22 Jun 2023
Transferring money from overseas as a working expat is essential for families and the government. Remittance is a significant source of reducing poverty and adding to financial development in low-to-middle-income countries like the Gambia. They play a vital role in both: normal and severe conditions. If you see this situation from a macroeconomic perspective, remittances are a significant source of external financing and often overcome (FDI) and (ODI).
According to research from 2020, remittances were a minimum of 10% of gross domestic profit (GDP) in low and middle-income countries.
Suppose you live abroad for any reason, like working or studying, and you must make frequent money transfers to Gambia. In that case, it is very important for you to understand bank account fees if you wish to send money to Gambia with the most benefits and how to avoid extra charges. Money transfers through banks may seem cheaper from the surface than online money transfer platforms, but in most cases, the sender is unaware of hidden fees.
Often customers open their eyes when they lose a large percentage of their transactions in forex conversions and many hidden bank account fees. You don't have to stress out because this blog will help you learn the tricks and methods to minimise banking fees.
The main problem is the high cost of sending money from abroad to the Gambia. Though it is falling after the pandemic, the change is prolonged. And it remains unbearable for most people.
There are many ways and habits that you can adopt to reduce bank service fees. A little enlightenment will enable you to save huge money on every transaction. Here are Some tips and tricks have been mentioned that you can follow
Analyse your banking statement profoundly and see what you are being charged for and why. The fees from multiple angles cut a significant amount from your remittance. It is best to avoid them from the start to refrain from any inconvenience. You can ask your bank to remove your monthly maintenance fees (if they allow you). You can save a little extra cash in the bank by doing this.
Ask your bank to give you a senior discount if you qualify for that. Many banks offer reduced fees to people above 60 years of age. If your bank does not know about your age, now is the time to bring this information to light of their knowledge. They may give you discounts on a money transfer to Gambia based on your status as a senior citizen.
If you are young or a student, your hands are already gold-plated. Many banks offer special discounts and packages for students and young people. They are also not charged maintenance fees by banks. Check in with the discount policies of your bank as soon as possible to see what you got.
Digital banking has been overshadowing traditional banking systems for a long time. They offer you better services, safety processes and cheaper fees than the bank. You can send money to Gambia online with the highest exchange rates and lowest transaction fees. People are more inclined towards the digital market these days for their convenience.
The reason for the quick uplifting of the digital remittance industry is mainly their affordability. Everyone can send money to every corner of the world while sitting in their homes. You can also save yourself from paying unnecessary bank fees if you register with any online service provider company.
You can make fewer but larger withdrawals to save yourself from remittance fees. In most cases of working abroad as an expat, people make repeated transactions. This way, you pay money transfer fees repeatedly, and your cash is cut on each transaction. So it is better to plan your withdrawal or money transfer schedule to save yourself from paying transaction fees again and again.
Several banks and digital remittance providers often bring exciting reward campaigns and promotions for customers. Benefiting from these offers remains the best option for Gambian overseas workers as they can win rewards and send money to Gambia online at competitive rates and low transfer fees simultaneously.
If you have to do a few monthly transactions, it is better to sign up for a low-fee account. First, check if that account is suitable according to your needs. If you are doing more transactions than allowed by your account, you are for sure paying more fees per transaction. Converting to the different packages may seem costly on the surface, but it saves you a lot of money on each transaction. It is because you are making transactions within the transaction limit of your account package.
You can also talk to your bank and analyse your banking habits. They can also suggest your best package according to your spending and sending routine. It may decrease your banking fees. If you need clarification on the platform, look at the tips for finding reputable and reliable remittance services for sending money to the Gambia.
Talking about money transfers, there is always one best service provider available. ACE Money Transfer is that sublime gold stone for its clients. It has the most elite features for its users, which do global money transfers in minutes. You can also schedule your transfers through the app wherever and whenever you want to send money. They also give you the luxury of tracking your transfers, so there is no risk of robbery or scam. Making an economical and swift online money transfer to Gambia via ACE’s services is the best choice for Gambian expatriates. So without any further delay, register yourself to ACE Money Transfer and enjoy money transfers to Gambia.
What types of bank account fees are associated with sending money to the Gambia?
When you send money to the Gambia through a bank, you may encounter several types of fees, including international wire transfer fees, foreign exchange markup fees, and, potentially, recipient bank handling fees. The exact amounts can vary widely depending on your bank's policies and fee structures.
How can I find out what fees my bank charges for sending money to the Gambia?
The best way to find out the exact fees is by contacting your bank directly or checking their fee schedule, which is often available online. Remember to ask about both sending and potential receiving fees, as well as any exchange rate markups.
Are there ways to minimise the bank fees for sending money to the Gambia?
Yes, there are several ways to minimise these fees. You could opt to send larger amounts less frequently, negotiate lower fees with your bank if you're a long-standing customer, or use a lower-cost alternative like a money transfer service. Always compare rates and fees from different providers to ensure you're getting the best deal.
Why do banks charge fees for sending money internationally?
Banks charge these fees to cover the costs of processing international transactions, including the cost of maintaining systems and services that facilitate these transfers, risk management, and compliance with international financial regulations.
What should I consider when comparing the costs of sending money to the Gambia through a bank versus a money transfer service?
When comparing the costs, consider not only the transfer fees but also the exchange rates offered by each service. While a service may have low fees or no fees, it may offer a less favourable exchange rate. It's important to calculate the total cost of the transfer, including the exchange rate, to find the most cost-effective option.