16 May 2024
A Migration and Sustainable Development report in the Gambia stated that over 140,000 Gambians live in developed countries like Germany in 2020. They travel to countries like Germany to earn a living and send money to Gambia from Germany to support their families back home.
The process of online money transfers has become easy, convenient and straightforward, thanks to dazzling technology.
But have you ever wondered what ensures a swift and cost-effective online money transfer to the Gambia from Germany or elsewhere?
And is it the cost-effectiveness and speed you must look for, given that the process is recurring and incurs costs? Do you need help finding something else without losing sight of cost-effectiveness and speed?
You find all of these questions pretty intriguing. Don’t you?
Continue reading if you do and are interested in ascertaining the fascinating details and answers.
There is not a single area of online money transfers that the dazzling technology has yet to address. Wouldn't you agree?
The extent to which a particular area is addressed in the process is a different matter altogether, for example, online fraud and financial scams. However, these issues and areas have been addressed to a smaller or larger extent.
Therefore, since almost all the areas of online money transfers have been catered to thus far, it is essential to consider a few factors when choosing your online remittance transfer service provider to send money online to Gambia from Germany.
This is the first and most important factor, given that you send funds repeatedly back home and pay fees, right? Therefore, thoroughly check the service charges.
It is critically important.
Wait. Don’t just jump the gun yet!
Yes, you are right that a low fee alone should suffice, and the rest should be ignored. Agreed!
But then there is a thing called hidden fee.
Therefore, when you discuss the fee with your service provider, it serves the following two primary purposes:
· You get to know if there is a hidden fee involved or not
· The credibility of the concerned service provider also comes to the fore
Because a company’s credibility becomes questionable when a) they apply hidden fees and b) they quibble with your questions concerning fee and fee charging mechanisms.
In addition, certain service providers like ACE Money Transfer keep the fee low by linking it to the amount being sent as a small percentage of it.
This way, the fee fluctuates minutely.
Furthermore, with ACE Money Transfer, you pay fees only when the amount reaches a certain threshold below which your chances of fee-free transactions increase.
It is another critically important area of your every money transfer from Germany to Gambia and has the potential to land you in financial trouble if you are not careful about it.
Currency exchange rates are the rates at which two currencies are sold and purchased. These rates fluctuate and never remain static. It is a financial benefit to get flexible currency exchange rates, as many service providers, such as banks, will offer you static and fixed exchange rates.
Conversely, certain service providers link their exchange rates with the international market, where they fluctuate.
This allows you to initiate a transaction if the rates are high and market-competitive or wait till the rates spike in your favor.
No, no. Don’t worry.
You are not supposed to wait for longer. Your wait is only a matter of minutes.
Another critically important area is the speed and efficiency of the transactions.
You must consider the time your service provider takes to deliver funds. It is essential because you and your family are in different time zones. So, for example, if you initiate a transaction during the day, the same may be the check-out time in the recipient’s country.
What will happen?
Yes. You are right!
This will cause a delay in the transaction, and the funds will be delivered late.
Therefore, consider speed and efficiency when it comes to the time it will take for a transaction to deliver funds so that the recipient gets the money at the moment of need, not later.
Another important factor to consider is the safety and security of online money transfers. This becomes even more important in the wake of rising online fraud and scams.
Yes, you exercise caution, understand your transaction’s safety, and have adequate online financial fraud awareness. All of it is essential for you to stay safe in the digital realm.
However, in addition to all of this, you must consider the security parameters your service provider offers you.
Another critical aspect to consider while transferring funds is how convenient it is for you to access the services of your remittance transfer service provider.
Imagine you have to travel long distances to access a service provider. The example of a bank, in this context, will suffice. It will incur costs and will consume a lot of time. Right? You are working in a foreign country to earn a living and trying to support your family financially.
For this, you try everything to save every penny you earn.
But then, you avail yourself of the services of a service provider, which is the antithesis of savings and financial support.
Therefore, you must look for a service provider whose services you can get quickly and conveniently.
It will help squeeze the time between a transaction's beginning and end and substantially reduce the costs involved in the process.
Since online money transfers involve your hard-earned money, the level of consciousness is naturally higher. Imagine surrendering your cash to a service provider and having no one to talk to about the status of your money after making the transaction.
A slight delay alone will send a cold wave down your spine!
Therefore, see to it that your service provider has efficient customer service, with representatives accessible 24/7 to allay your concerns.
If you want to enjoy speed and cost-effectiveness each time you make online money transfer from Germany to Gambia, you should never miss ACE Money Transfer.
The firm offers live and market-competitive currency exchange rates and delivers funds instantly with optimal safety. Furthermore, you will pay a fee only if the amount you transfer reaches a certain level, below which your transaction will likely remain fee-free.
The firm is operationally present in over 100 countries worldwide. Its efficient customer service representatives are available 24/7 to assuage your concerns about the money you entrust the firm with for transferring back to the Gambia from Germany or any other country.
When you are planning to travel abroad to earn a living, you must consider Germany as an option. The country has a robust economy with a thriving and expansive job market, which allows job-seekers to find sustainable employment opportunities in several professional fields to earn a living and support their families back home.
One of the most essential elements of an online money transfer is speed. You send money back home to your family, who need the funds. Therefore, if your funds arrive late, chances are high that the need is either no longer there or the problem has reached unmanageable proportions.
A cost-effective online money transfer is one in which you must pay a bare minimum amount to execute a transaction. This amount includes fees, currency exchange rates, and currency conversion fees, which depend primarily on the type of service provider you choose for the purpose.
Some of the critically important factors you must consider while choosing a service provider are the fee structure and the types of currency exchange rates that the service provider is offering you. Moreover, you should also consider the speed of the transaction, how easily you can access the service provider, and whether the service provider has customer service support.
Yes! You can find all of the features listed above and much more in one service provider, such as ACE Money Transfer. But remember that the number of such companies is relatively small, and you will need to search for one before selecting one. Once you use their services, you become permanently attached to them.
Resource(s)
· Gambian Diaspora
