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Best Ways to Send Money to Gambia

Ensure quick transfer speeds, low fees, and competitive exchange rates when sending money to Gambia.

Read on for reviews, expert tips, and everything needed for money transfers to Gambia.

Jonathan Merry
Author 
Jonathan Merry
11 minutes
February 5th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our search results to Gambia.

Fastest Option
8.6
XE

XE tends to be the fastest way to send money to Gambia for many origin countries and send amounts.

Compare rates and fees for sending money to Gambia

There are multiple ways to easily send and receive money in Gambia but these will largely depend on the provider you decide to use.

How to send money to Gambia

Bank-to-Bank Transfers
Online Money Transfer
Instore Cash Transfer

What is Needed to Send Money to the Gambia

The information you need to successfully send money to the Gambia is:

  • A government-issued photo ID

  • The name of the recipient, their address and phone number

  • The recipient’s bank details if the transfer is to a bank account

  • The transfer payout method

When using online money transfer, most of this information will be asked for when setting up your account. Thereafter, only the payment and payout methods and the recipient information will be asked. When you are transferring to the same person, some providers have a quick send option where you don’t need to fill any detail.

What Are the Ways of Receiving Money in the Gambia?

There are several ways beneficiaries can choose to receive their money in the country.

Bank Deposit
Cash Pickup
Mobile Deposit

What is Required to Receive Money in the Gambia?

Mobile wallet deposits and direct to bank transfers do not require you to do anything unless you are making a withdrawal. However, for cash pickups, there is some information you’ll need to provide.

  • Your national identity card or passport

  • The transaction number -When the transfer is initiated, you normally receive a code either from the sender or the money transfer operator. You must present this code to collect the money.

Common Reasons for Sending Money to the Gambia

Gambians in the diaspora send money in varying amounts and frequency to support different causes back home. Some of the reasons for sending money home include:

Family Support

Most Gambians send money to support their families back home. Families living in the North Bank, Lower River and Upper River Divisions are among the most financially dependent hence diaspora remittances play a key role in sustaining families here.

Savings and Investments

Gambians in the diaspora are slowly rethinking of building their lives and those of their families back home. After the political unrest, many of them are now sending money home to invest in savings vehicles, the real estate sector, and other productive areas of the economy.

Education and Tuition Expenses

The lower standard of living that most families in the Gambia find themselves in has affected even their ability to send their children to good schools. It takes remittances from siblings and relatives in the diaspora to keep children in school.

Income Repatriation

The main goal why Gambians leave the country is in search of employment opportunities. During Yahya Jammeh reign close to 100,000 Gambians left the country some with no proper documentation. Their priority is to make the most of the opportunities abroad and send money home.

Loan Repayments

Gambians with loan facilities back at home send money for repayment according to the loan covenants signed. Some credit facilities are taken by their families to sustain themselves and then funds are sent to help with the repayment.

Business Capital Injection

Those with businesses in the Gambia send money to boost the capital base and finance operations in areas such as payment of salaries and wages, supplies, purchase of goods and so forth.

Why Use a Money Transfer Service?

Money transfer services are arguably the best when sending money to the Gambia. They have many obvious advantages to traditional channels. Below are some of the top reasons why you should use them in your next transfer.

Ease of Set-Up

It takes a very short time to sign up for a money transfer account. For some providers such as Xendpay opening an account takes about 5-10 minutes and a couple of hours for verification. Thereafter, you are free to send money at any time to anyone.

Exchange Rate Margin

The average exchange rate markup most providers charge ranges from 0.5 to 3.5%. This means your recipient gets more money without you having to pay extra. For most providers, the exchange rate even gets better the higher the amount you are transferring.

Multicurrency Support

Irrespective of the country you are sending your transfer from, online money transfer firms will always match your host currency to the Gambian dalasi (GMD). For instance, Xendpay allows sending to 205 countries in 51 currencies and supporting a total of 2968 currency pairs.

Security

Online money transfer providers are regulated and authorised by government-affiliated bodies in the markets they operate. These bodies demand up-to-date security infrastructure. Many providers have SSL protocols, two-factor authentication systems and server protection mechanisms in place to safeguard client information and privacy.

Transfer Fees

The transfer fees that online money transfer operators charge are lower than banks and exchange houses thus making transfers affordable. For instance, sending $500 to the Gambia through Xoom costs you only $4.99.

Transfer Speed

Online money transfer providers have the fastest transfer delivery times. Some transfers get to the recipient instantly which others take anywhere between 1 and 3 days. This is a massive improvement from traditional channels that used to take up to 5 days to complete transfers.

Things to Consider When Sending Money to the Gambia

When sending money to the Gambia, there are certain things you should consider to avoid missed opportunities or inconveniences in the course of the transfer.

  • Uncertainty Over the New Currency -The ECO -There have been growing concerns over the decision by 8 West African states under the ECOWAS umbrella to move into a new outfit called the West African Monetary Union(WAMU). The economic migration also comes with abandonment of the CFA franc for the ECO. The Gambia may be forced to change its currency to the ECO or face currency convertibility issues.

  • Diaspora Current Accounts & Foreign Currency Accounts -You can open a diaspora bank account or Foreign Currency Account in the Gambia with banks such as Ecobank and Standard Chartered Bank. These accounts are designed to simplify diaspora transactions with the Gambia. Some of them come with diaspora cards and diaspora online services. The foreign currency account allows you to transact in U.S. Dollar, Pound Sterling, and Euro.

With the diaspora strategies being rolled out by the Gambian government, Gambians abroad stand a better chance to get good deals sending money to their country. Knowing how to compare and contrast the various features of the providers will help you get the best sending option to your family and friends.

The USD to GMD exchange rate

Mid-market Rate
1
= 67.97499 GMD
Mid-market rate at: 16:07 UTC
USD/GMD Median: 67.954122 Low: 67.903848 High: 67.975040
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Looking to Send Money Somewhere Else?

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Frequently Asked Questions About Gambia Money Transfers

Current Exchange Rates For The Gambia
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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com