In this modern era, people mostly work abroad or away from home. In addition to this, people also have business dealings with their counterparts in different countries. Now everyone needs swift money transfer for remittance or for doing business. Most of the people prefer banks for business transactions and payments, even banks charge fees.
Moreover banks offer exchange rates that are above the market rate. The reason behind this is banks are not specialists in currency exchange, so they charge their customers more.
If you follow this simple guide, you can easily send money without any hurdle.
Step 1: what is the CFA franc conversion rate?
While making a money transfer to Senegal, make sure that the CFA franc conversion rate is beneficial for you. Even the currency market is unforeseeable, but you can monitor it, and doing this, you can maximize CFA francs against the currency you send. You need to check the CFA francs mid-market and make a transfer only when the XOF rate reaches a specific level.
Step 2: Compare different online money transfer providers
Remittance comparison websites such as CompareRemit allow you to compare different sites easily. Comparison is usually based on the transfer fees they charge and the exchange rates they offer. These effective tools tell you the exact amount the beneficiary will receive and even present you with the best cost-effective option.
Step 3: Choose the best service provider
After comparing different providers, you need to be sure about what your needs are. What should be the transfer speed? How much amount you want to send and which is the closest branch to the location of the beneficiary. Consider all the pros and cons of service providing company before you select a provider. After considering all these factors choose the best one that suits your needs.
Step 4: Start transaction to Senegal
Once you decided the best provider for you, this is time to make a transfer. For this purpose, you need to sign up first of all on the website or mobile application of the service provider. Enter details about the transaction amount and set up the transaction.
People struggle hard to earn money, and it hurts them when they have to pay a lot of charges, especially currency exchange fees. Sometimes you have to pay high currency exchange fees because you are unaware of costs. But comparison makes things easy for you. If you are making money transfers, it would be better to be careful. Only pay for services you are taking form the operator or the company. You can also consider ACE Money Transfers for taking services. It is a trusted website for transferring money abroad. It also has a convenient mobile application. So you must try their services if you have to transfer money overseas often and you won't regret it.