Do you know about the cost to send money to Senegal? This piece will walk you through the cost of sending GBP to Senegal CFA. People send money online when they to other more developed countries to find better work opportunities. There are many ways to send money online in today’s world. It is unlike the relatively older times where transactions would take place through banks using wire transfers. We will discuss these methods in detail after the necessary background.
People from the African continent go to the West for better earnings. African people and expatriates from around the world prefer to go to England due to its strong economy and the currency difference. And people from Senegal also go there and send back money to their families in Senegal through a few credible online companies such as ACE or banks, where UK’s pounds are converted into Senegal’s local currency known as CFA Franc. We will discuss the cost of money transfer to Senegal, but first, we will briefly study this currency’s background.
CFA Franc:- Call it ‘CFA’ or ‘Franc’ simply; it is the official currency of eight West African states, including Senegal. According to 2014’s statistics, these eight countries had a combined population of 105.7 million with a cumulative GDP of 12806 billion USD in 2018. CFA is the acronym for ‘African Financial Community. It is issued by the Central Bank of West African States (BCEAO). CFA Franc is subdivided into 100 ‘centimes’, the smallest CFA Franc denomination but in theory only. These Centimes never saw the light of day. They exist in theory only.
GBP to CFA:- It is hard to ascertain the exact exchange rate of these two currencies due to the consistent fluctuations but loosely, one British Pound Sterling equals 766.9638 CFA or Franc. This huge difference between the currencies of GBP and CFA alone will suffice to explain why Senegalese prefer to find work in the United Kingdom.
Now let’s see the factors that will affect the process of sending GBP to CFA.
Method:- The foremost factor is the method you will choose to send your money back home. If you choose to transfer through banks, it will have its own merits and demerits; whereas, online money transfer to Senegal through online money transfer companies with a few globally acclaimed ones such as ACE will have its own merits and demerits.
Time:- Where banks take several days or, at the least, one working week to complete a transaction, companies will take between hours for the same purpose. With ACE, however, the time your transfer of funds will take will squeeze even further and be reduced from a few moments to a few minutes at a maximum stretch. And saving time can be a bounty, particularly when it comes to the West, where life is ultra-fast. And time saved in transferring money can be put to more beneficial usage.
Fees:- Banks charge a big amount of money as fees or service charges. These charges remain static up to a certain amount of volume but begin to fluctuate proportionately to the volume. This can be a little troublesome for the senders at times. Companies, on the other hand, charge a nominal fee that remains static unless the amounts are larger than normal. Companies also provide facilities such as mobile apps, the convenience of multiple offices,+ unlike banks whose offices are fewer and far between, and security.
Exchange rates:- Another important factor is the currency exchange rates which keep fluctuating. By keeping an eye on these fluctuations, you can grab a chance to get the best exchange rates when they are the highest point. Otherwise, staying oblivious to these ups and downs, you can end up paying more and getting less both at the time of sending and receiving funds.
Conclusion:- From all of the above, we can ensure that the cost of sending GBP to CFA can be controlled well. Factors of global nature apart, the rest of the factors elaborated above are in our control. The only thing to consider getting the best rates in transferring funds at a lower cost is to keep a close eye on all of them. It is appropriate for you to draw a comparison and see the rates different companies and banks offer for currency conversion and what facilities they offer, along with the principal activity of sending money or GBP to CFA online. These facilities to send money to Senegal online are aplenty with ACE Money Transfer Company.