The Gambia is an African state located on the coast with enchanting landscapes and tropical forests. Despite its extra-ordinary location, this small state has been facing many difficulties in its economic development. The national GDP is reported to be declining since the last 25 years and most of the people lack fundamental living needs. People of Gambia work in different developing countries around the world. The main purpose is to support their families. They send money to Gambia, because the currency exchange rate is often too high.
Due to these facts, a vast population of people have migrated to other countries to earn for their families and loved ones. Money transfer to Gambia is a basic need for all these migrants. According to research, almost 60–70% of the expenses of a household are fulfilled by spending the remittance received from a migrant. To send money to Africa safely, here are some tricks and methods that will surely help you in doing so.
1. Why You Should not use Informal Money Transfer Channels?
Do not use any informal channel such as hiding money in post letters or sending through a friend or relative as this process have a multitude of loopholes in it. Your money can be stolen or lost. The person may also be exposed to several legal liabilities. The legal channels such as banks, IMO’s and transfer agents are the recommended channels used to send money to Gambia online or by physically depositing the cash.
2. Why You Should Not Trust a Suspicious Remittance Platform?
3. How to Choose From the Top-Recommended Money Transfer Companies?
The top-recommended companies used for online money transfers in Gambia include ACE Money Transfer and a few more. These companies have made their names by providing worthy services. Moreover, their exchange rates are optimized and they allow their users to choose the best suitable option from a multitude of offers. If you want to send money online, it will minimize the risk of any miss-occurrence or misuse of the transferred amount.
4. Can You Make a Separate Account for Managing your Remittances?
If you use the same account for managing your expenses, as well as the international remittances then you may get in trouble by mistakenly spending more money etc. For better and smooth management, make separate accounts. The remittance’s account if kept separate can also help you in avoiding additional Government Taxations.
5. Do Not Tell your Passwords of Online Money Transfer Account to Anyone?
When you sign-up for online transfer or get an account in any IMTO, never make the mistake of sharing your password with anyone. Strong and hard to detect passwords can save you from a lot of online stealing issues. Even if any website asks you to enter any irrelevant confidential password or PIN, then do not fall in that trap.