What is your opted way to send money to Senegal? In this article, we will discuss the currencies of Senegal and that of the United Kingdom. We will also discuss, in this article, the cost of living in the United Kingdom particularly if you are a Senegalese expatriate wishing to lead a normal life in the United Kingdom. Another point we will discuss in this article is the currency exchange rate between the Senegal currency CFA franc and the British Currency Pound Sterling.
Let’s now take a look at the currency of Senegal.
Franc: – It is known as the West African CFA Franc, coded as XOF, and is the currency of eight states in West Africa.
The CFA is an acronym that stands for Communaute Finaciere Africcaine , which is translated in English as ‘’African Financial Community’’. This currency is issued by the Central Bank of West African States (BCEAO).
Now let’s take a brief look at the British Currency Pound Sterling.
Pound Sterling: – Pound Sterling coded GBP is the official currency of the United Kingdom and is the fourth most traded currency in the foreign exchange market after the American Dollar, Euro and the Japanese Yen.
Now let’s take a look at the exchange rate of both these currencies.
It bears mentioning that the difference between these two currencies is huge and the Franc is abysmally low to the British Pound Sterling. Let’s take a look.
- One West African Franc or XOF equals a meager 0.0013 British Pound Sterling; whereas
- One British Pound Sterling equals a huge 764.744 West African Franc or XOF.
This is a huge difference between these two currencies by any count, and the difference becomes huger and intensifies when it comes for a Senegalese expatriate to come to the United Kingdom and live here work here for money transfer to Senegal to support their families.
Now let’s take a look at how much amount of the West African Franc is required to live in the United Kingdom.
What amount of West African Franc, Senegal’s currency, is determined by the following few important factors.
Accommodation:- United Kingdom is one of the most expensive places to live. Therefore, it is deemed appropriate to look for a place for living that does not cost you much in terms of money especially if you hail from Senegal and are living an expatriate life in the United Kingdom and send money to Senegal online.
Food:- In the main markets of London, even an average meal can cost you heavily but moving a little out of the town’s main markets can lead you to some cheap eateries. Besides, some of the major food chains drop their prices after peak hours and late at night. Therefore, late-night dines are also recommended if you want to spend with caution.
Commuting: – United Kingdom is home to one of the world’s most convenient and sophisticated public transit systems catering to the commuting needs of millions of people, therefore, using public transport instead of your own vehicle can prove to be cheap financially.
Workplace: – We, in this guide, highly recommend a place to live which is near your place of work. This will cut the cost of travelling to and from your workplace and prove economical.
Health: – Getting registered with the United Kingdom’s National Health System (NHS) is another option for you to save money while you live in the United Kingdom as compared to visiting private health facilities and doctors.
Conclusion: – In this article, we have learnt about the currencies of Senegal and the United Kingdom, and the difference in the currency exchange rates between these two currencies. And given the huge difference we, at ACE Money Transfer, highly recommend giving due attention to the above-mentioned factors in order to ensure that the amount of West African Franc does not run into multi-millions for you to lead an average Senegalese expatriate life in the United Kingdom. Lastly, online money transfer to Senegal through ACE money transfer is an ideal option to save your hard-earned money while sending money to your home.