Remittances to Côte d’Ivoire have increased from a paltry $12 million in 1975 to a massive $379 million in 2017. This is accounted for by the increasing number of Côte d’Ivoire living abroad and the quality of jobs or business they do.
The remittances have such a significant impact in Côte d’Ivoire from supplementing family household income to investing in key sectors in the economy. In case you are out there wanting to send money to your loved ones or employees in Côte d’Ivoire and aren’t quite sure how to go about it, this guide is for you! Read along.
IMAGE: PEXELS
Sending Money To Côte d’Ivoire
Banks have traditionally been the preferred choice for sending money to Côte d’Ivoire. However, this is rapidly changing, with many people opting for online money transfer services and mobile money.
International Bank Transfers– Despite the progress in the number of people with active bank accounts in Côte d’Ivoire, sending money through the banking system is still slow and expensive. You may lose a lot of money through unfavorable exchange rates and transaction fees. Combining this with the 3 to 5 days that you have to wait for the transfer to be completed, it may not be worth it, especially when sending small amounts.
Online Money Transfer – This is the best alternative to international wire transfers. Online money service providers such as Ria Money Transfer have made it so easy to send money to your loved ones in Côte d’Ivoire. In fact, they have partnered with some of the top institutions in the country, such as La Poste de Côte D’Ivoire, which has an extensive network that reaches all corners of the country.
When you send money from the diaspora, say the United States, France, Burkina Faso, Italy, or Mali, you can either opt for a bank transfer or cash pickup using the Ria platform. Online money transfers are faster, cheaper, and take less time to set up.
Mobile Money Transfer– Côte d’Ivoire is leading most countries in Africa when it comes to local and international mobile money transfers. For instance, in 2015, Orange and Airtel teamed up to offer international money transfer services between Senegal, Mali, and Côte d’Ivoire. If you are within the West African Economic and Monetary Union (WAEMU), you now have several options you can use to send money home.
What To Consider When Sending Money To Cote d’Ivoire
Now that you know the different legit ways of sending money to Côte d’Ivoire, it is essential also to know what to look for in a remittance service provider.
Transfer Speed– You need to know how long it takes the provider to send the money to the designated recipient bank account in Côte d’Ivoire or cash pickup point. Typically, online money transfer services such as Ria take about 10-15 minutes to deliver your transfer.
Paying For Your Transfer -Look at the options available for paying for your transfer. The more the options you can use, the higher the flexibility. Ria Money Transfer gives you options such as debit cards, credit cards, cash deposits at agent locations, and direct debits from your bank account. Paying through a debit or credit card makes your transfers faster.
Ease Of Sending And Innovation– Signing up for an account, paying for your transfer, and sending it to your loved one is much easier when using online money transfer. The recipient doesn’t necessarily need a bank account. They can simply collect their money from a pickup agent.
As one of the dominant players in Côte d’Ivoire, Ria Money transfer has completely redesigned its mobile app to add new features. For instance, you can now track your transfer, send the transfer details to the recipient right from the app, access the price calculator to know exactly how much you are sending to your loved one and the much it will cost you.
Always confirm the exchange rates when sending. Some money transfer operators use the mid-market rate while others add a margin to this rate. Don’t pay unnecessary fees, always crosscheck for the best deal before sending.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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