A large number of Senegalese send money to Senegal from the UK and other countries. The prime priority is to look after their families well.
If we remember accurately or go through some history, then some decades bank, the process to send money globally was pretty expensive. People paid hefty prices while transferring payments from one place to another. But, currently, we live in a modernized era, and the increasing competition has led to a prominent decline in the prices of the money transfer systems.
It has been observed that the well-established organisations, falling into the Tier-1 Category. Still, some Tier-2 and Tier-3 companies have relatively lower costs than that of the establishing ones. Although this leads to lower profit margins for the Tier-2 and Tier-3 organisations, they have the compulsion to keep their prices down to enter the market. People from developing countries often try to settle in developed countries like US and UK.
What is the Report of World Bank on Sending Money?
The WorldBank publishes a report every quarter, from the last ten years (approx.) with the title: “Prices for Sending Money are Going Down” There is a multitude of factors behind this decline. Other than the increased competition, it has another important factor which is the cheaper way to send money to Senegal online.
The WorldBank has already announced that they will bring the remittance-cost to 3% by 2030. Other than that, big companies like Ripple have said that if they don’t get the cross-border remittance cost down, they will be failed in their mission.
Some Important Facts of Low Fee
Here are some important facts about this cost decline, that may be important for you to know.
- With the declining speed of transfers, the risk of failure of new startups is increasing because of the inability of keeping a reasonable profit margin.
- In another ten years, the costs to send money quickly onlinewill be most probably 3% as compared to now.
- Due to this, in the competitive corridors such as Senegal, Saudia Arabia, India, Bangladesh and Hong-Kong, the prices will get down to only 0.5%-1%
- The remittance industry is one of the rapidly progressing industries around the globe. Thereby, every Government and state has been making significant steps for flourishment of the industry so that the people can easily benefit themselves without any extra hassle.
- The exchange rates are compelled to be kept more and more optimized. People have access to the stock market rates, which makes it easy for them to detect any additional fee.
ACE Money Transfer is one of the cheapest money transfer services. With more than 300,000 payout locations, it has made it very easy for the people to send money. For the money transfer to Senegal, the exchange rates are optimized, and there are decreased rates for frequent customers i,e; migrants. As compared to our competitors, they have already kept minimum charges, so that people can quickly transfer payments without worrying about extra charges. So, if you have to transfer amounts overseas, ACE Money Transfer is the right choice for you!