Do you know what the common reason why a large number of Senegalese send money to Senegal from abroad is? Let’s go through this blog.
Many people migrate to Europe from various countries in search of a better lifestyle and standard. In Senegal, both inward and outward migration takes place.
According to the Development Research Center research on migrants, there are approximately 500,000 Senegalese migrants, who represent 4 percent of the total population.
The huge mass of emigration rate is observed in France, Italy, and Spain in previous years. The International Organization of Migration (IOM) reported that Senegal has become a transit country for west migrants to head towards Europe. Also, these migrants are the baseline for Senegal to optimize their economic standard. To get transactions from migrants, they expanded the banks’ network, postal. There are many remittances receiving methods in Senegal. The following table shows the percentage of each aspect; office, etc.
These transfers methods account for 40 percent of all income earned in the household that receives transactions.
What Are Factors Supporting Money Transfer?
Here are some agents who allow money transfer to Senegal, along with their advantages and limitations.
Deliver the cash to the receiver requires no fees or surcharges. But this method is too old to adopt as it requires the time and support of another person who handover your money to someone living in Senegal. This is only possible when he goes to Senegal; it may take a long time for money transfer to Senegal and cause chaotic situations in the lives of your loved ones who are waiting for urgent money. In this fast world, this slow process is not acceptable.
Using banks accounts for money transfer is not as helpful and provides you with the best facility. You have to pay hefty bills to withdraw or send money. It provides you with a wire transfer facility. It takes long hours to process and have some hidden charges. There are also some deposit requirements, among which paperwork is necessary.
What Are The Benefits Of Online Money Transfer Service?
Here comes the most reliable, flexible, accessible, convenient, and safe method, i.e., online money transfer to Senegal. This service gives fast remittance, low transfer fee provides security, and have excellent customers support. The only thing you require to use this method is your mobile phone, desktop, or tablet with a great internet connection.
Digital services are recommended to send money to Senegal online. It offers a unique and straightforward method; it does not require continuous visits and long waiting hours to send money to Senegal.
This article brings you a lot of encouraging facts that you are in search of. There are many options to send money globally, but some methods are reasonable and acceptable for your requirements. It is your choice whether you use a convenient process or yearn for a complicated and challenging way. Conventional money transfer methods put hurdles on your path, while online money transfer service is like a bed of roses.