How to transfer money from Canada to Africa?
New possibilities for sending money worldwide, particularly from Canada to Africa where remittances play a crucial role in the economy and livelihoods of many people, continue to emerge.
Although these options may seem challenging for inexperienced individuals, with a little practice, the process can be easily and efficiently applied. Here are five effective ways to send money to Africa :
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Sending via mobile money transfer services :
Mobile money is a way of transferring money using a cell phone, using a mobile network operator to facilitate the transfer of funds. The sender registers for mobile money services, initiates a transfer by sending a text message or using a mobile app, the MNO verifies the sender’s identity, deducts the funds from the account and sends a confirmation message to both the sender and recipient.
The recipient can then use the money to make purchases, pay bills or withdraw cash from a mobile phone agent. This system is becoming increasingly popular in African countries such as Kenya, Ghana and other developing regions, as it allows people who do not have access to traditional banking services to transfer money easily and securely.
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Bank or wire transfers :
The traditional method for sending money to Africa is a bank transfer. In a bank transfer, the sender pays for the transaction, sends the money to their bank which acts as an intermediary, then the bank sends the money through a SWIFT system to the recipient’s bank, until the latter receives it.
In a bank wire system, money is transferred directly from the sender’s account to the recipient’s account, without an intermediary. Although commonly used, these options can be expensive due to high fees and exchange rates, but they are suitable for large transactions due to the additional layer of security.
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Electronic money orders :
A money order is a type of payment instrument, similar to a check, that can be used to send money to another person. The sender goes to a bank, post office or other financial institution to purchase a money order, fills it out with the recipient’s name and address, pays for it in cash or by check, and mails it to the recipient. The recipient takes it to a bank, post office or other financial institution that cashes money orders, presents valid identification and signs the money order to cash it. Money orders are considered safe because they can only be cashed by the designated recipient, they are legally binding and traceable. They may come with fees and it’s important to check their policy with the financial institution or post office.
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Prepaid debit cards :
To send money with a debit card, you need to subscribe to a card from a financial service provider that authorizes international transactions, load funds onto the card, provide the recipient with the card number and security information, then the recipient can use the card to make payments, purchases or withdraw cash. Some cards may have international transaction fees.
The recipient can check the balance and monitor transactions made with the card. The card can be a convenient option as it can be loaded with a specific amount and protect remittances from currency fluctuations and inflation, but it’s important to check the fees associated with the card.
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Non-bank money transfer operators
Non-bank money transfer operators are independent companies that allow individuals to send money to other individuals or businesses in different locations. The sender registers with the money transfer operator at a physical location, website or mobile app, provides recipient information, pays for the transfer in cash, credit card or other accepted payment methods, the money transfer operator verifies the sender’s identity, deducts the funds, sends a confirmation message and transfers the money to the recipient’s account or can be picked up at a given location. Non-bank money transfer organizations often offer competitive exchange rates and lower fees than traditional bank transfers, and have a wide network of agencies, but it’s important to research the company’s reputation, fees and regulations before using them, as some money transfer organizations may have hidden fees or be subject to less stringent regulations.
As mentioned earlier, remittances play a crucial role in the economy and livelihoods of many people in Africa, and the ability to send money quickly, securely and affordably is paramount for both sender and recipient. Not all money transfer options are equal. Knowing the options and comparing their advantages and disadvantages can help you make an informed decision about which method is best suited to your needs, and keep you informed about new options and tools that can be used to facilitate the money sending process.
RemitSave is a platform that facilitates money transfers from Canada to Africa. It allows individuals and businesses to send money to Africa and other international destinations, offering competitive exchange rates, a user-friendly interface and excellent customer support.
RemitSave’s mission is to simplify and reduce the cost of transactions made from Canada to African countries, ensuring its users a convenient, transparent and secure experience. Send money from Canada to Senegal, Ghana, Kenya, Tanzania, Ethiopia, Uganda, Tanzania, Rwanda with Remitsave now. Click HERE to get started!
