enegal is an important country when it comes to international remittance. A considerable number of their overseas send money to Senegal, and it helps their families to earn a stable life. No matter it is children’s education fee, parents’ medical expenses or other daily routine tasks, international remittance plays a great role.
How Online Money Transfer Plays a Great Role in International Remittance?
Online money transfer has played an important role in the evolution of international transfers, around the globe. People don’t have to stay restricted to a single transfer channel or medium, as a multitude of options is available for the individuals. In 2018, a total of 698$ billion were transferred internationally, that is three times greater than international fundings. This fact emphasizes the importance of money transfer service, in the world.
Have an Overview of Senegal
Senegal is a gateway to Africa, that is known for its tourism and mixed economy. As it is considered a safe country in Africa, a vast population is attracted to this country. Still, the currency of Senegal is not valuable. Similar to the rest of Africa, this country is poor, and its GDP has declined continuously from the last 25 years. So Senegalese often prefer working in other countries, and they send money to Senegal online to fulfill the needs of their relatives.
Due to these reasons, a huge number of ex-pats earn in different countries so that they can take care of their families and loved ones. Almost 584$ billion is sent to underdeveloped countries in 2018 and this figure is expected to increase up to 1$ trillion in the upcoming five years. Here’s a short review of everything that you need to know about online money transfer in this country.
What is the Cost Incurred When You Send Money Online?
Remittance senders face three types of basic costs. They include Service Fee, Exchange Rates and Withdrawal Fee. Now, below are the steps listed for avoiding additional charges when you send money online.
1. What is Service Fee in Money Transfer?
Banks usually have higher service charges as they add the hidden fee in the costs by nudging customers into the clever tactics of the market. This fee can range from 1–10% of the total payment. Money Transfer Companies are a great way to avoid these charges. Efficient providers such as Ace Money Transfer are providing credible services with the cheapest rates in all over Senegal. For a money transfer to Senegal, choosing the provider smartly can save you a lot of money and time.
2. What is a Money Exchange Rate?
Markups can influence your transfers directly. Always check the currency conversion rates before making any transfer. Take quotes from a multitude of companies and choose the one which seems the most feasible. Some companies may also provide special offers to their frequent customers, by giving higher rates.
3. Is There Any Cash Withdrawal Fee?
People may have to pay some fee at money withdrawal, according to the amount that is transferred. But, for the customer’s facilitation, almost all the companies have cut this cost. While choosing a provider for online money transfer to Senegal, look for the company which do not ask you to pay a withdrawal fee.
4. What is the Time Of Money Transfer?
In weekends, special holidays and festivities the rates of transfers may get elevated. Pre-schedule your transfers to get the best rates and avoid every necessary extra cost. Usually, Monday and Thursday are considered the best days for cheap transfers.