Is Online Money Transfer Not a Headache, Anymore?

Is Online Money Transfer Not a Headache, Anymore?

According to the World Bank, the highest remittances were observed in 2018. Approximately the remittances achieved a milestone of 529 billion dollars. The key to keep is that the money transfer services have made it hassle-free to send money globally. Same is the case if you want to send money to Gambia or other developing countries of Africa.

The Past Of Money Transfers:

In the past, money transfer has been a significant issue to tackle. What has made the situation worse was the ‘time’. The time taken by the money transfer applications was a very big deal. The services available at that time included the wire transfer option. This service paved the way for today’s digital era. The latest form of service is TransferWise.

In the past, to send money online was not less than a headache. It was a trial to meet the receiver’s needs. It used to take several months for the completion of the transfer.

What’s For Today Money Transfers?

Today is the era of technology. The latest technology has made global money transfer feasible. The 21st century is all about surviving in digitalism. The industry of money sharing is focusing on developing more ways for digital money transfer. With the development of the digital currency like bitcoin, the era is moving towards sharing such money public.

The use of online money transfer services is becoming more and more with every passing day. The aspect of living with a service that will take months has been demolished.

How To Send Money Online with the Following Transfer Options?

Following are the most used transfer methods to send money to Gambia online:

Banks:

Banking exists since the organizations for money-saving, and sharing were evolved. In the past, the sending of the money was done through the unique services offered by the bank. This used to take months. Still, banks take an average of 5 days to months for the transfer that has to be done at the international level. Banks do provide a service of check payments. These checks are a triggering point for the common people. If you have to cash the check globally, it still takes almost a month to process. Although online bank transfers take 2–5 working days still, it is not that much advancement.

Money Orders

Money order services are being in use for a very long time. These days, their use is more for local transfers as compared to the international ones. Money orders are not associated with banks. To send a money order, at first, the payment is given in advance. The receiver cashes the money at the nearby center.

Tracking of money orders is a new service available these days. In this way, the security of the transfer is ensured.

What Are The Popular Money Transfer Companies?

Money Gram:

MoneyGram is one of the most used websites to send money online. MoneyGram works by selecting the region, the country, and the language. The rates and fee option on the website enables you to estimate the total cost of the procedure. Not only has the website, but the application also works well for the purpose. The money can be sent to over 200 countries.

Tracking is provided in two ways. The sender can track the transfer by going to the history option. The receiver tracks by using the authorized code.

The limit to send the money in most of the countries is 10,000 dollars per the transfer. The transfer charges vary according to the country of destination. Another factor is using a bank account and a credit or debit card. The charges are a bit lower in case of bank accounts but usually higher with a debit card or credit card.

Apart from the rules and regulations, most of the time, the transfer is done in minutes. Sometimes the working hours and legal requirements of some countries impact the transfer time.

World Remit:

To make a successful transaction through the World Remit, you have to select the country you need to send the money. In the next step, World Remit offers a variety of methods. For example, to send money to Gambia, Bank Transfer, World Remit Wallet, Cash Pickup, Airtime top-up and mobile money. The next procedure is according to the option selected.

If you are a beginner with WorldRemit, it will offer you three free transactions. The time taken for the transfer differs from country to country. To send money quickly online to Gambia, WorldRemit can be the option as mostly the transfers take only ten minutes.

ACE Money Transfer:

You can use this service by making an account on the website. The transaction can be done by selecting the payment method, i.e., cash pick up.

There are no hidden charges associated with the transfer if you want to online money transfer to Gambia. ACE Money Transfer provides the best exchange rates, and the fee is also low. The transfer is quick with the credit cards or debit cards.

RIA Money Transfer:

Like other online money transfer service providers, you also need to create an account on Ria Money Transfer. After this, transfer details are required. Transfer details require the recipient’s country, amount to be sent and the fee payment options. The next option is to check the price and selecting the option of Send Now. Recipient information is added. The identity tool like that identity card number, email, and phone numbers are provided. The transfer usually takes fifteen minutes for transfer via credit card or debit card. In case of a bank account, the transfer can be four days long depending on the working hours and the receiver’s country.

In Conclusion:

The future might belong to the banks, once again, as they are working on internet banking. But for today, the easiest way of sending money globally is by using an online service. For the money transfer to Gambia, debit and credit card options are the better to avoid any hassle.