13 Aug 2024
Do you know that a single money transfer from Italy to Gambia can significantly improve the Gambia's economy? Gambia is a developing country whose people struggle to live a basic life. In 2020, 53.4 percent of the Gambian population lived below the poverty line. Gambia receives a significant remittance each year. In 2022, Gambian remittance increased to USD 232 million. This shows the role of remittances in supporting Gambia’s economy. More than 93 thousand people live in Italy, and they frequently send money to their families.
Gambians remittances from their loved ones in Italy to fund their education and medical expenses, pay bills and taxes, and buy groceries. Remittances contribute a solid amount to Gambia’s GDP. It helps alleviate property, increase foreign reserves, improve currency worth, and raise the living standards of ordinary people. Remittances have multiple economic and social benefits. Currency exchange rate and remittance cost is a significant barrier to the remittance flow. Gambian expats must find ways to make consistent remittances to help Gambia’s economy grow. Let's delve into the importance of remittance and ways of making it better:
Expats who send money to Gambia from Italy to support their families must look for smart methods of remittances. Smart remittance means using modern, efficient, low-cost, and secure ways to send money. ACE Money Transfer is a digital and advanced technological platform that provides smart ways for expats to send money. Before making remittances, observe the following points:
The first thing to consider before sending money to Gambia is to choose a reliable and efficient remittance service. Firstly, check the transfer fee of a service and its currency conversion rates. To select the right remittance service, follow the steps below:
Timely remittances are necessary. Always keep an eye on currency exchange rates because they can fluctuate at times. Make the most of your remittance with affordable exchange rates. Gambians deal with Dalsi and Italians with Euro. Italy’s 1 Euro is equal to Gambia's 73 Dalsi. When the value of the Euro increases, remittance receivers will receive more money. Conversely, if you send money when the value of the Euro goes down, your family will receive less of what you send.
Traditional remittances were made through money orders or banks. Money orders used to take a lot of time, and it was a hectic process. Although banks are still known as the best platform to send money online to Gambia from Italy, now they have become more advanced. With the emergence of digital remittance services like ACE Money Transfer, remittances have become reliable and smooth. Now, expats can send money online within a few seconds. They can use advance payment options because there is no need to visit physical financial institutes. Expats can make instant transactions by downloading apps and connecting with digital wallets. Modern remittance methods provide the following benefits:
Expats make frequent money transfers to Gambia monthly or sometimes weekly. Align your finances and send maximum remittances to save on the transfer cost. Repeated remittance transactions may cause you to spend a lot of money on paying service charges and conversion fees. A single payment can be worth it, and you will be charged less. You can also enjoy the first fee-free online money transfer to Gambia from Italy using ACE Money Transfer. Maximize your savings and make effective remittance plans.
Read more: Strategies to improve your financial health as a Gambian in Italy.
Many expats send money to their families using illegal and unregistered remittance services, which may cause significant losses. Choose well-recognized services or institutes. Check the customer reviews and the number of people who are satisfied with the services. Formal institutions use secure ways to prevent fraudulent activities and ensure every single euro reaches its destiny. You can also get help from customer services to guide you about your remittance plans.
Remittance plays a powerful role in boosting a country’s economy. It helps remittance-receiving families deal with their financial matters and elevate their life style. It facilitates economic boosts in the following ways:
Smart remittances encourage expats to send more money home. By using the cheapest ways to send money to Gambia from Italy, they save a lot of money, which they can use to plan further remittances. More remittance means the Gambia will receive more foreign currency.
Frequent remittance will open doors to investment for Gambians. They will invest in companies or properties to earn profit. It will maintain the money flow, and help the county’s business grow. Business growth and industrial progress lead to economic empowerment.
Remittance-receiving families prioritize savings to deal with future emergencies. They save their money in banks, which helps increase the bank's revenue. Also, banks charge an amount for remittance transactions, which increases their overall wealth.
Taxes on remittances will increase the government's treasures, which can be used to serve people in different ways. The government always charges a certain tax, depending on the amount. The tax amount can be utilized to uplift the country's growth.
Frequent and efficiently planned remittances can help boost Gambia's economy. For this, expats need to know about smart remittance tricks like finding the right time for transactions when currency exchange rates become favorable so more money can reach Gambia. Find a bank or remittance service with all-in-one qualities such as low cost, affordable exchange rates, fast speed, and secure transactions. Moreover, using legal and authentic methods is also necessary. Nowadays, you can also choose the transaction method that suits your convenience. ACE Money Transfer can facilitate your remittance transfer journey by providing efficient, smart, and advanced ways.
Smart remittance strategies include finding a reliable and formal remittance service. Ensure a service with an affordable fee and no hidden charges. Visit official pages to check their authenticity and customer reviews. Check their security management techniques and adopt modern methods of sending remittances. Digital remittance methods are highly affordable and fast because they are direct. You can enjoy multiple options, like making a budget or saving plans and keeping a record of your transactions.
People get cash to run their lives. They pay their bills, pay taxes, spend money on education, and make investments, which increase the country's overall progress. Your online money transfer to Gambia from Italy can help people meet emergency needs. It indicates the worth of remittance in driving the economy and opening ways for a country’s progress. Remittance keeps the financial institutes working and supports Gambia's business and industrial growth.
Remittances are a significant source of foreign currency. It alleviates poverty, maintains the flow of money, and encourages investment and savings, which keeps businesses running and leads to economic empowerment.
You can make smart remittance transfers by choosing digital remittance transfer services with affordable fees and quick and secure transactions. Also, consider the speed and convenience of the transfer method.
Smart remittance methods enhance efficiency, reduce costs, ensure security, and provide faster and more convenient transfer options. They make remittance platforms more accessible, and people enjoy more remittance from their loved ones.
ACE is safe because it is an authentic and registered remittance service with millions of satisfied customers. Moreover, it uses advanced technologies like blockchain and encryption to protect remittances.
ACE is a digital platform that offers competitive exchange rates, low fees, multiple payout locations, security protocols, and convenience for handling transaction records.
