What Are Risks Of Wire Transfers When You Send Money In Developing African Countries?

No doubt, wire transfers are a beneficial facility for most people. It has significant advantages and factors on its side. But when we talk about the Gambia, it is one of the least developed countries in Africa. People living beneath the poverty line and a considerable population of migrants work in other countries to earn for their family and loved ones. From the UK and rest of Europe, many people send money to Gambia to fulfill their loved ones’ needs.

International Money Transfers contribute notably to the GDP of this state. Moreover, their foreign export earning is also directly dependent on foreign remittances. But there are some major roadblocks that you have to face when you send money to AfricaSome of them are explained below.

Is There Unavailability of Commercial Banks?

The commercial banks are not available at every other corner of the Gambia. There is a high deficiency of adequate commercial banks. The people in rural areas have to bear high transportation costs while reaching a commercial bank or money transfer payout physically. Time and money, the two most important things in anyone’s life are majorly wasted when you send money through a wire transfer.

Are There Higher Charges in Money Transfers?

Wire Transfers have a higher fee and service charges. Almost 20–25$ are charged per transaction. The people in this state are low, and they often cannot afford to pay these rates merely for making a money transfer to Gambia. It is no less than foolishness to wire transfer smaller amounts. If someone has to send more then 2000$, then wire transfers may be helpful.

Is This Due To Uneducated Majority of Citizens?

Most of the Gambia people are not educated enough to follow the bank instructions or procedures carefully. This has led to some severe consequences and complications in many cases. The whole transaction may even get sealed in extreme situations.

What Is The Risk of Carrying Cash?

When people are carrying cash physically, there is a high chance of getting theft on the way. Such incidents are significant in number, and people there stay worried due to these happenings. According to an estimate, 60–70% of expenses in a family are carried out by the money sent from the individual working in an abroad country.

Keeping in mind all these things, it is recommended to send money to Gambia online instead of wire transfers to receive money through multiple payout locations.

ACE Money Transfer can help you with the online money transfer to Gambia, with optimized exchange rates and most reliable services. The availability of more than 275,000 payout locations, ACE has made it easier for people to receive the payments in different areas of Africa.