What do you think about the cost to send money to Gambia from GBP to GHS? The African continent has always been in turmoil of different sorts. Its people have suffered from many issues ensuing from the political and economic turmoil. Most of the African countries failed to provide for the necessities of life. People cannot secure proper food, shelter, and education for themselves and their families. Health and hunger have always acted as hanging swords on people’s heads in most African countries. Therefore, people from many African countries go to the United Kingdom to find better work opportunities. From there, they send GBP to GHS through banks or a few reputable online money transfer companies such as ACE. As an expatriate, they send money to the Gambia to their loved ones and family to help them lead a life which is not surrounded by financial worries.
Now let’s take a look at the factors that affect the cost of sending GBP to GHS in the Gambia.
Currencies statistically:- Because England’s economy is one of the strongest worldwide, its exchange rate to the currencies of most of the third world countries is higher. In this context, the exchange rate of one pound sterling to one GHS is 8.3132 (Tuesday, Aug17, 2021). It means that if you want to buy one GBP in the Gambia, you will have to spend 8.3132 GHS. But, keep in mind that these currency exchange rates fluctuate every minute. It is hard for the exchange rates to remain stable and static, which makes it mandatory for us to keep an eye on the fluctuating rates and make use of them when the rates are at their peak.
Exchange rates:- Several national and international factors have a deep bearing on the currency exchange rates for money transfer to Gambia. The volume of exports and imports between England and Ghana, bilateral trade relations between these countries, and the number of expatriates residing in England coupled with the volume of remittances that these Ghanaian expatriates send back to their home country. These exchange rates are looked after by governments through their central financial regulatory authorities. These bodies are normally the central banks. Most of these factors are beyond your control.
Transfer cost:- Another factor that you must consider before sending GBP to GHS is the cost the transfer will incur. You will have to pay differently if you transfer your money through banks using the traditional wire transfer method. But the cost will vary if you want to transfer money through online money transfer companies. Here, different companies have set different costs for the transfer of funds between England and Ghana. This cost variation depends on the following factors.
Transfer time:- ACE is one of the few companies that will merely ask its customers if they wish to send money to Gambia online quickly or at a normal speed. This particular point merits mentioning because the charges will remain the same for both kinds of transfer which is a unique feature in ACE’s services. Many other companies, however, will charge you differently for their normal or speedy transfers. This change of rates can affect the sender’s budget.
Mobile app:- There is another convince of sending money through mobile apps. A few companies, including ACE, have easy-to-use mobile apps whose usage does not require a certain amount of technical expertise. Anyone can use those apps easily and transfer funds right from the middle of their comfort zones. Charges, however, are also involved in this method are nominal. The best part is the convenience which these apps offer to the customers.
Convenience:- A company with multiple offices is easy to approach to initiate a transaction. It is contrary to the banks, approaching whose offices require commuting. Of course, it can be convenient if you reside somewhere closer to the banks you transact through. But, this does not have a universal application. In most cases, it takes effort to reach a bank.
Conclusion:- Some of the factors we have thrown light on can be controlled, while others stand outside the parameters we can set. The best way to ensure a cost-effective funds transfer is to deeply consider all of the factors we have elaborated on above. Because by being aware of all of these factors, you can pay less for an online money transfer to Gambia and save more. ACE Money Transfer can be your best partner in this business and if you want to send money to The Gambia.