Sending Money Home: Your Guide to Safe, Low-Cost Remittances to Africa

Sending money home is a heartfelt expression of love and dedication to your family and friends. As the holiday season approaches, the flow of remittances to your home country will only accelerate.

Imagine sending $200 to your family overseas only for them to receive $185. The difference may not seem like much in the beginning, but every missing dollar can affect your family's weekly grocery bills, medical expenses, or other urgent needs. Over time, these deductions can become substantial, especially if you make international fund transfers regularly.

At OAPay, we are here to make sure that sending money overseas does not leave you anxious about hidden costs or unexpected deductions.

If you're looking to get the best of your remittances, we've put together a checklist that will help you maximize remittance value. But first, we will take a look at common pitfalls to avoid and keep your funds intact.

Common pitfalls that quietly drain your transfers

Given the current cost of living and fluctuating exchange rates, ensuring your loved ones get more of what you send is critical. 

Add to that, recent reports reveal that 58% of Africans now fear financial losses from cybercrime. The concern is warranted, considering how fake money transfer apps, identity scams, and phishing emails are more common than many realize, putting both senders and recipients at risk.

• Overlooking hidden fees: This is a common trap. Many transfers carry fees that aren’t obvious at first glance. Think exchange rate markups, weekend surcharges, or intermediary fees, all of which can lower the amount your recipient gets in hand.
• Choosing slow, multi-step transfers: Transfer delays could stretch from hours to days, leaving your loved ones waiting. In case of a delay, the value diminishes with every passing minute, impacting the actual amount that gets transferred.
• Relying on unverified platforms: Sending money through platforms that aren't regulated and do not disclose the final delivered amount can increase the risks of transfer delays, errors, or deductions.

Save money on remittances: A checklist to help you get more from every transfer

We’ve created this checklist of remittance tips to help you send more and worry less.

• Break down all costs
  Be sure to check every cost on your transfer. Apart from the flat transfer fee, look into the exchange rate margins, if any, and other hidden charges that you may be incurring.

• Time your transfers
  With currency rates fluctuating daily, sending money on some days can be more beneficial. Track currency transfer trends and pick days when exchange rates are favorable.

• Bundle smaller transfers
  By combining several small transfers into a larger one-time transfer, you can cut repeated fixed costs.

• Use regulated money transfer apps
  Remittance providers like OAPay provide full cost transparency, faster settlements, and the best exchange rates in the market. OAPay is also licensed for global transfers. In the UK, we are registered with the FCA and HMRC. In the US, we are backed by FinCEN and hold Money Transmitter licenses in several states.

• Lock your transfers with secure measures
  With cybercrime concerns on the rise, protect your transfer by enabling two-factor authentication, keeping your money transfer app and devices updated, and double-checking recipient account details. It's best to avoid entering credentials over public WiFi and always keep an eye out for suspicious or unsolicited messages or phishing links.

Maximize remittance value with OAPay

International fund transfers can seem confusing. But with the right approach, OAPay ensures your funds from the UK and the US reach Accra, Lagos, Nairobi, Kampala, or Dar es Salaam: safely, quickly, and in full (without any surprises).

With OAPay in your corner, you are assured of:

• The best exchange rates
• Zero hidden fees
• Full transparency

Try OAPay for your next money transfer to Africa!

FAQs:

1. Why does my recipient get less than I send?
Your recipient is receiving less in hand owing to hidden fees. Be sure to check the cost structure and compare it with other providers to get the most value for your money.

2. What is an exchange rate markup?
An exchange rate markup is the difference between the real mid-market rate and the rate your remittance provider offers you.

3. When is the best time to send money to Africa?
As exchange rates vary daily, track currency exchange rates and set up alerts to send money when rates are most favorable.