The Facts About Overcharging Customers For Money Transfers To Africa
The money transfer industry is ripping off the African diaspora to the tune of $1.8bn a year. Money transfer companies typically charge 8-9 per cent for the service on top of often undisclosed currency exchange costs which can make up a further 3-5%. Money transfer ‘rip-off hurts world’s poorest’.
See Exchange Rates and the world bank facts.
Money Transfers To Africa Today
"If you work with international clients and need to receive money from abroad consider Wise. With their multi-currency account you get free local bank account details in Ghana. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your bank."
There are many reasons you may want to transfer money: Buying property in the country of Ghana? Emigrating to an Africa country like Gambia? Importing from Nigeria? Exporting to Kenya or Sierra Leone? Regular payments to an African country? If you require a money transfer to an African country from US or UK, then you ought to consider some professional help from one of the many reputable money transfer brokers. You might require an international money transfer to Africa, make regular payments to an Africa country for an overseas mortgage, purchase a high value asset in Africa, or perhaps purchase a property in Africa, a foreign exchange broker will likely save you time, money and make the whole foreign exchange decision a whole lot easier.
Money transfer to all region are changing on a daily basis. Countries in African and the Caribbean are coming online all the time like Lesotho, Morocco, AUE and Angola.
Whatever Your Needs Are Trade At The Right Time
One common tip amongst savvy currency traders is to avoid the high street banks, as banks not only incur additional service charges and fees for your transaction, but provide very little help in the crucial aspect of timing and often give a poor currency rate. So to make a cheap money transfer to Africa from UK or send money to West Africa from USA choose a FSA regulated foreign exchange broker and get the best exchange rate possible for your currency transfer.