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
Most of the transfers to the Gambia come from Europe, the United States, Nigeria, and Senegal. If you live in any of these countries, you could use your bank to transfer money to your family and friends in the Gambia. For instance, if you are sending money from the UK, you could use EcoBank to transfer money into the country.
Using a bank that has a presence in both the host and destination countries can be advantageous as it reduces the cost of sending and ensures your transfer arrives faster. Banks such as the Standard Chartered Bank, First International Bank, Prime Bank, Zenith Bank, and International Commercial Bank are some of the top 14 banks in the country that you can transfer to.
Most bank transfers cost anywhere between $30 and $40 per transaction and the exchange rates are marked up to about 5 to 7%. When you add these costs to the time it takes to deliver your transfer, you may find it worthwhile to consider other options such as online money transfer.
Online Money Transfer
Money transfer companies such as Xendpay, TorFX, Instarem, Key Currency,Currencies Direct, WorldRemit, Wise, XE,Currencyfairand YaYeh Instant Services are some of the commonly used providers to the Gambia. They give you an easy way to send money as all you need is to sign up for a money transfer account and pay for your transfer.
Depending on the provider you choose, you can pay for your transfer in any of the following ways.
Bank transfer
Direct bank debit
Credit card
Debit card
The online money transfer services support a number of payout options such as:
Direct bank deposits
Cash pickup
Mobile Money
Some providers such as YaYeh Instant Services, WorldRemit and Xoom can also top up the recipients’ prepaid phones with airtime.
Transfer fees are usually minimal. For instance, when sending $1,000 to the Gambia, you will pay only $4.99 in fees if you use a bank account to fund your transfer. This is way cheaper than the $40 that banks charge. Delivery times can range from instant to about 3 days.
Instore Cash Transfer
Money transfer operators like Western Union, MoneyGram, Small World, Dahabshiil, and Ria offer agent-based cash transfers to the Gambia. This means you have to get to the store for you to send the money. Ria, MoneyGram, and Western Union also have internet-based sending platforms you can use.
MoneyGram gives you one of the best transfer deals in this category. Sending 1,000 GBP will cost you only 3.99 GBP in transfer fees. Western Union and MoneyGram also have mobile apps you can use to transfer money on the go.
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
Money transfer providers have agreements with banks to which they deposit funds directly so that the recipient can access them. If you are receiving large sums of money, using a bank transfer is the best option.
Cash Pickup
Providers have several cash pickup locations where senders can elect to have their transfers delivered. Most of these pickup locations are in banks, fuel stations, and shopping malls. Xoom has 603 locations in the country with Zenith Bank having the most pickup locations (194). WorldRemit has 4 pickup agents: CashMinute, First International Bank, Reliance, Yonna Foreign Exchange, and MSJ Bureau de Exchange.
Mobile Deposit
If you use YaYeh Instant Services, you can choose QMoney mobile wallet deposit. The recipient will get the cash in their mobile phones and choose to pay bills or withdraw it and transact in cash.
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
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Sending money anywhere else in the world is as easy as sending money to the Gambia. If you're looking to send money to another country, here is the list of the most popular destinations.
Frequently Asked Questions About Gambia Money Transfers
Current Exchange Rates For The Gambia
The current exchange rate for the Gambian Dalasi (GMD) is 61.336415 GMD per American Dollar (USD) as of the time this was written. The GMD reached a high of 62.424 GMD per USD and a low of 60.993 GMD per USD during the last 90 days. The average exchange rate for the last 90 days was 61.838 GMD per USD.
The GMD had an average volatility rate of 0.22% against the USD for the last 90 days. This is a very low volatility rate. Going forward, you can reasonably expect only minor fluctuations to continue, barring any unforeseen circumstances.
What’s The Fastest Way To Send Money To The Gambia?
The fastest way to send money to the Gambia is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its Gambian destination in a matter of minutes. Ria Money Transfer offers a well-rounded deal that is often priced lower than much of their slower competition.
What’s The Cheapest Way To Send Money To The Gambia?
Ria Money Transfer’s slow option is the cheapest way to send money to the Gambia. Ria Money Transfer’s slow option charges a small upfront fee, and a small hidden currency conversion fee as well. When both variables are considered, Ria Money Transfer is quite cheap when you use their slow option. The only downside is long waiting times, as it will take 3-5 days for the transfer to be completed.
If you don’t like using Ria Money Transfer, MoneyGram offers a similarly cheap option for sending money to the Gambia
What’s The Easiest Way To Send Money To The Gambia?
The easiest way to send money to the Gambia is through a Wise bank transfer with SWIFT/BIC. After you connect your Wise account to the recipient’s bank account, sending money becomes a breeze. The Wise platform is known for being a younger and more intuitive one. There are very few steps to using Wise to send money.
What’s The Overall Best Way To Send Money To The Gambia?
The overall best way to send money to the Gambia is through a Wise-supported bank transfer. This option allows you to maintain simplicity while not spending too much money or wasting too much time. When you consider all of the variables above, Wise transfers with SWIFT/BIC are simply better, safer, and more pleasant.
How we compare?
What do we mean by the top provider?
The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.
How do we choose providers to display?
We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table. All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews. We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.
How do we order our comparisons?
We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com
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
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