian expats, the procedure for sending money abroad is straightforward. Finding the best money transfer deal in Zambia is essential if you want to ensure the best conversion rate while avoiding transaction fees. The best international money transfer company for Zambian expats can be found using the following advice, which will save you time and hassle. 

To save money, choose a slower option if time is not an issue. Remember that the fastest online money transfers to Zambia will cost more. Any Zambian expat can save money by using a reputable provider of international money transfers, regardless of the motivation behind their transfer.

In Zambia, many online money transfer companies actively assist expats in sending money abroad. More than ever, it is now simple to do, thanks to the internet. The best rates and extensive knowledge of both international payments and the ZMW are offered by these money transfer businesses in Zambia to expats. 

However, these services are frequently more cost-effective and provide hassle-free transfers in Zambia, even though they might cost a little more than Zambian banks. If you need to send money abroad, it's crucial to locate a specialised Zambian expat money service that provides great rates and a hassle-free experience.

Best Way to Send Money to Zambia

The best option when sending money to Zambia is to use a specialised money transfer service in Zambia. The strictest rules and laws of the nation you're sending to are followed by these services, which uphold the highest security standards. Although specialised providers in Zambia might offer slightly lower exchange rates, they frequently charge a service fee, commission, or percentage-based fee. 

Before sending money from or to Zambia abroad, compare the fees charged by each provider. Before deciding on a specific provider, expats should also compare the payout amounts in ZMW. The money being transferred is among the most crucial factors to consider in Zambia when sending money abroad. Larger transfers might necessitate a business that specialises in large business transfers for expats in Zambia, even though numerous companies in Zambia offer small-dollar transfers. 

For large transfers, Zambian banks typically impose exorbitant fees. Searching around for the lowest ZMW sending and receiving rates is therefore advised. Choose a method that best suits your needs after you have determined the amount you wish to send to or from Zambia. For more details, you can get information about should you have a bank account to send money to Zambia from overseas or not.

ACE Money Transfer – The Best Way to Make Online Money Transfer To Zambia

Using a regulated and trustworthy channel, ACE Money Transfer enables you to send money to Zambia quickly, securely, and affordably. As a dependable remittance service for your financial needs, ACE works to give its clients the fastest and most secure money transfer experience possible.

Making a money transfer to Zambia with the right international remittance service provider can result in savings and give you confidence that your funds are safe. Consider carefully comparing all options because everyone's needs are different before making a choice. Choose ACE Money Transfer for transfers that are both quick and secure.

Bottom Line 

Consider that you are a Zambian expat who is concerned about finding out how to send money to your country and is based in the UK, Europe, Canada, Australia, or Switzerland. The answer in that situation is ACE Money Transfer. No matter where you are sending money in Zambia, the company is undoubtedly the best alternative.


What do I need to send money to Zambia via the Internet?

When sending money to friends and family in Zambia, the requirements are;

  • Your full name and address.
  • Name and address of your recipient in full.
  • A passport, licence, or another piece of official identification issued by the UK.

You will also require the mobile wallet information of the recipient if you want to send money to a mobile phone.

What Advantages Do Zambians Get From Using Foreign Exchange Providers?

If you're planning to transfer money between currencies, you might want to consider the advantages of working with a Zambian provider of foreign exchange. You can, for starters, set a limit order specifying the lowest transfer rate you are willing to accept. This is especially helpful if you intend to send large sums of money to Zambia on erratic dates.

Use a foreign exchange provider rather than a Zambian bank when sending money to other nations. You'll probably save money by using FX providers, who frequently provide better exchange rates and lower fees than Zambian banks.

What Factors Should Zambians Take Into Account Before Sending Money Abroad?

You should take a few factors into account before sending money abroad. You must first be aware of the exchange rates for the currencies you intend to transfer. Excessive exchange rates are common in Zambian banks but are now forbidden by new legislation. Therefore, you can send money abroad at a cheaper rate. 

Make sure both you and your payee accept the currency of the recipient nation. Consider sending money through an international money transfer service in Zambia if the recipient nation does not have a Zambian bank account in the nation of the sender.


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