Senegal is a gateway to Africa, that is known for its tourism and mixed economy. As it is considered a safe country in Africa, a huge population is attracted to this country. Still, the currency of Senegal is not valuable. Similar to the rest of Africa, this country is poor, and its GDP has declined continuously from the last 25 years. This is one of the reasons, many people around the world send money to Senegal to their loved ones.
Due to these reasons, a considerable number of expats earn in different countries so that they can take care of their families and loved ones. Almost 584$ billion is sent to underdeveloped countries in 2018. This figure is expected to increase up to 1$ trillion in the upcoming years. The money transfer to Senegal is thereby, a must-have in Africa. Here’s a short review of everything that you need to know about online money transfer in this country.
Why Preferring a Money Transfer Company for Online Transactions?
You can easily send money online to Senegal, by using a bank or any efficient money transfer company such as ACE Money Transfer. The process is very user-friendly through which you can transfer money in 3 steps only.
- Enter the amount that has to be sent.
- Enter the recipient’s fundamental details.
- Check the transaction and take your online receipt.
That’s it. Your money will be sent to the recipient. If you are using a retailer bank then it will take approximately 1–5 business days, however, if you have to send money on an immediate basis, then IMT providers can send your money within seconds too.
What is Door to Door Cash Delivery in Money Transfer Industry?
If the recipient’s location is far away from the payout location of any money transfer company, then you may opt to send money to his home. Many companies and agents can deliver your money to a person’s door. Although it may cost some extra charges, still you can facilitate the receiver in this way. Because, even if the recipient comes to the payout location, he/she may still have to bear extra transport charges.
Why High Money Exchange Rates Matter?
The exchange rates of Senegal are relatively low. So, if you are trying to send money to Senegal online, from the US or UK, then you may send much more money to the native country. As these countries are developed and have stronger currencies, it may facilitate the migrants who are working abroad, to run their households in Senegal. According to an estimate, almost 60–70% of the household expenses are held by using the money that is sent from a caretaker who is working internationally.
How to Track Your Money Transaction?
If you use an efficient money transfer service, such as ACE Money Transfer, then you can track your transaction easily. It can help you in estimating the time at which the money will reach the recipient’s address or payout location. Moreover, many people are reported to feel more mentally satisfied after checking their shipments.
What Kind of Mistakes To Avoid While Using A Money Transfer Service?
Sending money internationally has become the need of every other person. The importance of this service worldwide can be noticed by the fact that 689$ billion has been transferred in 2018, which is three times more than the international fundings. Although the process to send money online, is made extremely safe by the IMT providers. Still, so many people and companies are invading individuals into frauds/scams.
The highest number of international frauds are done in the disguise of money transfer. Thereby, whenever you use any money transfer service, make sure to keep some important things in your mind.
Why Should You Always Use Trusted Platforms to Send Money?
Many people often get fooled by different fraud companies. These providers may offer you extremely cheap rates, or free services. Sometimes, they even give special packages to the people, so that they can attract them. But, all that glitters aren’t gold. Simultaneously, when you transfer your money using such platforms, which are not licensed or are suspicious, then there are high chances of online money stealing.
For avoiding such situations, only use trusted and licensed platforms such as ACE Money Transfer. Banks are also a trusted way to transfer money internationally, but they can cost a little bit more.
Why Should You Avoid Sending Money Through Passengers Who Are Flying to Senegal?
Many people make the mistake of sending money through physical means. For Instance, if a person wants to send money to Senegal, and one of his friends is also planning to visit Senegal in some days, then the sender should avoid doing money transfer to Senegal by asking the other person, to take that cash physically with him/her. If you send cash by this means, then several mishaps may happen to you. Some of them are listed below.
- If you are sending a large payment, there can be a money laundering case filed against you or your friend.
- There is a high chance that the money can get lost or stolen.
- The payment may not reach the recipient, due to lesser precision and use of an unofficial channel.
- The airline may refrain the passenger from flying due to the cash that he is taking for you.
Is Sending or Receiving Money on Anyone’s Behalf Legal?
Of course NOT! In every other case of money laundering and several other criminal acts, the victims are reported to be played the fool by the original criminal. If your any distant relative, neighbour, colleague or any other person asks you to send or receive money on his behalf through your account, then it’s better to say straight away no.
Why do You Need to Take a Receipt After Sending Money?
Whenever you want online money transfer to Senegal, take a receipt of the transacted amount. It will be a proof for the customer, to claim any mishap later. Many companies already give payment receipts to their customers, but if you don’t get one, then never forget to ask for it. Other than a receipt, there is no solid proof that you can use for claiming your payment.