Exchange rates play an axiomatic role in money transfer service. Due to the daily changing rates of euros, pounds and dollars, the stock market is getting significantly affected. Many Gambian migrants, who work in different countries are also widely impacted by ever-changing exchange rates in the market. When they send money to Gambia to their families residing in native countries, they often get variations in Gambian currency.
If someone nearby, transfers money regularly, then he must know the importance of exchange rates. Even if you send the same amount through the same channel, in all months of the year, the receiver will get variations in total payments.
What are the Factors Helping in Calculating Exchange Rates?
However, there is a multitude of factors, that can help you in calculating exchange rates.
1. What is the Time of Transferring Money?
The time at which you send your money is crucial. For Instance, vacation times, weekends, holidays are usually occupied. It is noticed that on festivals and religious occasions, the rate of money transfers elevates on a blistering speed. Due to these, the banks and companies may charge extra bucks from their customers. Other than this, at some times, the exchange rates of a currency may undergo a rapid change. In all such situations, there are high chances that rates get normalized after some days usually. For Instance, if you have to send money to Gambia online from the UK, then consider a company with a better exchange rate.
But if at some time, you have to send money to Gambia online, and you notice that the exchange rates are lowered, then even if you send the same amount, the recipient will get lesser money than usual.
2. How Much Amount to Transfer?
The amount that you are willing to transfer internationally also matters notably. If a person sends more than limit, then he or she may have to pay marked-up exchange rates, because interest is added to their transfer then. On the other hand, there are some money transfer companies such as Ace Money Transfer. They provide their customers with optimized exchange rates and low fee if they are sending a high amount or are using their services regularly. For money transfer to Gambia their services can rely.
3. What is the Difference of Currency Of Both Countries?
The currencies of the country from where you are sending amount, and the one where you will receive the payment also matters by a great deal. If you are working in a country with a strong currency, higher exchange rates and interest rates will be applied, but it will be helpful to you if you are sending amount in a country with a relatively lesser strong currency.
4. What are the Laws and Policies for Sending Money?
Some countries have specific rules and interest rate policies for their online money transfer to Gambia. In that case, a provider will be helpless, and the customer will have to pay more bucks, without any argument. These charges also add-up in exchange rates. Thereby, checking the transfer policies of any country before moving there for work is an essential thing that is considerably undone by most of the people.