December 28, 2017

How To Transfer Money Online To Sub-Saharan Africa

by Jens Ischebeck

Recent years have seen a significant rise in global population movement, due mainly to unstable, war-torn areas like the Middle East and an increasing level of poverty in various regions of Africa.

Refugees and economic migrants, seeking their fortunes by working abroad, are eager to share their new earnings with the relatives and friends they have left behind.

With online mobile money transfer it is now easier than ever to send money home, but it should never be rushed into without some research.

How to transfer money online: general issues

How To Transfer Money Online In Safety

There is a wide choice of online companies where people can transfer money, quickly and easily, but security should always come first. If bank account data is passed to a disreputable online money transfer provider, there is a genuine risk of theft, either of money or identity, which for asylum seekers in particular, can see them placed in greater danger.

It is easy to send money online instantly, so time spent researching a money transfer provider's credentials is time well spent.

How To Transfer Money Securely

Well established traditional banks are trustworthy and reliable due to the strict legal regulations they operate under. For complete security, opt for the online equivalent when choosing a money transfer provider. The largest companies such as Payoneer, Worldremit or Azimo are registered in London, are subject to British law, the regulations of the Financial Conduct Authority (FCA) and for tax purposes, the Inland Revenue (HMRC).

How To Transfer Money With Data Protection

Fully registered and regulated money transfer providers such as WorldRemit and Wise, offer secure SSL protection with data encryption. Notifications are sent for password changes and monitoring transactions.

By contrast, the Hawala system which is widely used in Arabic territories, is unauthorised by regulatory associations and does not appear to offer the same security measures.

How To Transfer Money With Peace Of Mind

When making an online money transfer to any destination, but particularly for relatively unstable regions in Africa or the Middle East, always ensure that online security measures, such as the padlock symbol, are visible. Monitor the expiry dates of security packages for smart phones, tablets and laptops, renewing them with days to spare. Limit the number of devices used with an account and always inform the provider immediately if a device is lost.

How To Transfer Money Worry Free

When transferring currency, transactions need to be completely reliable and safe. Providers such as Azimo, include extra security features to keep their users safe. For instance, they do not store sensitive data, keeping money safe even if a device is stolen.

Remember the following guidelines:

  • Take time choosing an online money transfer provider
  • Opt for a company that is regulated by law
  • Ensure there is superior SSL security
  • Check that personal data is held securely
  • Keep the security packages of devices up to date
  • Never risk making a money transfer if the security on a device has lapsed
  • If a device is lost or stolen, inform the provider immediately
  • How To Transfer Money Overseas

    The transfer of capital used to be controlled by traditional banks through high fee transactions, taking days to clear before they could be accessed. Newer currency transfer providers have sophisticated smart phone applications that can for a small fee, send money overseas at the touch of a button.

    The amount of money to be transferred, known as a remittance, arrives instantly, in most cases, at the chosen destination where the currency is automatically exchanged, making it available for immediate use.

    How To Transfer Money Internationally

    The world wide electronic transfer of currency through mobile money wallets is fast, secure and easy to use. All the major online money transfer providers have hundreds of outlets in countries across the continents.

    Popular with tourists, mobile money transfer enables those working abroad to swiftly make regular payments back to their home countries.

    How To Transfer Money

    To set up a mobile money wallet, the user registers with a mobile phone number and in return, the provider sends an SMS and personal PIN number. To transfer money, the user inputs their credit or debit card details and PIN number. Subsequent payments can be made by simply entering the pin number.

    How To Transfer Money To Another Bank Account Online

    To make an online money transfer, the sender and recipient both need to have an account with the same provider. Once the recipient has registered through the website or local authorised agent, the user then enters their bank account details and pays through their own credit or debit card. Once the transaction is confirmed by email, the money is added to the recipient's account.

    How To Transfer Money in Cash

    Senders can arrange for recipients to receive mobile money in hard currency. Most providers, including Azimo and Western Union, have thousands of local agent locations where the recipient can register to receive cash. The exact time of payment will be shown, but remember to allow for different time zones and bank holidays.

    How To Transfer Money From PayPal To A Bank Account

    PayPal is an established online money transfer money provider with outlets throughout the world including Africa and the Middle East. Mobile money in a PayPal account can be transferred to the holder's own bank account, but not to a recipient's bank account.

    To receive money from a PayPal account, the recipient must also have a PayPal account.

    How To Transfer Money Conveniently

    Online mobile money transfers from providers such as CurrencyFair, are available twenty-four hours a day, seven days a week. Transferring money is as simple as sending a text message. The progress of transactions are tracked so that senders and recipients know exactly where their money is.

    How To Transfer Money And Use It

    Online money transfer is accessible through downloadable apps from the money transfer providers. A mobile money wallet can store, send and receive money.

    Use it to transfer currency to family and friends, buy goods, pay bills (mbill), purchase mobile top-ups and even withdraw cash at designated agent locations.

    How To Transfer Money With A Transaction

    Online money providers all use similar methods for making a transaction. First download the app, select the country the transaction is destined for, select mobile money and enter the amount.

    Choose payment method and when the money has reached the recipient's account, both sender and recipient receive a confirmation email.

