Do you have any idea about how much it cost to send money to Gambia? In this piece, we will be discussing the cost of sending GBP to Gambian Dalasi and the factors affecting the process. People from the African continent have suffered immensely due to economic instability and other issues. These all problems of national magnitude push people in different African countries, including the Gambia, into back-breaking poverty. People from the Gambia and other such third-world counties go to the West in search of better opportunities. They prefer to go to the United Kingdom because it has a lot of scope in terms of offering jobs to the job-seekers in different fields of life. After finding jobs, they look for ways for money transfer to their families back home to their loved ones to provide financial stability. The advent of online money transfer companies such as ACE has facilitated the process of money transfer worldwide. ACE and a few other companies have a lot of features that help customers carry out a cost-effective money transfer to Gambia. These will be discussed shortly. Here’s a brief look at the Gambian Dalasi.
Gambian Dalasi:- The official currency of Gambia is called Dalasi. It was adopted by the state of Gambia in 1971 by replacing the Gambian Pound. Initially, one Dalasi was subdivided into 100 bututs. Bututs is derived from the root word ‘’Wolof butuut’’ which means a small thing. But, as is mentioned at the beginning of the piece, economic stagnation gave way to inflation which completely disappeared the bututs coins from the market and circulation. There were certain changes in the coins in bututs and they remained in circulation in different denominations. Still, finally, in 2019, these coins disappeared completely from the market in all the denominations.
Now let’s take a look at the factors that can affect the process of sending GBP to Gambian Dalasi.
Method to send:- This is one of the main factors that can affect the cost of sending GBP to Gambian Dalasi. There are two main methods to send money. One is through the banks which use the typical wire transfers. And the other is through online money transfer to Gambia through remittance companies. We explain each separately.
Sending via banks:- It is the traditional method of sending money which was in vogue in the world completely so long as the online money transfer companies had not started operating. With the advent of these companies, most people shifted to these companies. But still, a fairly large number of expatriates use banks to send money using wire transfers. In wire transfers, the banks charge huge amounts of money as service charges which can affect the principal amount. No one wants to lead an expatriate life out of choice and luxury. Rather they do so out of necessity and compulsion. And they earn with a lot of effort and hard work. And putting even a single penny to waste can be depressing. On the other hand, wire transfers take a lot of time to complete. Normally a wire transfer will take between three to five working days, which is quite a lot of time for a mere money transfer.
Sending via companies:- Alternatively, the online money transfer companies offer a range of options for sending money to choose from. You can either go to the office located nearby or use the mobile apps a few credible online money transfer companies, including ACE, have launched to facilitate their customers. With the help of these mobile apps, the customers can initiate and complete a transaction right from the middle of their comfort zones. There are transaction fees but the amount is nominal. Yet, the best part is the convenience these apps have on offer for the users.
Currency exchange rates:- Another important factor to consider is the currency exchange rates which keep fluctuating. To get the best exchange rates, you must study the rates offered by different companies and money exchangers, including banks. Going to one service provider by trusting the rates they offer can deprive you of good currency exchange rates. Therefore, it is incumbent upon you to draw a comparison and watch the fluctuations closely whether you send money to Gambia online or in cash.
Conclusion:- The above-mentioned details can lead us to make an informed decision. If observed closely, we can say that all the points mentioned above are small but with deep effects on our transactions; whereas, ignoring any of these factors can land us in trouble in terms of wastage of time and the wastage of our hard-earned money in a foreign land as an expatriate.