Are you looking for a quick and cost-efficient method to send money to Senegal from Canada?
If you’re aiming to send money to Senegal, for travel or remittances, but aren’t exactly sure where to start, then look no further! We’ve compiled a handy guide to help you get the most out of your hard-earned dollar.
Compare international money transfers to Senegal
The table below displays some of the options that you can take advantage of to send international money transfers to Senegal. Feel free to use the table headings to help sort products by fees, features and more.
Banks versus money transfer companies/services
So why should you choose a dedicated money transfer option over the bank? Money transfer services, unlike banks, are specialized in currency exchange, meaning they turn a profit by charging a lower margin on a larger number of transactions. Not sure what we mean? Let’s do some simple math. If a bank completes two international transfers per day while a money transfer service carries out 16, then the bank will need to charge more to account for the decrease in sales. How does this translate to real-life? Banks offer less-than-desirable exchange rates, along with inflated fees, while money transfer services offer bank-beating prices, almost unanimously. As an added bonus: money transfer services are also much more accessible, allowing potential clients to create an account in a matter of minutes (while a bank takes an in-person appointment and a significant amount of paperwork).
Case study: Ken sends money to Senegal
Ken wants to send $1,000 to his daughter Vanessa, who has missed her flight home from Senegal, and needs to purchase another ticket back to Halifax. Ken feels like his banks will charge unreasonable exchange rates, not to mention take several days to complete the transfer, so he decides to compare two reputable cash pickup transfer companies to see if he can’t find a better deal.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = XOF413.18||$1 = XOF419.40|
|Amount received for $1,000||XOF413,180||XOF419,400|
|Transfer time||Instantly||1-3 days|
|Transfer options||Cash pickup||Bank account|
Ken is pleased to find that he can save approximately XOF6,220 (around $15) in the exchange rate with the first option, along with $20 in fees.
How do I compare transfer companies when transferring money to Senegal?
Ken acquired a great deal of pertinent knowledge from his inquiry into his money transfer options, and recommends that, in your hunt for a suitable service, you keep the following features in mind.
- Competitive exchange rates. Look for a company that matches (as closely as possible) to the mid-market rates that you can find by conducting a simple Google search.
- Minimal fees. Aim to bank with a company that offers low to no fees, particularly in the event that exchange rates are less competitive.
- Various transfer methods. Look for a company that offers the type of transfer method that works for both you and your recipient, whether that be bank-to-bank, cash pick-up or even a mobile phone transfer.
- Fast transfer times. Find a company that suits your timeline, as some transactions can take days to process while others take only a few minutes from start to finish.
- Reliable customer service. Don’t settle for anything less than a reputable company armed with a top-notch customer service department.
Compare Money Transfer Services
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in XOF minus fees (from $1,000.00)|
|XE Money Transfer||$0||$419.5620||419,562|
Rates updated as of 26 February 2018
Emergency cash transfers in Senegal
If you’re in a bit of a pickle and you need to send money to Senegal in no time flat then consider an in-person cash pick-up option like Western Union to complete transactions (and get money into the hands of your recipient) in as little as 10 minutes. While this type of service is typically more expensive than an online bank-to-bank service, it can be well worth the extra cost in an emergency. Once your money is sent, the person on the other end will just need to present with their passport at an onsite location (with some popular agents listed below) to collect funds.
- Find a pick-up location with the Western Union Agent Location tool.
- Cash is available to collect instantly from any Moneygram agent.
Tips for picking up cash in Senegal
If you do plan to visit Senegal, the Government of Canada suggests that you exercise a high degree of caution. Petty crime like pickpocketing and bag snatching are sometimes committed by thieves on motorcycles, particularly at The Gorée pier. Remain vigilant when travelling and make sure your personal effects, including your passport, are secure. If you need to visit an agent location to pick up cash that has been transferred to you, then try to do so during the day, preferably with a companion.Back to top
Background for Senegal
Situated on Africa’s west coast with a rich French colonial heritage, Senegal is one of the most stable democracies in Africa. Senegal is one of the Government of Canada’s 25 countries of focus for international development efforts, and Canada and Senegal work in close collaboration to promote peace and security in the region. Canada is also a major investor in Senegal’s mining industry, expending over $500 million USD annually. Both Canada and Senegal are French speaking countries, and enjoy strong bilateral relations.