10 Jan 2024
According to a report by Macrotrends, about 127,915 Zambian migrants lived and worked abroad in 2015 to earn a living and send money to Zambia to offer financial support to their families back home.
However, expatriates, be they from Zambia or any other country for that matter, know how to send money online since they have to offer financial support – a purpose for which they become expatriates in the first place. The emergence of newer ways to transfer funds adds to the confusion of the migrants, who are left scratching their heads about choosing the right method for sending money overseas.
Because every method of transferring funds comes with its advantages and disadvantages, you, too, have different priorities in the process of sending funds online, and you choose a money transfer service that you think is aligned with your priorities.
This blog will, however, discuss at length the pros and cons of different methods to send money online as a Zambian migrant from abroad.
For the simple reason that many migrants, even though they belong to the same country, have different priorities in their transfer of funds from overseas.
Some of you may want speed as the top priority to deliver funds to the recipient while attaching less important, in the process, to the currency exchange rates.
Others may look for competitive currency exchange rates and are ready for the delay in transferring funds, etc.
Therefore, the selection of a service provider largely depends on which service feature or features you are looking for.
It is also important to consider that there are, however, some service providers in the global remittance transfer service industry that offer all the features you can think of in addition to what may be completely unexpected for you.
Let’s first take a look at the Zambian economy and inward remittances to Zambia before answering the question: how to send money to Zambia?
The following statistics are important to look at to fully understand the financial woes of the Zambian people and which method is best for money transfers to Zambia from abroad.
A report by the Global Economy, seeking data from the World Bank, said that the value of inward remittances to Zambia in 2021 was $241.69 million.
It is a low amount because, for a majority of developing countries, remittances are lifesavers.
Their economic health largely depends on the volume of remittances they receive annually. But on the other hand, the volume of remittances appears big enough in proportion to the number of Zambian migrants abroad.
In light of these statistics, two important points emerge; one, that the incidence of poverty is high in Zambia, and two, Zambian migrants must ensure that they find a service provider that offers them cost-effective online money transfers.
Learn more about benefits-filled overseas money transfers HERE.
Money transfer methods are divided into two broad categories: money transfers through banks and online money transfer companies.
Let’s discuss each one at length separately.
Banks have been the biggest industry worldwide, offering multi-layered financial services to a large number of people.
However an online money transfer to Zambia with the banks is not an ideal choice for Zambian migrants, although the financial respect banks command is still unparalleled. The reasons are many, but a few prime ones are discussed below.
Companies are an excellent alternative to banks in this regard. The following features have drawn countless migrants to online money transfer companies.
These are the main features of both methods. Choose a method that subscribes to your needs.
You will find all the features explained above and much more if you send money to Zambia online with ACE Money Transfer as the company’s low fees and live and competitive currency exchange rates will be a big saving for you, which is an unexpected help for you in your effort to save and send more to those financially dependent on you.
When choosing a money transfer method, consider factors such as transfer fees, exchange rates, transfer speed, the recipient's access to banking services, and the amount of money you plan to send.
The cost-effectiveness depends on several factors, including the amount you're sending and the specific banks or services involved. It's essential to compare the fees and exchange rates offered by different providers to make an informed decision.
Yes, there may be regulations and limits on international money transfers depending on your country of residence and the destination country. It's important to understand and comply with any legal requirements and reporting obligations.
The processing time varies depending on the method you choose. Bank transfers may take several business days, while money transfer services like Western Union or online platforms like TransferWise often offer faster transfers. It's important to check the expected delivery time with your chosen provider.
To ensure a smooth transfer, provide accurate recipient information, including the correct name and contact details. Choose a method that suits the recipient's preferences, whether it's a bank deposit, cash pickup, or mobile wallet transfer. Communicate the transfer details and any reference numbers to the recipient to facilitate the process.