Making money transfers across the world is not only important for individuals but also for families and businesses. Hence, more people seek financial services that allow them to pay across borders seamlessly. Some of the major challenges that hinder cross-border transactions include ridiculous fees, delayed payment processing, and unreliable customer support. These challenges are not alien to money transfers within Africa. For the longest time, sending money from one African country to another posed a great challenge, limiting international trade. However, that’s not the case today. Sending money across Africa has become increasingly efficient and accessible thanks to technological advancements. Additionally, the proliferation of financial services tailored to the continent’s unique challenges and opportunities has been helpful.
This post explores 10 ways to send money across Africa, highlighting the most reliable cross-border payment options. Without delay, let’s get right into it!
Challenges of Sending Money Across Africa
Although technological advancement has streamlined cross-border payments, there are still certain problems people face when sending money abroad. Here are some of the most common challenges that come with international transfers:
Slow Transactions
Speed is vital when it comes to money transfers. Recipients need to be assured that they won’t have to wait for days before their money is credited into their accounts.
If you’re looking for a swift and immediate transfer option, using an app like Changera is the way to go. Wire transfers usually take a while before they go through but with Changera, slow transactions have got nothing on you.
High Costs
Generally, cross-border payments are notoriously expensive due to the number of intermediaries involved in transferring money across countries. Choosing the wrong money transfer service can end up in you paying more expensive fees than normal. Hence, it is important to know the best services to use for your international transfers in terms of affordability. When it comes to international transfers, Changera offers the best fees without additional or hidden charges.
Exchange Rate Fluctuations
The value of currencies changes frequently, and these fluctuations can affect the amount the recipient receives. Some services often use an exchange rate that’s less favorable than the market rate, as a way to make a profit. When choosing an international transfer service provider, be sure to compare foreign exchange rates between different platforms.
Regulatory Problems
Different countries have their regulations regarding international money transfers. This may include caps on the amount that can be sent or received, which can complicate the process. This can present a major challenge when sending or receiving money between different countries.
Accessibility
Not all money transfer services are available in every country. This means that some recipients may have limited access to banking services, making it difficult for them to receive money.
10 Ways to Send Money Across Africa
The next part of this post highlights 10 ways to send money across Africa that cater specifically to the needs of the continent.
Bank Transfers
Traditional bank transfers are possible across many African countries. The downside to this approach is that it may involve higher fees and longer processing times compared to other methods.
Mobile Money Apps
Platforms like MTN Mobile Money and Airtel Money allow users to send money directly from their mobile phones to recipients in various African countries.
Remittance Services
Western Union and MoneyGram have extensive networks across Africa, enabling people to send money from abroad for cash pickup. Additionally, you have the option of direct bank deposits in many African countries. Recently, Changera partnered with MoneyGram to further improve how people send money across Africa.
Peer-2-Peer Exchange Platforms
These are platforms that enable individuals to directly exchange currencies and send money to each other. Usually, these exchange platforms leverage mobile apps and online communities to carry out their services.
International Debit/Credit Cards
Sending an international debit or credit card to the recipient may also be an effective way to provide access to funds. The disadvantage of this method is that withdrawal fees may apply.
Online Money Transfer Services
Certain companies like Changera offer online platforms and mobile apps for sending money to Africa from abroad. The best thing about this method is that the apps often provide lower fees and real-time transfer capabilities.
Cryptocurrency Transfers
Cryptocurrency platforms and wallets allow for the transfer of digital currencies like Bitcoin, Ethereum, and so on. Recipients can then convert these cryptocurrencies into their local currency at appropriate rates. Bitmama is a reliable cryptocurrency platform that allows users to send money in the form of crypto without hassle.
Mobile Banking Apps
Many traditional African banks now offer their mobile banking apps. These apps often include features for sending money across countries within the continent.
Domiciliary Accounts
A domiciliary account is an account that allows the operator to hold money in currencies other than their local currency. Usually, people use it for the transfer of funds directly to foreign receiving accounts for either business or personal transaction purposes.
Fintech Startups
A growing number of African fintech startups are providing innovative cross-border payment solutions tailored to the continent’s markets. One such startup is Changera, a growing fintech company whose aim is to help Africans solve international payment limitations.
Takeaway
Sending money across Africa shouldn’t be a big deal anymore. This is all thanks to the rise of payment services creating solutions that cater specifically to the challenges of the continent. As long as you know the right service to choose, the process will be seamless for you.
Now the vital thing lies in knowing the best service to use. A little research will go a long way in helping you make the best choice. The good thing is you don’t even have to go through such stress because we’ve done the work for you. We’ve carefully broken down the available options for your international transfers as well as some of the challenges you may encounter when sending money. If you want affordability, speed, and secure payments, Changera is your best bet!
So, what else are you waiting for? Get the Changera mobile app from the Google Play Store or the App Store today to start experiencing seamless international transfers.
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