Millions of Africans live and work abroad, and they have far more relatives back home. Life in Africa is challenging, and you’ll almost certainly have to send money home to maintain your family. But how does it function? Remittances are as essential to Senegal’s economy as to other nations in Sub-Saharan Africa. Many Senegalese citizens rely on income supplied from relatives in Europe, the United States, the Middle East, etc. When transferring money internationally, it’s critical to think about the cost, efficiency, and convenience of a money transfer service. Consequently, let’s take a look at some of the most common methods for sending money to Senegal.
WorldRemit
One of the fast, economical, and effective options to send money to Senegal is with WorldRemit. You may transfer funds to your receiver through bank transfer, cash pickup, or mobile money with this option. The receiver will get the payment in minutes using the latter two methods. However, if the money is sent by bank transfer, it will arrive within 1-3 days as long as it is a working day. The money may be accessed through the intended recipient’s bank account or at one of the company’s cash pickup sites around the country.
TransferGo
Because of its inexpensive rates and fees, TransferGo has a large customer base. TransferGo offers quick service to help customers move money in a couple of hours, but it comes at a premium price. When using debit or credit cards, customers must also pay a fee.
Customers may only receive money through a bank deposit, one of TransferGo’s most significant disadvantages. In addition, many consumers are dissatisfied with the absence of high-quality assistance on weekends or during non-working hours.
TransferWise
TransferWise has become among the most popular methods of sending money internationally. This service provider has local bank accounts in Senegal and other countries to help revolutionize the international money transfer market. TransferWise distinguishes itself by facilitating the transaction at the market’s current exchange rate.
Remitly
Remitly is another quick and convenient option to send money to Senegal. It charges reasonable prices and offers competitive exchange rates. Remitly supports both credit and debit cards, and their expedited option allows you to transfer funds in minutes. Remitly is perfect for transferring little sums to relatives or friends in foreign countries because there is no minimum transaction. Remitly isn’t strictly honest when it comes to fees, however. Exchange rate markups account for more than a third of their fees. Furthermore, Remitly’s out-of-date website structure makes sign-up a little more complicated.
Lycaremit
Lycaremit is the sole firm with a client base in Senegal. Because of its low prices, Lycaremit is a popular option among clients. Customers may send money to Senegal in as little as 48 hours with Lycaremit. Another essential element of Lycaremit is offering customer support 24 hours a day, seven days a week, which can assist you in dealing with any potential delays. Lycaremit transactions are completely safe and encrypted.
Bottom Line
Several international remittance options are available, each with its own set of advantages and disadvantages. Some businesses offer acceptable rates and fees, but they are opaque. Others are less costly, but they take longer to send payments and are more prone to hacking. Thankfully, Lycaremit meets all of the criteria, making it a perfect alternative for big and small transfers. Register with us right now if you’re looking for a low-cost, hassle-free way to send money to Senegal.
