23 May 2023
More than 90,000 Gambians live outside their country, most of whom have moved abroad for better work and earning opportunities. Their primary purpose of living and working abroad is to earn better than what they could make in their homeland and send money to Gambia to support their families. Over the past few years, there has been a noticeable increase in the amount of money being transferred internationally, where D40.65 billion in remittances to the Gambia, making up almost 62.9% of its GDP, is astounding. These stats show that several overseas Gambians must send money to their loved ones back home often, requiring reliable and efficient remittance channels.
Bank transfers have remained one of the top choices and most used methods for overseas workers. Though typically, people know about Bank transfers, albeit some people might not completely know about different types of bank accounts and which one they should choose. So let's get started with a thorough guide to choosing the best bank account type to send money to Gambia.
If you need to send money from the UK to the Gambia, you have a few essential options:
Online, in person, over the phone, or at a branch, most banks allow you to send money abroad. Payments to GMD are made by direct bank transfer from your account in the currency of your choice to the recipient's local bank account.
You can pay your GMD in cash in person at a physical location if you prefer because a number of specialised money transmitter services operate through sizable branch and agent networks.
You can use your own bank's online banking service or a company specialising in international payments if you'd prefer to make your GBP/GMD payment online or via mobile device. Often, specialised services can provide banks with better exchange rates and lower fees.
Sending money to the Gambia is simple and convenient with the ACE Money Transfer App. Using their user-friendly web platform and money transfer app, you can make transfers in minutes without paying any unnecessary fees or waiting inordinately long. No matter if you're using your digital wallet, sending money to a bank account, or a cash pickup location, ACE has you covered.
The most practical option for both you and your recipient is frequently sending money from the UK to another bank account in the Gambia. Money simply appears in the designated account in the currency you specify and can be easily spent or withdrawn without your recipient having to do anything to receive it.
Selecting a specialised provider can be the most affordable and quick way to send money when sending it directly from the UK to a bank account in Gambia. The steps you'll take to arrange payments vary among providers, but they are typically similar. To send money to Gambia online using a money transfer service, follow these simple steps:
Create a new account with your preferred service by providing your contact information and a few other details. You might even be able to do this out of convenience using Google or Facebook.
Depending on the type of payment you're making, you might need to upload an image of your ID documents to your account to verify it. This procedure helps keep your money secure and is frequently required by law.
Utilise a bank transfer or credit card payment to deposit money into your account in pounds. Now is the time to visit acemoneytransfer.com and start your journey to the luxury of managing international remittances.
When you are prepared to send a payment, enter your recipient's contact information and bank account information, confirm the fee and exchange rate that will be charged, and then send. That's it; you can follow the status of your money's transfer online or through the app offered by your provider.
To successfully transfer funds to the Gambia bank account, the following details must be provided:
You'll be asked for most of this information when you set up your account for an online money transfer to Gambia. After that, only the payment and payout methods and the recipient's details will be requested. Some carriers provide a rapid send option that does not require any information to be filled out when sending to the same recipient.
Remittances from overseas Gambians have always been a vital component of Gambia's economy, providing a significant financial lifeline for many families and contributing to the country's Gross Domestic Product (GDP). As of 2021, remittances accounted for nearly 20% of Gambia's GDP, highlighting the importance of these funds.
The diaspora of approximately 90,000 Gambians living abroad, many in the United States and Europe, often send money back home to support their families. In the first quarter of 2023, these overseas Gambians sent around 80 million dollars back home. However, this amount varies depending on the global economic situation and individual financial stability.
Notably, these funds provide financial support to individual households and stimulate the local economy by increasing consumption and investment. Furthermore, these remittances have played an essential role in reducing poverty and income inequality in Gambia, showing that the overseas Gambian community's contribution extends beyond their immediate families and positively impacts the nation as a whole.
One benefit of using ACE Money Transfer is that there is no lengthy registration process or unqualified requirement. Just signing up for an ACE Money Transfer account is all that is required to get started. Everyone is now prepared to conduct their first transaction in the Gambia once this is complete.
That is truly amazing. The fact that you cannot do any of this without moving out of your current residence is even more impressive. The convenience of your home can be used to manage international remittances.
There is no one best way to send money to the Gambia. Your priorities will determine everything. The cost, speed, and convenience trade-offs offered by various providers vary. A good way to quickly find the best choice for you is to use a comparison tool to look at a number of providers. Overall, the most effective method for making a money transfer to Gambia is via ACE Money Transfer services.
You can always rely on ACE Money Transfer when you need to send money to the Gambia securely, quickly, or for an urgent need for a friend or member of your family there. With ACE, you can maintain simplicity without overspending or wasting too much time. ACE transfers are just better, safer, and more enjoyable when all the factors are taken into account.
