ACE Money Transfer - Blog

Where to Get the Best Exchange Rates for a Money Transfer to Senegal from France?

Where to Get the Best Exchange Rates for a Money Transfer to Senegal from France?

24 Nov 2022


France is a highly developed social market economy ranking 7th worldwide with a nominal Gross Domestic Product (GDP) of $3.06 trillion. With a robust economy, picturesque landscape, high-quality education, etc., France is equally popular among the people of different regions, including the African continent. People from many African countries, including Senegal, travel to France for better employment opportunities that they struggle to find in their home country. They send money to Senegal to support their families financially once they find jobs and settle down.

But do you know what is one of the basic points you attach immense importance to in an online money transfer as an expatriate?

Well, the answer may vary from person to person, but one of the basic points is to save money as much as you can as an expatriate earning a living in a foreign land.

You look for every way possible to save money and try to find a service provider that will help you in this regard by charging a low fee and offering live and competitive currency exchange rates. Keep reading to learn more about where you can get the desired exchange rates for money transfers to Senegal from France or any other developed country.

A Brief Guide to Finding the Best Exchange Rates for Sending Money to Senegal

This blog will shed light on how to find a service provider to get the best currency exchange rates for your online money transfers to Senegal from France. Let’s first learn about France and why most people prefer moving here.

A quick look at the economy of Senegal for a better contextual understanding

  • Senegal is the world’s 107th largest economy, with a nominal Gross Domestic Product (GDP) of $23.940 billion.
  • Its Purchasing Power Parity (PPP) is the 100th worldwide with $64.600 billion.
  • Its nominal GDP per capita income is $1,428, 149th worldwide.
  • Its PPP per capita income is $3,853, 149th worldwide.

Senegal is a lower-middle-income country whose people suffer from acute poverty and unemployment. Therefore, they travel to developed countries like France for several critical reasons.

A few critically important reasons for going to another country

Although there can be several reasons to travel to a foreign country, like spending vacations, tourism, etc., these are not critical.

A few critical ones are reviewed below.

  • The first reason to travel to another country is to find better employment opportunities to meet the financial needs of the family and those financially dependent on you.
  • Secondly, people go abroad to get a quality education to ensure a sound future, as education in developed countries guarantees a prospective career.
  • Thirdly, expatriates can manage savings in their foreign earnings that they cannot otherwise, given the limited financial resources and meagre incomes they have in their native countries.

These are some of the prime reasons that people of developing countries largely share. Studying any case of expatriates hailing from low-income countries will reveal one of these reasons as an impetus to travel abroad.

What is the French economy like?

The French economy essentially accommodates the job-seekers in its folds. Whether the natives or the expatriates, France has plenty of work and jobs to offer to them all equally. A brief look at its basic economic statistics is necessary.

  • France is the world’s 7th largest economy, with a nominal Gross Domestic Product (GDP) of $3.06 trillion.
  • Its Purchasing Power Parity (PPP) is $3.6883 trillion, 10th worldwide.
  • The country’s nominal GDP per capita income is $44,747, 26th worldwide.
  • Its PPP per capita income is $56,200, 25th worldwide.

This is precisely why people of Senegal, among many others, come to France for better jobs and send money to Senegal online or through other methods to support their families financially.

How can I choose the best online transfer service that offers me favourable currency exchange rates?

Do you know how to narrow your search to find one such service relatively quickly?

Do not rush to find the answer! It is pretty simple and straight.

Do you wonder how? By simply putting banks aside.

For the simple reasons that bank transfers take long, charge a high fee and offer uncompetitive currency exchange rates.

So, now that you have shifted your focus to the companies, follow the tips given below to optimise your search results.

Read company reviews

Visit the official platforms of different companies and read customer reviews and feedback. It is the easiest way to find a credible service, given that a slight compromise on service quality can trigger a whole debate on the viable and open social media that it has, of late, become.

Compare services

Draw deep comparisons between the services of the different companies you have selected. Figure out what features you need the most and then try to find those out in the companies whose services you are comparing.

Compare fees and their structure.

Never rely on simple fee comparisons. A service provider charging a low fee might trick you into paying more through a hidden fee. So, make sure to see if a company’s fee structure is open for your study and scrutiny or is shrouded in the unknown.

Check if the exchange rates are live or static.

Avoid a service provider whose exchange rates are fixed. Try choosing a company whose rates are live, competitive and linked with the international market, where they keep fluctuating to allow you to initiate a transfer when they are in your favour.

How to send money to Senegal to get the best currency exchange rates?

As stated above, find a company offering live currency exchange rates linked with the international market and initiate a transfer at a time when they are most favourable for you. This way, you can get the best currency exchange rates.

ACE Money Transfer – a remittance service offering you the best only

Money transfer to Senegal with ACE Money Transfer can offer you live currency exchange rates with around 390,000 pickup locations in over 100 countries worldwide and much more in exchange for a low fee under one roof. Besides, you can have several chances of winning exciting rewards when you use ACE’s services to transfer money across borders.


Tips

PREVNEXT
Top Essential Security Measures To Ensure Safe Money Transfers Globally
7-Second Money Transfer To Pakistan From Overseas Via ACE Money Transfer - Everything To Know

Comments