Since the home is where the heart is, many ex-pats continue to send money to Senegal even after starting a new life in the UK and other developed countries. Internationally money transactions used to include going to the bank and setting up a cash deposit. However, in recent times, the advent of mobile money has made it easier than ever to send and receive money—all from the convenience of a smartphone.
According to the Office for National Statistics, 3.65 million foreign nationals work in the UK, accounting for just under 10% of the total workforce. When you factor in the 2.26 million workers who were born in another country but are UK citizens, the number only barely reaches the approximate 5.5 million Britons who live abroad.
What Are The Factors Expats Send Money To Home Countries?
You may need to repatriate funds for various purposes, including land repairs, pension payments, or assisting with school fees. It’s possible that after experiencing another country’s culture, you’ve missed home and are sending money to Senegal online for the family before returning. You may need to repatriate funds from a property sale, or you may need to make daily transfers between your UK and foreign bank accounts. There are a variety of explanations why expats may want to send money abroad, including:
- Providing financial assistance to family members in their home country
- Purchasing or paying for a house in another country
- Taking care of unpaid obligations, such as student loans.
- Providing assistance to children attending university in another country
- Paying your household bills while you’re gone
Moving abroad is difficult enough, but money transfer to Senegal or back to the UK does not have to be. There are, fortunately, ways to avoid paying high fees and obtain favorable exchange rates.
Why Is ACE Money Transfer Known To Be The Best Money Transfer Service Provider?
ACE Money Transfer is used by most expats I know in the UK to send money from their High street bank in the UK to their home country bank account. It’s typically the cheapest and fastest alternative, and it allows you online money transfer to Senegal and over 100+ countries around the world. ACE Money Transfer emphasizes “borderless banking,” which means that customers can conveniently handle money in different currencies and open bank accounts using country-specific codes.