A wire transfer electronically transfers funds from one person or entity to another through a network of banks or transfer agencies. In The Gambia, this process works similarly to international standards. The sender provides the recipient’s banking details, including their account number and the bank’s SWIFT or routing number. Local banks like Trust Bank, GTBank, and Ecobank facilitate these transfers. The sender’s bank processes the transaction, ensuring funds are sent securely to the recipient’s account, often with the support of international correspondent banks.

To send money abroad, follow these steps:

• Choose a financial institution or money transfer service like a bank or an international transfer agency.
• Provide the recipient’s details, including their full name, bank name, account number, and the SWIFT code for international transfers.
• Specify the amount and currency.
• Pay the transfer fees and the total amount to be sent.
• Confirm the transfer. You’ll receive a receipt or tracking number to monitor the status of your transaction.

The duration of an international money transfer varies depending on the method and institutions involved. Bank wire transfers typically take 1 to 5 business days, while some online transfer services can process transactions in minutes or hours. Factors such as currency conversion, intermediary banks, and holidays can also influence processing times.

The annual limit for sending money abroad depends on local regulations, the chosen financial service, and the type of transaction. For example, many countries impose limits to comply with anti-money laundering laws. Check with your financial institution or money transfer service for specific limits and documentation requirements.

The beneficiary can collect the money in several ways, depending on the transfer method:

• Bank Transfer: Funds are deposited directly into the recipient’s bank account.
• Cash Pickup: The recipient can collect cash at an authorized agent location using a transaction code and a valid ID.
• Mobile Wallet: The money is transferred to the recipient’s mobile wallet for easy access.
• Prepaid Card: Some services allow loading funds onto a prepaid card for withdrawal or direct use.

Always confirm with the recipient the best method for them to collect the money.