Brief Guide For Expat – How To Save Money On Foreign Exchange And Transaction Fee?

Before you send money to Gambia, there are certain things to understand. Money exchange rate fluctuations and market volatility can have a significant impact on an expat’s income and expenditure power, particularly for those on fixed incomes who are on a limited budget. Since exchange rates are directly related to economic growth, expats must carefully monitor their finances and the current situation in their new country to get the most out of their exchange rates.

Both former expats and overseas workers are affected by currency fluctuations and varying exchange rates, but currency hedging reduces exposure to adverse stock market volatility. A money transfer is essentially the conversion of one currency into another, and it can be done in various ways. Tourists and vacationers also use their bank to make foreign money transfers, whether online or in-branch, as well as wire services.

How Foreign Nationals Transfer Money To Home Country From The UK?

The World Bank estimates that £19.1 billion was moved out of the UK in 2015. The UK sent over £1 billion as online money transfer to Gambia, Pakistan, Nigeria, Poland, and Germany. This statistic was also received by Spain, which is understandable given the country’s substantial British expat population. Australia, South Africa, Canada, the United States, Spain, and Germany sent the most money to the United Kingdom.

As part of new anti-fraud security initiatives, the way UK citizens send money will adjust. The new scheme aims to curb fraud, which costs the UK more than £130 billion a year, and shield customers from being duped into sending money to scam accounts by fraudsters.

The new framework is in operation from June 30, 2020, for the six largest UK banks: Halifax, First Direct, RBS, NatWest, Nationwide, and Santander. Other players, such as TSB, have stated that they adopted the new system by October 2020.

What Is The Safest Way To Send Money Abroad?

If your money is going abroad, regardless of where it is going, the safest choice is to work with a professional foreign currency transfer company to send money to Gambia online. They also offer rates that are significantly lower than those provided by banks. However, you should first consult with your bank. Some exclusive branches offer free or low-cost international money transfers, which is perfect for expat students who need a little support from their parents! However, to avoid being caught off guard, speak with a bank counselor about exchange rates and interest charges.

If you accept your bank’s bid, they can ask you to create an IBAN (International Bank Account Number) and a BIC (Bank Identifier Code) to make the process go more smoothly. The estimated price of an international money transfer to Gambia for UK people is about £40 per transaction, which can be done entirely online. You can, however, shop around for the right provider for you by enquiring about transfer fees and any other costs.