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Botswana has come a long way since its independence in 1966, with Real GDP growth between 4% to 8% that has been consistent above worldwide averages despite a history of low Real GDP per capita.
This country has a small population, loosely packed around the 581,739 square kilometres that contain cities, Bushveld and Kalahari.
The UK is Botswana’s main importer of goods, importing 56% of Botswana’s total produce, predominantly diamonds, copper, nickel, beef and textiles.
Before studying further, Bongi wants to take a gap and think about where he is headed in life. He has decided to visit his grandparents in Gaborone, Botswana, and lodge there whilst doing some part-time work and figuring life out.
Bongi draws up the following comparison table to visualise the differences in using different money transfer companies when sending £1,000 in preparation of his trip. He couldn’t find any data for sending money through his bank but plans on visiting his local bank to see what it would work out to.
|International Money Transfer||British Bank|
|Exchange rate||1 GBP= 12.687 BWP||1 GBP = 12.544 BWP|
|Transfer fee||£10 if amount is under £10,000.||£5 AUD|
|Amount of BWP received in Botswana for £1,000||12,687 BWP||12,544 BWP|
|Transfer time||1-4 Working days||10 Minutes|
|Transfer options||Phone, online, mobile app||Phone, online, agent|
|Difference in X||143 BWP|
Bongi will need to visit an agent location of either Moneygram, Western Union or Xpress Money. All three of these companies will allow Bongi’s parents to send him cash.
As mentioned above, the fees are also lower than in some other countries where sending money with a cash pickup can easily amount to 50 GBP.
This, along with the short amount of time it takes to transfer, means the cash pickups are an attractive option for Bongi to receive money in cases where there is an emergency.Back to top
Sending money to Botswana is fairly simple as much of the economic buzz is situated around Gaborone and some of it around Francistown.
Botswana has a reputation for being one of the most peaceful countries in Africa, but it is still advised to double-check the area in which you will be picking up money.
The country might be fairly peaceful compared to the wildlife in the Kalahari districts in Botswana, but it is never smart to wave around your fresh wads of cash you just picked up. Take along a tracking number and photo ID when you pick up cash and don’t forget the copy or original transaction receipt for added safety.Back to top
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