A lot of Africans live in the US and have relatives back in Africa. Life back in Africa can be hard sometimes and those back at home require some money to keep them up and to live. But there are issues if the mode used to send the money is secure, safe, reliable, and fast enough, and the transfer rates are not too high.
Ways to Send Money to Africa
There are several ways an individual can use to send money to Africa. These include;
Bank Transfers-This is one of the most commonly used ways of transferring money to Africa. But one needs to have created a bank account with the bank that will be used to do the transaction. The sender should have registered a U.S. bank account that they are going to use.
Checks – These are written by the sender of the US bank account to an African recipient or one can even write a check for themselves but enter an African account as the recipient
PayPal – PayPal is a digital payment service that acts as an online wallet. You can send money to a PayPal account anywhere in the world (as long as both parties have an internet connection) one of the most commonly used methods of transferring money across. After creating a PayPal account and depositing money in it, the sender can send money to an African bank account or someone in Arica with a PayPal account.
Using a Third-party Transfer Service –Third-party transfer providers strive to provide you with a stress-free experience. Use MoneyGram, TransferMate, or Western Union, whichever you want. Visit their website or one of their physical locations. Fill up the blanks with your cash and destination information. Visit the African agent in person or have it collected on your behalf. Take US dollars and exchange them for the currency of your choice. Keep in mind that they will charge a price for their services.
Remittance companies that help transfer money from the US to Africa
Transferwise- Transferwise is easy to use, and they guarantee that no costs will be hidden from you. Open free accounts with them, set up your transfer, tell them a little about yourself, supply the recipient’s information, double-check the recipient’s information and the amount, and complete the transfer. Wise offers several ways of transferring money which include;
- Bank Transfer – The most cost-effective option is usually bank transfers. Even though bank transfers take longer than debit or credit cards, they are frequently the most cost-effective option.
- Debit Card – It’s simple and quick to make a debit card payment for your transfer It’s also frequently less expensive than using a credit card because credit cards cost more to process.
- Credit Card – Using a credit card to pay for your transfer is simple and quick. Visa, MasterCard, and certain Maestro cards are accepted at Wise.
- PISP -Payment Initiation Service Provider payments are guidelines that provide Wise to perform an instant bank transfer from your bank account.
- Swift – Because your bank will charge a fee if you use SWIFT to help make transactions, it will most likely take longer and cost more.
The fastest way to transfer the money
Xoom – As one of their service providers, Xoom collaborates with PayPal. They want to make international money transfers as simple as possible. They offer to provide the money the same business day it is transferred in various African nations. Start a transfer with them, choose your options, and the funds are sent. It’s simple to use, with no frills.
Remitly – This method gives two processes to send money to Africa. They have an Express or Economy option. Express is the fastest way and requires a debit or credit card.
