Gambia is an African state, located at the coast with an enchanted location and many beautiful landscapes. Similar to the rest of the African states, Gambia is a developing country, with its GDP declining from last 25 years. Due to poverty, lower employment opportunities and poor economic condition, a massive population of Gambians have migrated to other countries for work purposes. These migrants have to send money to Gambia every month to fulfil the needs of their relatives.
Over time, the need to send money to Africa has elevated among people. That’s why money transfer services have considerable importance in this state. However, there are some merits and demerits when it comes to transferring money to Gambia. Some of them are listed below.
What are the Merits of Sending Money?
- The economy of this state is heavily benefitted due to foreign income. It is one of the most significant industries in the Gambia. It is helping in reducing the current account deficit. Moreover, it has many positive impacts on the poverty, lifestyle and national GDP in the long run.
- It helps migrants in sending their money safely to the family. According to research, almost 60–70% of the household expenses are met by utilizing the money sent by the member of the family who has been working abroad. Thereby, it is helping in managing household economies. People often send money online to their loved ones on a monthly basis.
- Due to the ease to send money to Gambia online, tourism has been significantly enhanced in the state. Many tourists consider it an ideal spot due to its natural rainfalls and tropical forests.
- It is flourishing people’s lifestyle in the state. Money Transfer Companies such as ACE Money Transfer enable people to transfer small or huge payments, easily. For the ease of expats, the service charges are kept very low. Many people are using their service, that will ultimately benefit the economy of this country.
Are Competitive Exchange Rates and Low Fee What You Need?
The enactment of the Gambia’s economy has been jagged for the past epochs. The rate of people transferring money to Gambia is accumulating as it is on its way to being a stable state and a state that would encourage economic development.
What are the Most Common Reasons for Sending Money to Gambia?
Remittances are one of the most communal reasons for money transfer, although there are many others, such as:
- Making gifts or loans for relatives in the Gambia.
- Donating to charitable causes that are working in the Gambia.
- Sending funds in an emergency to pay for medical/hospital care.
- Paying school fees of children.
The list is not exhaustive.
Is it Legal to Send money to Gambia Through Bitcoin?
“Bitcoin” based transfer, often allow even lower fees, but it’s a matter of risk and procedures. It must be done under austere surveillance because governments set capital controls to regulate money coming in to and leaving the country, related anything and under any circumstances. It is still used and accepted by small businesses and merchants in the Gambia.
Money transfer to Gambia is not that difficult, and the best advice is to approach a Gambian-centric operator to help you navigate your way through it. In the Gambia, all payment to people abroad entails a permit to be granted by the Central Bank of Gambia (SESRIC). All transactions in foreign exchange must also go through the dealers authorized by the SESRIC, by the rules that govern the import and export markets. The Gambia is short of foreign currency, Gambian Dalasi (GMD), so they have made it challenging, to say the least, to transfer money in or out of the country. Where it is permitted, it is usually done through the Central Bank of Gambia.
Send Money to Gambia Via “ACE Money Transfer”
ACE Money Transfer provides competitive exchange rates with safe, secure and quick money transfer services. They also offer prompt and incomparable remittance experience. Some hotels can manner money transfers through banks, and it is possible to send through credit or debit cards. They are the reliable ones to send your money globally as fast as possible.
Is Transferring Money Online to Gambia Through Mobile Apps Time-Efficient and Secure?
It is possible to limit the involvement of banks, by using mobile phone apps. ACE Money Transfer Mobile App offers tranquil transferring of your money all over the globe as fast as possible and is the most reliable way of sending money anywhere; safe and secure. It is an easy way to send money online. Money paid into a mobile phone app will usually have come from a bank via a debit card, or the bank account will be linked to the credit card used.
Tightly constraining money transfers, both about sending money in and out of Africa, backed by a regulatory context that is transparent, provides its government with much greater insight than they would otherwise have. As the Gambia would develop to the point where its economy is strong enough to operate without capital controls, one can expect to see these gradually lifted. Until that point, it may well be difficult, if not impossible to transfer money out of a country other than through a bank account.
When it comes to sending money to your loved ones, it is crucial to check exchange rates and fee. Aside from checking the reliability of the company, these factors are critical. No one can deny the fact that a better exchange rate is the key to attract customers. This is especially true because a lot of expats want to send the maximum amount to their families back home. A better exchange rate between a pound or euro to naira provides them with the best opportunity to deliver their promises. What else do you need, if you can complete your transaction through a money transfer app or website within your premises? This is the reason online money transfer is highly helpful.