Gambian expatriates send money to Gambia from the U.K. and other developed countries. According to a study from the United Nations’ education department, migrant workers in the U.K., many of whom work in low-wage jobs, send £8 billion a year to help their families in their home countries. This is often used to assist students in developing countries in staying in school.
However, UNESCO warns that banks are taking too much of this “hard-earned money” in transfer fees. It claims that people who wire money should only be charged 3% in fees, but the global average is 7%. Prices would be lower, according to the Association of U.K. Payment Institutions, if regulators permitted more companies to participate in this industry. Migrants’ online money transfer to Gambia can be a lifeline for families in developing countries – sent back by people working in wealthier parts of the world.
Why People Send Money To Foreign Countries Despite Extra Fee?
An international transfer of funds is a process that allows you to transfer money to Gambia or overseas for any purpose using your regular retail bank account, international money transfer services (such as ACE Money Transfer), foreign exchange brokers, or peer-to-peer organizations. We can help you transfer money internationally here at The ACE Money Transfer, but what are the most significant causes why you would choose to use an overseas money transfer service?
People move money internationally for a variety of purposes. In this post, we’ve compiled the top ten reasons why people transfer money internationally, as well as why many of these people chose to transfer money nationally and globally with The ACE Money Transfer, which saves them up to 85 per cent over commercial banks.
- Export purposes or purchase a vacation home
- Overseas Investments or Divestments Paying for Overseas Student Fees for a Child or Grandchild
- Money Transfers to Overseas Friends and Family
- Paying for lodging/luxury vacations Overseas Assistance for a Family Member Traveling Overseas
- Paying for your Wedding in a Foreign Country
- Mortgage Payments Made from Outside the U.S.
- Paying for Work That Will Be Done Overseas Paying for Bills That Will Be Done Overseas
The reason to transfer money can be various but choosing the exemplary money transfer service need your research of few minutes. There is a plethora of money transfer service provider, but not all are the same. Banks charges high fee plus hidden charges for international transactions. For example, you plan for an online money transfer to Gambia, but you are looking for the best service. Let me help you, ACE Money Transfer is providing fee-free and high exchange for 23 sending and 100+ receiving countries worldwide.