    Reasons To Use Mobile Online Money Transfer

    • Low Fees
    • Automatic currency exchange
    • Easy to register an account
    • Simple payment system
    • Safe and secure
    • Cash payments in thousands of local agent locations
    • Payments timed and tracked
    • Transfer between same provider accounts
    • Available twenty-four hours, seven days a week
    • Choice of reliable money transfer providers

    Choosing An Online Money Transfer Provider

    Regional and global online money transfer providers

    There are many reputable mobile money transfer providers. Ooredoo, Sendwave, Simbapay and M-Pesa are localised to African and Middle Eastern regions, but are gradually increasing their outlets to countries such as Albania and Afghanistan.

    Providers that are already international include Azimo, Currencyfair, Payoneer, Wise and WorldRemit.

    Western Union Money Transfer

    The American finance company, Western Union, was founded in 1851 and eventually became one of the leaders in processing international telegrams. Based in Colorado, they now provide a smart phone online money transfer app that is available twenty-four hours a day, seven days a week. Reliable and secure, they accept payments from Visa, Maestro and Master Card credit and debit cards.

    Western Union provide billions of bank accounts and charge low fees to transfer currency to mobile money wallets around the world. They have more than 500,000 registered agents' locations in hundreds of countries where a recipient can collect cash. Alternatively, use a credit or debit card to pay by phone by entering the recipient's mobile phone number.

    Online Money Transfer With Currencyfair

    Registered in Ireland, Currencyfair provide a secure market place for exchanging money internationally that results in very low fees. Currencyfair is a so called peer-to-peer (P2P) money transfer network. It is popular amongst individuals and businesses who are transferring larger amounts.

    At present, users can make exchanges between eighteen currencies including the Australian Dollar, South African Rand and the United Arab Emirates Dirham.

    The user deposits into their account the amount of money in their own currency, then chooses the currency they want to transfer to. Currencyfair matches them with a user seeking to exchange in the opposite direction, allowing the users to set their own exchange rate. As the money exchange occurs on Currencyfair, it is regarded as a domestic transfer, not an international one, reducing the fee considerably.

    Click here to get your first Currencyfair money transfer for free!

    How To Transfer Money Securely With Azimo

    Registered in London and therefore subject to British law and financial regulations, Azimo uses biometric security. They have installed additional security for downloading their mobile money app, so that a password cannot be stolen by exchanging it for another app. Azimo do not store sensitive data, leaving money safe, even if a mobile is lost or stolen.

    There is a wide choice of languages including English, German, Portuguese, Spanish, Turkish and Russian.

    Currency worth up to £3,000 can be transferred to a mobile money wallet if the recipient also has an account with Azimo. Cash payments can be received and collected at more than 200,000 agent locations and can even be included for home delivery.

    Click here to get your first Azimo money transfer for free!

    Online Money Transfer With Payoneer

    Payoneer has offices throughout the world, is licenced and regulated in five countries including the United Kingdom and the United States of America. They also have reliable connections to global companies such as Amazon.

    Payoneer has a secure, flexible platform operating in several languages, with four million account holders.

    A recipient must have a Payoneer account to receive money online. The sender pays in their own currency, which is automatically converted to that used by the recipient. Low fee transactions appear in the account holders' balances by the next day.

    Click here to earn your Payoneer Refer a Friend bonus!

    Online Money Transfer With Wise

    Although founded as recently as 2011, Wise (formerly known as TransferWise) has nine offices in cities such as New York, Tokyo, Tallinn and Singapore. Registered in London, they adhere to British law and are regulated by the Financial Conduct Authority (FCA). They are also authorised by the Electronic Money Institution.

    Wise hold accounts in twenty-eight countries and take advantage of favourable exchange rates to pass money between them, enabling them to charge very low fees.

    International money transfers are currently accessible in more than fifty countries. A sender pays into their own account and the recipient is paid from Wise's own account using the real exchange rate.

    Click here to get your first Wise money transfer for free!

    MobileMoney Transfer With WorldRemit

    Safe and reliable, WorldRemit money transfer provider, records and tracks every transaction and balance, keeping a user's money safe if their smart phone or SIM card is lost or stolen. Using a personal PIN number, users can send money through a Visa, Maestro or Mastercard debit or credit card.

    WorldRemit has partnerships with online payment services such as Interac and SOFORT.

    Operating in English, French and Spanish, the sender selects the country of the recipient and pays with their credit or debit card. The receiver can choose to receive payment into a WorldRemit bank account, store it on their mobile or they can collect cash from an authorised agent location. The sender can also add a mobile air-time top-up to the receiver's smart phone.

    Click here to get your first Worldremit money transfer for free!

    Local Providers:

    • Ooredoo
    • SendWave
    • Simbapay
    • M-Pesa

    Online Money Transfers In Sub-Saharan Africa

    Registered and regulated online mobile money transfer providers are transforming the world of banking. With swift, easy to use apps, high level security, flexibility and lower fees, they are helping migrant workers and refugees to provide support for their families in their home countries. An alternative banking system that's making a difference.

    For further information, check our detailed descriptions of the money transfer service providers: 

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