Do you ever think about quick and fast ways to send money to Senegal? This article will focus on the contributing factors determining a time to send money to a Sub Saharan African country Senegal.
There are factors which will determine how much time it will take to send money from the UK to your home country besides the reasons which can cause delay.
Let’s now take a brief look at the factors determining the time of transaction.
Place:- First factor to determine the time is the place where the transaction originates. It refers to the place of the sender who is sending in funds. An intra-national transaction will take less time than an international transaction and more time if a transaction is taking place in two countries located far away. But, again, it depends since technology has squeezed distances substantially.
Destination:- It means the place where money is sent to, for example, money transfer to Senegal from the UK or elsewhere. It is connected with the first reason. The same rules apply here too.
Mode:- Since there are many modes to send online money from the United Kingdom to Senegal, time hugely depends on these modes. For example, a typical bank transfer or a wire transfer would take between two to three working days; whereas, a transfer through a mobile wallet would take a few minutes or a few hours at a stretch. Besides, transfer through a debit card or a credit card would take around the same time as through a mobile wallet. The time online companies take to transfer money varies from company to company. But, a few companies such as ACE would take only a bunch of hours, if not minutes, to complete a transaction regardless of the place and destination.
Volume:- The amount of money, or simply put, amount of money to be sent also determines the time transactions take to complete. If the amount is hefty, it will consume more time as more formalities concerning paperwork and legal requirements will be required; because with big amounts of money, the responsibility gets even bigger. And not all the channels are willing to consider sending huge amounts, which leaves you to search for options which also can cause delay.
Now, let’s take a look at the factors causing delay directly.
Holidays:- Suppose you initiate a transaction, or you can send money to Senegal online today without considering if it is a holiday tomorrow or not; your transaction will take longer than usual to complete.
Timings of institutions:- Banks and other financial institutions, including companies, operate in a schedule. Trying to engage with these institutions outside schedule can delay your transaction.
Weekend:- Initiating a transaction on the eve of a weekend can also delay your transaction by a few days. So, beware of your local calendar.
Time zone:- Different times zones can also cause delay as daytime in your country may well be evening or night in the beneficiary’s country. Keep an eye on time zones and differences in them before initiating a transaction.
Time:- Consider that you should initiate a transaction well within the working hours because starting the process of transaction towards the end of working hours will put your transaction on hold till the concerned institution begins operating the following day.
International emergencies:- Events of global nature whose effects spill over into other countries from the country of origin can disrupt institutional functioning. For example, breaking out of a war between two nations or a pandemic such as a coronavirus will suffice to clear the point.
Conclusion:- These are the issues and factors that determine the time a transaction will take to complete an online money transfer to Senegal or any other country. Otherwise, technology has shortened time and squeezed distances between countries immensely.