5 Ways to Save on Transfer Fees When Sending Money Home
Sending money back home is an act of love—but those hidden fees? Not so much.
If you're supporting loved ones in The Gambia, Senegal, Nigeria, or Ghana, here are five smart ways to cut costs and keep more money in your hands—and theirs.
1. Choose a Transparent Service
Many providers advertise “low fees,” but then add hidden charges in the form of poor exchange rates.
According to the World Bank’s Remittance Prices Worldwide report (2023), Sub-Saharan Africa remains the most expensive region to send money to, with an average cost of 7.8% for a $200 transfer—more than double the UN Sustainable Development Goal target of 3%.
SwiftTransfer shows:
Real-time exchange rates
Flat, clear fees
The exact amount your recipient receives—no surprises
2. Avoid High Street Transfer Shops
Traditional money transfer operators (MTOs) like Western Union or MoneyGram often charge high fixed fees plus exchange rate margins.
In a 2019 study by GSMA, it was found that digital remittance platforms were, on average, 50–60% cheaper than over-the-counter services.
Switching to an app-based platform like SwiftTransfer can save you both time and money.
3. Use Mobile Wallets or Cash Pickup Points
Mobile money is growing fast in Africa. Services like Afrimoney, QMoney, Wave, and Orange Money let recipients receive funds directly on their phones—no bank account required.
According to the GSMA State of the Industry Report (2024), over 621 million mobile money accounts exist in Africa, with usage rising every year.
Mobile payouts can often be cheaper and faster than traditional bank routes.
4. Send More, Less Often
If you send small amounts often (like £10–£20 per week), you may be paying the same flat fee each time—losing a chunk of value in the process.
WorldRemit’s fee comparison tool (2022) showed that sending £100 in one go is often 40–70% cheaper in total fees than five smaller transactions.
Tip: Combine transfers when you can to reduce frequency-based charges.
5. Take Advantage of Rewards
Many digital remittance platforms now offer incentives.
For example, SwiftTransfer’s “Send & Earn” program gives:
£5 for every friend you refer who completes their first transfer
Loyalty bonuses for frequent use
These programs can help offset fees or even put cash back in your pocket.
You work hard for your money. So don’t let fees eat it up.
By using a modern, mobile-first service like SwiftTransfer—with transparent pricing and smarter payout methods—you’ll spend less on transfers and deliver more value to your loved ones.
Sources:
World Bank (2023). Remittance Prices Worldwide Quarterly Report
GSMA (2024). State of the Industry Report on Mobile Money
WorldRemit (2022). Fee Transparency Guide
UNCDF (2023). Remittance Families and Financial Inclusion