A huge chunk of Africans don’t have access to banks. Hence, they have a unique remittance need. Most money transfer apps offer tailor-made solutions that match the African economy. For instance, they have different multiple pay-out options that are ideal for someone lacking a bank account. If you want to know how to send money to Africa from Canada, then read on for details.
There are several ways that you can use to send money to Africa from Canada. We will discuss all of the options that you have on the table.
Considerations When Sending Money from Canada to Africa
Before you learn how to send money to Africa, you need to take note of the following factors:
Amount You Want to Send
How much are you looking to send to Africa from Canada? The more funds you’re sending, the more value you get with that transaction. Also, it will add to what the recipient will receive after fees. When you’re sending a considerable amount of money to Africa, you can get a better exchange rate margin.
Current Exchange Rates
You need to know the current exchange rates depending on the market. They should be fair and accurate depending on the method you’re using to send funds. Often, money transfer apps offer a more decent exchange rate when compared to banks. They only add a small percentage on top of the mid-market exchange rates so that they can also stay afloat with revenue.
Often, this is where many end up losing their money. Some financial services, especially banks, mostly impose a lot of hidden charges that make it rather too expensive to transfer funds. Before you send funds to any African country, ensure that the provider you’re using doesn’t have any form of hidden charges.
How to Send Money to Africa from Canada
Now, let’s look at how to send money to Africa from Canada with the best money transfer services. When sending money to Africa from Canada, there are pretty much many factors that you need to have in mind. These factors will decide the provider you use for the transfer.
Below are some of the most trusted and widely accepted money transfer apps in Africa:
Afriex Money Transfer App
Afriex is the new kid on the block with mad talent. Yes, it has a ton of features and an easy user interface that’s attractive to the African market. If you’re looking for a combination of speed, reliability, security, and low price, then look no further than Afriex.
Their security level is sophisticated to ensure that your funds are always safe when you’re moving them across borders. They also offer cryptocurrency transfers, which you may not find on most of the money transfer services.
Second on the list in no order of merit is Azimo. This money transfer service doesn’t have a transfer floor. This means that you can send any amount to Africa, as there’s no minimum limit. You can even send as little as a dollar to African countries.
If you’re looking for a reliable way on how to send money to Africa, then Azimo is a no-brainer. They have really low fees on transactions, which is another advantage that you can get when you choose this service. Their exchange rates are also fair and aligned with the market. Hence, you’re sure of getting a good deal for your bucks.
Their user interface is in such a manner that it delivers convenience and simplicity. There’s, therefore, no need for a complicated learning session just to use the app. Simply create an account and you’re ready to start moving funds.
Otherwise known as TransferWise by some people, Wise is another great way of how to send money to Africa. You can save a lot too on fees when you choose Wise for the money transfer.
Imagine spending too much money just sending funds to African countries through a bank. Why end up doing so when you can use a money transfer app and save? With Wise, you only spend a fraction of the total cost that you would have to foot when using a bank.
They have a rapid processing time, which means that your recipient will receive funds in their account quickly. Sometimes, transfers take even seconds to complete. One other advantage with Wise is that they match the mid-market rate. As this is the case, you will get the best rate when you’re converting the Canadian currency, CAD.
There are different methods to make transfers using Wise, depending on the urgency. You only need to find one that matches your needs. Their user interface is equally very friendly, even to the less tech-savvy individuals. It is, therefore, one of the best ways of how to send money to Africa.
In summary, we have looked at the best ways that you can use to send money to Africa from Canada. The additional information present here will also guide you on how to send money to Africa.