Five Things You Need To Know Before Sending Money Abroad

By Imane Charioui, Director of Francophone Africa, WorldRemit

Sending money is an essential part of life for many Cameroonians abroad, whether it’s to support family members, pay bills, or make investments. However, navigating the complex world of money transfers can be challenging, especially with the many options available.

Money transfer and e-wallet apps are revolutionary tools that enable access to financial services in low- and middle-income countries. With the advent of modern money transfer services, migrant Cameroonian workers can now send remittances back home more efficiently and safely than before.

Cameroon’s economy is significantly supported by the personal remittances sent by the over five million Cameroonians living abroad.1 By the end of 2021, personal remittances received in Cameroon increased by $96 million 29% in comparison to the previous year. With $430 million, the personal remittances received thereby reached their highest value in the observed period.2

As with any modern technology, there are a few things to bear in mind regarding online security whilst sending money from abroad to ensure sensitive data and money are secured. Whether you’re a first-time sender or frequently send money overseas, Imane Charioui, Director of Francophone Africa, WorldRemit, shares some top tips on navigating money transfers.

1. Secure your email address

Most companies require an email address to set up an account, therefore, you must ensure that your email is protected with a strong password to prevent anyone from gaining access to your emails and any apps you use via this address.

2. Avoid public wi-fi

Although connecting to a public wi-fi to make a quick money transfer seems convenient, open access can be a security threat, allowing unauthorised users to intercept your sensitive personal information or gain access to your device. Instead, waiting until a secure wi-fi network is available, or using mobile data, is the safest way to use money transfer apps while you’re out and about.

3. Research the app you’re downloading

Before you download a money transfer mobile app, do your research. If there is little to no online presence about the app, stay away from it. On social media, always look for the verified “blue tick” beside the business name.

4. Keep your operating system up to date

Whenever your smartphone’s operating system, internet browser or applications notify you that updates are available, install them as soon as possible. Many of these updates fix bugs or weaknesses to help you stay safe online.

 5. Use a pricing comparison tool to get the best deal

The cost of sending money abroad considers numerous factors, for example, the exchange rate and any sending fees. Be sure to use a pricing comparison tool to ensure you’re getting the best deal ahead of committing and sending the funds.

Imane Charioui, Director of Francophone Africa, WorldRemit says: With WorldRemit, Cameroonians living in the diaspora can now send money to their family and friends, in a safe and secure manner. The process is fast and it can be done within minutes - it’s as easy as sending a text message, plus you can track your money every step of the way.”  

....................

About WorldRemit

We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe.

www.worldremit.com

 

 

 

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“Savannah Herald” is a News Blog that focuses on News from the Savannah regions of Cameroon. While it’s main news comes from these regions, it’s not restricted to these areas.  News from this blog is also published in a printed fortnightly Newspaper.

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