What is the fastest way to transfer money online in Africa?
What is the fastest
way to transfer money online?
Sending money to your
loved ones in any part of the world has never been easier as it is today.
Technology has made
financial services affordable and available to everyone in the world.
Your business partner
or family member can receive money within minutes or hours depending on the
amount of money you are sending.
Mobile money transfer has revolutionized the financial
services industry and made dreams possible in Africa and other parts of the
world.
The Actual Remittance Market in East Africa
Many financial firms in Africa work with money transfer operators. Remittance transfers to and from Africa accommodated:
Many financial firms in Africa work with money transfer operators. Remittance transfers to and from Africa accommodated:
• Individuals studying
or working abroad,
• Small business owners,
• Migrant labour workers
• Small business owners,
• Migrant labour workers
Remittance inflow is considered as the most tangible link between immigrants and development. The inflow of remittance to Africa has substantially increased over recent years.
For instance, in
countries such as the Gambia, Liberia and Comoros, online money transfer from
natives abroad account for almost 20% of the GDP.
Formal and informal
money transfer channels have become popular due to the convenience they
provide.
International African
migrants help sustain consumption in East Africa by using remittance corridors
to make finances available. Digital resistance has enabled:
• Reduction in poverty
• Increased household resources
• Devotion to investment
• Improved education and healthcare systems
Securitization of
future remittance flow provides a form of insurance for people working or
living overseas. Introduction of hard currency usage gives access to
international markets. Long-term developments and infrastructure can now be
funded to completion.
The introduction of blockchain technology has a far-reaching influence on how money transfer transactions are carried out.
Traditional money
transfer operators are the major players in remittance inflow.
The leading apps for instant transfers:
Let’s take a look at
some of the leading online money transfer services in the world.
(You’ll find the
extensive descriptions of the apps on my website and my article about international money transfer apps
for African countries)
WorldRemit
This is a London-based online money service that provides international remittance to migrant communities around the world. It was founded in 2010 and currently has over 3 million users.
Target region includes Africa, Europe, the Middle East, Asia, and the Americas.
This is a London-based online money service that provides international remittance to migrant communities around the world. It was founded in 2010 and currently has over 3 million users.
Target region includes Africa, Europe, the Middle East, Asia, and the Americas.
How it works
1. You proceed to their website and create an account. This will take less than 2 minutes.
2. Choose the destination of your money. WorldRemit accepts money transfer to over 140 countries around the globe.
3. You then decide on the mode of transfer: transfers can be in the form of bank deposits, mobile money, cash pickup or airtime top-up depending on the country where you are sending money.
4. The amount of money you want to send: The fees and exchange rates will pop up on your screen upfront when you key in the amount of money you want to send.
5. Choose the recipient: You add the details of the person who is to receive the money.
6. Then release the funds: you decide to pay either by a bank account or a debit/credit card.
1. You proceed to their website and create an account. This will take less than 2 minutes.
2. Choose the destination of your money. WorldRemit accepts money transfer to over 140 countries around the globe.
3. You then decide on the mode of transfer: transfers can be in the form of bank deposits, mobile money, cash pickup or airtime top-up depending on the country where you are sending money.
4. The amount of money you want to send: The fees and exchange rates will pop up on your screen upfront when you key in the amount of money you want to send.
5. Choose the recipient: You add the details of the person who is to receive the money.
6. Then release the funds: you decide to pay either by a bank account or a debit/credit card.
Both the sender and
recipient will get confirmation emails and SMSs once the transaction is
complete.
Advantages of the
WorldRemit
• Low costs.
• It is faster compared to the banking system.
• The transfer process is simple to understand.
Azimo
Founded in 2012 by Michael Kent to make financial services affordable and available to everyone in the world using technology.
It operates in over 200 countries.
• Low costs.
• It is faster compared to the banking system.
• The transfer process is simple to understand.
