Sending Money to Senegal: Do Exchange Rates Matter?

Around 5% of Senegal’s population lives and works overseas, bringing money home monthly to support their families. Dakar, the capital of Senegal, is Africa’s most western point and thus the last site to see African sunrises and sunsets every day. Senegalese expats need fast, reasonable, and simple money transfers to help out their families and friends back home. They also need their money to arrive swiftly and without hefty costs or commission.

Money can be sent to Senegal in a variety of ways. In addition to using a wire transfer or the post office, you can send it via online providers that are considerably cheaper and quicker than the traditional methods. To assist you, we’ve included some helpful hints in this post, such as the importance of the exchange rate while sending money to Senegal

Role of Exchange Rate

The exchange rate is used to calculate how much one currency is worth when converted into another. However, due to GBP and EUR discrepancies, the rate can fluctuate while transferring money to Senegal from the United Kingdom. Some people propose first converting your pounds to euros, then turning those euros to CFA francs in West Africa.

This simplifies the math, and it may also make it easier to receive EUR at the other end, which can then be converted as needed. Many service providers offer rates below the mid-market average, but a select few, such as Lycaremit, routinely provide competitive pricing. Fees and exchange rates significantly impact your online payment to Senegal.

Be Aware of Transfer Fees

You’ll generally pay a fixed or percentage fee when sending money to Senegal via a provider. It’s wiser to pay fixed costs than a percentage, especially if you’re sending a significant amount. Depending on the payment method, you may be charged an additional sum, such as a debit/credit card fee, usually expressed as a percentage.

Also, don’t be fooled by certain providers’ promises of “no fees.” They may give you a “free transfer,” but they’ll tweak the exchange rate margin in a way that benefits them rather than you.

Security

Security is the most crucial consideration for many when sending money, especially internationally. Companies must safeguard the transaction’s personal and financial information. They’ll need a safe technology like Lycaremit’s RSA 256-bit encryption to accomplish this.

Transfer Time

Some people are concerned about the time it’ll take to transmit money to Senegal. The answer is dependent on the mode of transfer and the sending/receiving country. Some services, such as Wise and WorldRemit, take up to four days to transmit funds to Senegal, but Lycaremit may complete the transaction in as little as two days. Lycaremit is noted for its speedy transfers and simple transactions.

Bottom Line

There are numerous international remittance services, each with its benefits and drawbacks. Some companies have reasonable rates and fees, but they aren’t transparent. Others are less expensive, but they take longer to deliver funds and are more vulnerable to cyber-attacks. Fortunately, Lycaremit fits all of the requirements, making it an excellent choice for large and minor transfers. Register with us now if you’re seeking a low-cost, hassle-free solution to send money to Senegal.

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