Every other person needs international money transfer services these days. A lot of money is being transferred abroad every year. But unfortunately, because of the increased use of these services, many fraud companies and hackers are heading towards this. People won’t miss any chance to earn money legally or illegally. So while considering any company to send money to Senegal and other countries. It would be better to identify if the company is trusted or not.
Most banks offer exchange rates that are below the market rate. The reason behind this is banks are not specialists in currency exchange, so they charge their customers more. For a money transfer to Senegal, choosing a reliable money transfer company is the right choice.
Suggestions to Identify the Right Service Provider
Here are some suggestions that will help you in identifying the right service provider:
- To send money online, you have so many options that it is tough to pick up the right one for you. So if you want to choose the right company for you, it is needed to compare the services of different companies.
- Exchange rates have a substantial effect on the amount you send to your loved ones living in other countries. Compare exchange rates offered by companies with exchange rates being traded in the market. If they are closed to the market rates, only then prefer their services.
- It is recommended to take services from trusted money transfer service providers. The top 10 companies of any country are selected based on customer reviews, service verification, and easy accessibility. It would be better to consider top-ranked companies for services.
- Most people think that banks are safe for transferring money. But the fact is that banks are not even the best option for transferring money abroad. Their sites are also vulnerable to hackers. So before considering any choice, make sure to read all terms and conditions and know what they do in case of hacking activity.
In this modern era, people mostly work abroad or away from home. In addition to this, people also have business dealings with their counterparts in different countries. Now everyone needs swift money transfer for remittance or for doing business. Most of the people prefer banks for business transactions and payments, even banks charge fees.
Online money transfer is best for you if you want to send money to Senegal online. After all, time is everything. For instance, if you send money when exchange rates are high, then you may end up having loss as extra charges will be plié for currency exchange. Moreover chances of frauds are also very high. This article can help you in this regard. It is recommended to prefer a reliable money transfer company for convenience. They securely transfer your money quickly without charging much. Most of them also have a suitable mobile app for your ease, so that you can initiate transaction anywhere you want.
Is Money Security a Prime Priority When People Send Money to Senegal?
Senegal is a small state located in the Sub-Saharan region which has been facing severe financial crisis. Although the Government of the state is trying to make continuous improvements, the state still faces a high current account deficit. According to a study, almost 75% of its population faces chronic poverty. Senegalese living in developing countries often send money to Senegal, and this is one of the reasons to improve lifestyle.
Due to the above-stated factors, a huge population of Senegal has migrated to other countries for earning for their family & loved ones. But for avoiding taxes and additional fees, a majority of its people use informal channels for money transfer to Senegal. But it has cost a lot of money on the remittance senders, as it is highly unsafe and the payments were lost/stolen in many cases.
For avoiding all these problems and ensuring a safe transfer without the danger of cash theft/loss, here are some tricks that will help you to do so.
1. Never use Informal Channels — Send Money Online:
Do not use any informal channel such as hiding money in post letters or sending through a friend or relative as this process have a multitude of loopholes in it. There will be a high chance that your payments can be stolen or lost. The specific person may also be exposed to several legal liabilities. The legal money transfer service providers such as banks, IMO’s and transfer agents are the recommended channels used to send money online or by a cash deposit to Senegal.
2. Do not Trust a Suspicious Money Transfer Platform:
3. Always Choose a provider from the Top-Recommended Money Transfer Companies:
The top-recommended companies used to send money to Senegal online include Transfer Wise, Skrill and Ace Money Transfer. These companies have deployed the most efficient online money transfer system made their names by providing excellent services. Moreover, their exchange rates are optimized, and they allow their users to choose the best suitable option from a multitude of offers. It will minimize the risk of any miss-occurrence or misuse of the transferred amount.
4. Don’t Share Passwords While Sending Money:
When you sign-up for online transfer or get an account in any IMTO, never make the mistake of sharing your password with anyone. Strong and hard to detect passwords can save you from a lot of online stealing issues. Even if any website asks you to enter any irrelevant confidential password or PIN NO, then do not fall in that trap. Also, never submit your passwords in any google forms and Docx.