Azimo
Founded in 2012 by Michael Kent to make financial services affordable and available to everyone in the world using technology.
It operates in over 200 countries.
Target Region for
Azimo
This fintech company targets Africa, Latin America, Asia, and Eastern Europe.
This fintech company targets Africa, Latin America, Asia, and Eastern Europe.
How it works
1. You go to the Azimo website and create an account by signing up.
2. Enter the details of the recipient and the amount of money you want to send.
3. Make the payment. Azimo accepts payments using Visa, Maestro, MasterCard and bank transfers.
4. The transfer is processed. Once you make the payment, money is transferred to your recipient's bank account, or cash pick up point.
5. Money is delivered. Depending on how fast your recipient's bank processes the transfer, he can receive the money within minutes, hours or a few days.
1. You go to the Azimo website and create an account by signing up.
2. Enter the details of the recipient and the amount of money you want to send.
3. Make the payment. Azimo accepts payments using Visa, Maestro, MasterCard and bank transfers.
4. The transfer is processed. Once you make the payment, money is transferred to your recipient's bank account, or cash pick up point.
5. Money is delivered. Depending on how fast your recipient's bank processes the transfer, he can receive the money within minutes, hours or a few days.
Advantages of Azimo
• No extra charges for debit payments.
• Low fees for every transaction made.
• Fast transfer.
• No extra charges for debit payments.
• Low fees for every transaction made.
• Fast transfer.
Xoom
Xoom is a US-based
money service company and belongs to the PayPal family. You can fund your Xoom
account using a bank account, debit, or credit card.
How it works
1. You proceed to their website and create an account. This will take less than 2 minutes.
2. Choose the destination of your money. Xoom accepts money transfer to over 130 countries around the globe.
3. You then decide on the mode of transfer: transfers can be in the form of bank deposits, mobile money, cash pickup or airtime top-up depending on the country where you are sending money.
4. The amount of money you want to send: The fees and exchange rates will pop up on your screen upfront when you key in the amount of money you want to send.
5. Choose the recipient: You add the details of the person who is to receive the money.
6. Then release the funds: you decide to pay either by a bank account, a debit/credit card or your PayPal account.
1. You proceed to their website and create an account. This will take less than 2 minutes.
2. Choose the destination of your money. Xoom accepts money transfer to over 130 countries around the globe.
3. You then decide on the mode of transfer: transfers can be in the form of bank deposits, mobile money, cash pickup or airtime top-up depending on the country where you are sending money.
4. The amount of money you want to send: The fees and exchange rates will pop up on your screen upfront when you key in the amount of money you want to send.
5. Choose the recipient: You add the details of the person who is to receive the money.
6. Then release the funds: you decide to pay either by a bank account, a debit/credit card or your PayPal account.
Advantages of Xoom
• An excellent network
of delivery options including cash pickups in the Philippine’s and Mexico
• A large network of transfer options for Latin American residents
• Quick transfer speeds to many nations globally
• Reliable customer services
• A large network of transfer options for Latin American residents
• Quick transfer speeds to many nations globally
• Reliable customer services
Conclusion
Innovation and technology have enabled individuals living or working overseas to send money to African countries. Projects can now be done to completion due to the availability of channels to fund them.
Innovation and technology have enabled individuals living or working overseas to send money to African countries. Projects can now be done to completion due to the availability of channels to fund them.
With affordable
transfer rates, you will be able to save money when using remittance transfer
channels. The future of remittance transfer is guaranteed, and it gains
popularity as the years proceed.
Author bio:
Jens Ischebeck is an
Africa focused website publisher. The main sites are apps-for-money-transfer.com and Bitcoin-Guide-Africa.com (both cover the international money transfer tools for inward and
outward remittances) and fast-bachelor-degree.com (accelerated bachelor degree by online studying).
Related Posts
Subscribe Our Newsletter
0 Comments to "What is the fastest way to transfer money online in Africa?"
Post a Comment