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When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United Kingdom to Senegal doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most West African CFA francs for your money.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Senegal is easy. However, do your research and shop around for the best available deal.
Amadou Diome moved to Leeds because of work, while his parents and younger brother continue living in Senegal. Since they depend on him financially, he’ll have to send them money from time to time. Given his income, he feels he can afford sending around £500 every month.
He first turned to his bank to go make the transfer, only to learn that since the West African CFA franc is an exotic currency, his bank does not carry out fund transfers to Senegal. Instead of turning to other banks, he chose to compare money transfer companies using the internet. This is what he found.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||£1 = $742.264 XOF||£1 = $748.311 XOF|
|Amount received for £500||$371,132.00 XOF||$374,155.50 XOF|
|Transfer time||Instantly||1-3 days|
|Transfer options||Cash pickup||Bank account|
|Difference of||$3,023.50 XOF|
The fact that Amadou chose the second money transfer company over the first comes as no surprise. Not only did it get the money directly into his father’s bank account, his father also stood to receive more money. The longer turnaround time did not bother him, since there was no urgency involved.
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
When sending funds to Senegal, you’ll be asked to provide the following information:
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
Picking up cash from a transfer agent in Senegal? Follow a few simple steps to ensure that you and your money stay safe:
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