Are you looking for ways to send money to Gambia from the US? This guide will show you how.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Gambia is easy. But do your research and shop around for the best available deal.
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The U.S. bank he has an account with does not carry out transfers to Gambia, given its exotic currency. Lamin turns to the internet to compare money transfer companies, and this is what he finds.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = GMD 26.5109||$1 = GMD 27.42305|
|Amount received for $1,000||GMD 26,510.90||GMD 27,039.40|
|Transfer time||1-2 days||Instant|
|Transfer options||Bank account||Cash pickup|
|Difference of||GMD 528.50|
While the second money transfer company charges a fee for its services, it results in Lamin’s father getting more money because of the superior exchange rate.
How do I compare transfer companies when sending money to Gambia?
Since there are numerous money transfer companies to choose from, it is important that you compare them across different parameters.
- The monetary aspect. Some service providers lure customers by offering highly competitive exchange rates or fee-free services. This can be a problem if a high fee accompanies a seemingly favorable rate, or if you get an unfavourable rate while not paying any fees. A simple way to pick the more lucrative option is to compare how much money the recipient stands to receive.
- Ways to send money. If your bank permits fund transfers to Gambia, you can start the process in person, online or over the phone. Some money transfer companies operate out of stores and kiosks that you can visit to send money in person. Most let you carry out online transfers and some let you initiate the process over the phone as well.
- Ways to receive money. Some prominent money transfer companies that provide money transfer services to Gambia from America only offer cash pickup as an option. However, you can find some international money transfer companies that let you transfer funds directly into Gambian bank accounts.
- Methods. If you wish to send money to Gambia regularly, you can benefit from working with a company that lets you schedule automatic transfers based on a frequency of your liking. This takes away the need to go through the entire process repeatedly. Some money transfer companies also offer forward contracts and market orders.
- Turnaround time. If you’re sending money that the recipient will collect from a cash pickup location, the transfer can go through almost immediately. If you’re sending money to a Gambian bank account, money transfer companies can take one to three days to complete the process. Banks tend to take longer.
- Minimum limit. Some money transfer companies have minimum limits in place, which can vary from $500 to $1,000.
- Customer service. Customer service of a money transfer company can play an important role, especially if you plan to send money periodically. Ideally, you should be able to contact a company representative over the phone and via chat, not just via email.
Ways of sending money to Gambia from America
- Bank transfers. Some major banks offer wire transfers to Gambia.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram offer this service — your recipient can sometimes pick up the cast within minutes.
- PayPal. You can send money abroad using your PayPal account.
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Tips for picking up cash in Gambia
Whether you’re picking up cash in Gambia or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.
Bear in mind that this country still remains a largely cash-based economy. ATMs in Gambia can be unreliable. And not all hotels accept traveler’s checks.
What are the steps to send money to Gambia?
The steps you have to follow and the details you have to provide depend on the method you choose.
- To a bank account. You’ll have to provide details such as the recipient’s name, account number, bank’s name and bank’s SWIFT code. If sending money through a money transfer company, you’ll have to provide details of your bank account, debit card or credit card. The time the transfer takes to complete depends on the service provider you choose. You should get a reference number when you make the transfer, which you can use to track its progress at any stage.
- To a cash pickup location. You’ll have to provide the recipient’s name as well as a desired cash pickup location. To make the payment, you’ll have to provide your bank account, debit card or credit card details. Once you make the transfer, you’ll get a reference number. Pass this on to the recipient. The transfer should take place almost instantly.