Do you know how people use to send money to Senegal and other parts of the world before the invention of the internet? Money has no real value; it may be a shell, a metal coin, or a paper sheet. Its worth is symbolic; it expresses the significance that people attach to it. Money’s worth is derived from its functions as a means of trade, a unit of measurement, and a wealth storehouse.
Money enables people to exchange products and services informally, it aids in the communication of product values (prices written in dollars and cents equate to a numerical sum in your possession, such as in your pocket, purse, or wallet), and it provides individuals with a long-term means of storing wealth.
Money is important simply because everyone understands that it will be accepted as payment. Throughout history, however, both the use and the type of money have changed.
Why Is International Money Transfer Important For Non-Industrial Nations?
Remittances are one of the world’s most important financial tools, outnumbering foreign direct investment flows in some cases (FDI). For decades, vigorous discussions have raged about the sources of economic growth in emerging economies, as well as why some countries have seen faster growth than others. International money transfers to Senegal are the most important foreign exchange sources in most countries, accounting for more than 10% of GDP.
What Are The Prerequisites For Online Money Transfer?
Your online money transfer to Senegal can be done via safe internet services for a small fee. Still, you’ll need a bank account or credit card or mobile e-wallet, as well as internet access, or at the very least an e-mail address, to do so; you’ll also need to log your information online. The person you’re sending money to may also require a bank account and web access (or an e-mail address), but this isn’t always the case.
The Bottom Line:
Sending money to Senegal online will help countries finance growth and improve the lives of millions of households. There are various ways to send money overseas, and with today’s cutting-edge technology, new ways to do so are constantly being created. Whereas banks were once the only secure means of making international financial transactions, there are now various cheaper and quicker alternatives, including online providers, MTOs, prepaid cards, and even SMS.