At one point, you would need to give money to a friend or family member who is in another part of the world. You have a few options if you’re looking to send money abroad. Let’s say you want to send money to Senegal, then prices, comfort, and pace can differ considerably. We’ve created the Top 5 choices for sending money abroad.
This is the story of an overseas Senegali.
This was the time my dying father was in the hospital, and I was living overseas. Back home, they needed some cash, and I didn’t know how to send money abroad. That was the moment I came across some articles on the internet and discovered the next move about how to online transfer money.
Let me educate you on what I have learned previously.
This one is best for Stable transfer or high-volume switch.
When you are preparing to transfer funds to an account in another country, you can opt for an electronic transfer. Through money transfer companies, you can get a unique code assigned to make the process more convenient. If you need it for transactions involving online transfers, you can use your credit card number, debit card number or bank account.
You can request a transfer online, in person or by phone, depending on your bank.
The companies shall specify the charges for online transfers. Test the exact sum of your company policies. Typically, the price is not too high. Generally, there are payments for sending and receiving funds to and from abroad. Many money transfer companies require customers to receive funds free of charge, while others charge a fee.
- The safest channel to transfer money.
- Allows you to check the identity of the owners of the bank account.
These are the following tips I kept in mind before any action.
Tip # 1: Check to get the best deals. Remittance firms are implementing exchange rate markups – so the exchange rate you are getting is lower than the prevailing rate. The best way to compare the prices between different money transfer companies is to know which one provides the best price.
Tip # 2: Don’t give money to anyone you don’t know. It may be difficult or impossible to cancel a transaction.
Tip # 3: Hold your receipt. Use the unique transfer code to verify that the receiver has received the funds.
Sending money back home, obtaining your salary while in another country, purchasing a vehicle, or buying a property can require you to send money abroad. When this happens, you’re going to want to choose the most economical and secure means of online money transfer to Senegal.
Fees would depend on the country you send the funds to and from, the number, and the process. Don’t forget to test the money transfer services reviews for your country and your bank. Services and transfer times can differ depending on the place and your bank.
What are the Easiest and Cheapest Way Of Transferring Money Online?
Here is a story of another Senegalese expat.
‘It is my sister’s wedding in a month, and I don’t know how to send money to Senegal.’
Since yesterday I have been pondering upon articles and money transfer services which can help me transfer money abroad. I couldn’t find any until I learned the procedure. Let me explain it to you.
We live in a social village, and that’s a reality, which means that our income and expenses are no longer automatically confined to the country in which we live.
It is fairly not common for me and many others to send money abroad or accept payments from a client/family member in another country.
I was guided by a friend who told me the procedure of the cheapest digital money transfer to Senegal.
While the procedure varies from one company to another, to send money overseas, you must commonly:
- Sign up for an account. Registration is almost always free of charge. You will get your full name, contact information, and date of birth. Some providers do need proof of identity.
- Provide the specifics of your recipient. Specify who earns the funds by including their name and contact details. If you send money for a bank deposit, you must receive the bank name, the SWIFT code, and the account number of your recipient.
- Demonstrate the specifics of your transaction. Enter how much money you send and in which currency it will be paid.
- Review the specifics of your transaction. With most companies, you can see a rundown of your transfer showing the amount you spend, the exchange rate, any fees you pay, and the total amount your beneficiary gets.
- Pay for the transition. Payment methods vary by the client but can include credit or debit card, bank account, cash, or mobile wallet.
- Track the transaction. You will also be provided notification that includes a tracking number to track the activities of your transfer electronically or via the location of your agent.
Now many like me, find ways to escape the extra charges a money transfer company applies. If you are an ex-pat, a freelancer with foreign clients, an international student or a foreign property owner, you are probably familiar with this unavoidable evil. And, with high bank charges and extended waiting times, it’s always a negative thing.
Nevertheless, as the need for more user-friendly foreign money transfer has increased, so has the number of financial start-ups providing alternative banking solutions.
There are do’s and don’ts. I had to keep in mind during online money transfer.
- Don’t forget to check for invisible fees.
- Keep an eye on exchange rates.
- Think of convenience.
- Don’t neglect safety.
After finally considering all these facts, I was successfully able to send money to Senegal online for my sister’s marriage without spending too much on the transfer. The concept behind this is both to lead to a stronger global economy and, in doing so, to guarantee that more capital reaches its expected destination.