Individuals might end up spending more than they should when sending money to family and friends back home. However, with little research, sending money to Africa from the United States, the United Kingdom, Canada, Germany, France, and other countries should not be difficult or expensive. Money can be sent offline from forex bureaus or banks, or more conveniently online from your PC or via an APP. Several money transfer service providers offer various methods for sending money, and we’ve compiled a list of the top ten for you. In this case, we are looking at transferring money from Asia to Africa.
Service providers and ways used to transfer money from Asia to Africa
World Remit – World Remit is by far the safest, quickest, and most convenient way for us to send money to family and friends in Africa.
MoneyGram – MoneyGram provides a variety of ways to send money to Africa. They provide cash pick-up services, in which money is delivered to MoneyGram partner pick-up locations within 10 minutes of sending. MoneyGram can also send money directly to the recipient’s bank account. Depending on banking hours and systems availability, good fund availability, approval by verification systems, and local laws and regulations, this can take anywhere from hours to days. Finally, you can send money to your recipient’s mobile wallet account.
Payoneer – It allows you to receive money from anywhere on the planet. If you live in Africa, you should use Payoneer to withdraw funds from PayPal. Because PayPal does not allow cash withdrawals from most African countries, including Kenya, you may need to sign up for a Payoneer MasterCard. Even though it takes 3–10 working days, you can withdraw money from your PayPal account in Kenya using Equity Bank.
The most dominant ways to transfer money
TransferWise – TransferWise is a British online money transfer service based in London that was founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. They claim to simply use the exchange rate, which is reportedly low-cost and fair and is independently provided by Reuters.
Mobile Money – Users can send money to any M-Pesa mobile number in Kenya, depending on where they are sending it from. M-Pesa is now integrated with the majority of remittance companies. For example, MTN Mobile Money can send money directly to M-Pesa from any of their markets. M-Pesa is supported by fintech startups such as Flutterwave, Paystack, Ever send, Barter, and Chipper Cash.
Simbapay= Simbapay allows you to send money for free from the United Kingdom, France, Germany, Ireland, Italy, and Spain to Kenya, Uganda, Ghana, and Nigeria. Foreign exchange rates are how they make money. Transactions to mobile wallets like M-Pesa are paid out instantly, whereas transactions to recipient bank accounts can take anywhere from one to three days, depending on the package you choose.
The fastest ways to transfer money
Useremit- Remit is a remittance transfer service that allows registered mobile money users in Uganda, Kenya, and Rwanda to receive a real-time debit or credit card-to-mobile money transfers from anywhere in the world. Consider Remit if you want to send money to an M-Pesa user the quickest most quickly and cheaply: Useremit has changed its name to Ever send, which describes itself as a nonbank for Africans all over the world.
Xoom/Paypal – Xoom, a PayPal division that handles money transfers, has teamed up with Safaricom, MT, and other African service providers to enable money transfers from abroad to accounts in as little as 24 hours. Text updates, email notifications, and online access from your PC or mobile device can all help you keep track of your transfers. Xoom also has a money-back guarantee, which means you’ll get a refund if your money doesn’t reach the intended recipient.
Western Union – Western Union, the 130-year-old company that has dominated international money transfers for decades, is probably already familiar to most people. In terms of operations, Western Union and MoneyGram are nearly identical. You can send money in person, online, or via an app from one of their agents’ locations.
