Sending money across the world is not only important for individuals but also for families and businesses. Plus, remittances are now important for the economic development of a country. As a result, more people are seeking financial services that allow them to transfer money across borders seamlessly. Likewise, there’s an increasing need for financial solutions that allow people to send and receive dollars in Africa.
Sending money across borders has become incredibly more straightforward than it used to be. This is largely due to technological advancement in the global market. Gone are the days when sending money across Africa was a significant challenge for many people. Now, you can send and receive dollars in Africa without hassle.
Some of the major challenges that hinder cross-border transactions include ridiculous fees, delayed payment processing, and unreliable customer support. However, there are now reliable ways to get through these challenges and enjoy seamless international transfers.
In this post, we will examine how to easily send and receive dollars in Africa without any hassle. Let’s get into it!
Current State of Cross-Border Transactions in Africa
If you’ve ever had to transfer money across Africa, then you know firsthand the kind of challenges people usually encounter. The following are some of the most common challenges that come with international transfers:
- Slow Transactions
Speed is essential when it comes to money transfers. Recipients need to be assured that they won’t have to wait for days before money is credited into their accounts. Likewise, the people sending money back home need to be certain that their money won’t hang in the air for days.
If you’re looking for a swift and immediate transfer option, using a fintech app like Changera is a reliable option.
- High Costs
Cross-border payments are notoriously expensive due to the number of intermediaries involved in transferring money across countries. Hence, choosing the wrong money transfer service can end up in you paying more expensive fees than normal. As a result, it is important to know the best services to use for your international transfers. Regarding international transfers, Changera offers you the best fees without additional or hidden charges.
What to Consider Before Choosing an International Money Transfer Service
Because international transfer is slightly more complex than domestic transactions, there are several things to consider before choosing an international money transfer service. We’ll take a brief look at some of the most important things to consider:
- Availability of the service in the specific African country you want to send dollars to.
- The speed at which the service processes cross-border transactions.
- Security and reliability of the platform.
- Features that make transactions more straightforward like the ability to transfer dollars to mobile wallets.
- Customer support service as it is important to be able to get help easily in case something goes wrong during the transfer process.
One payment app that meets all the above criteria is Changera. It should be your number one consideration anytime you need to send and receive dollars in Africa.
How to Send and Receive Dollars in Africa
The truth is there are several ways to send money across borders. However, you should keep in mind that each of these options comes with its peculiarities and challenges. The following are some of the most common methods people use to send and receive dollars in Africa:
- Domiciliary Account
A domiciliary account is an account that allows the operator to hold money in currencies other than their country’s currency. Usually, it is used by Africans for the transfer of funds directly to foreign receiving accounts for either business or personal transaction purposes. To use a domiciliary account to send dollars, you’ll need the recipient’s bank details. These details include account name, account number, bank name and branch, Swift Code, routing number, and amount of money to be sent. Keep in mind that the sum of money to be transferred will first be converted to the destination currency using current foreign exchange rates.
- Wire Transfers
A wire transfer is a form of electronic payment that sends money directly from one bank account to another via a secure network. In theory, it can refer to both domestic and international transfers, but wire transfers are realistically used for international transfers.
Typically, you’ll need to supply the following information when making an international transfer:
- Name and address of recipient’s bank
- Recipient’s IBAN (International Bank Account Number)
- BIC/SWIFT code of the recipient’s bank
- Reason for the transfer
- Transfer amount and currency
- Who will pay the associated fees: You, the recipient, or a split between you and the recipient?
Note: Wire transfers are usually carried out over a SWIFT network. SWIFT stands for Society for Worldwide Interbank Financial Telecommunications (SWIFT) Network. It is a secure network that banks and payment platforms use to allow individuals and companies to conduct payments electronically.
The Ultimate Cross-Border Payment Solution Across Africa— Changera
As we said earlier, there are numerous options available for sending and receiving dollars in Africa. However, this post is to streamline your options and give you the best. That’s why we’re introducing you to Changera.
Changera is a leading social fintech app that provides cross-border transfer and remittance services to individuals and businesses across Africa.
With Changera, you can send and receive dollars anywhere in the world at the tap of a button. Also, you don’t have to worry about the exchange rates and transfer speed. Changera has got you covered in all aspects. Additionally, the multi-currency wallet feature on the app makes conversion across different currencies easier and simpler. Now, you can simply boycott the complex process and challenges faced when sending money across Africa. Changera provides the fastest and most secure route for all your international transactions.
Want to send and receive dollars in Africa without hassle? Download the Changera mobile app on the Google Play Store or App Store today to start experiencing seamless international transfers.
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