African Immigrant to Loved Ones

by Winngie

18 December 2019

General

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People are working overseas, just for sustaining income for their family back home and waiting their savings to keep their family happy. Especially in African countries, just for creating a better life for their families, millions and millions African are working in another country.
Fees for remitting money vary wildly between providers and countries. African migrants, who sent almost $60bn (£38bn) in remittances last year, pay the most, according to the World Bank. On average migrants sending money home to Africa lose 12% to fees. Moving money between African countries can cost much more – sending money to Tanzania from neighboring Kenya or Rwanda, for example, costs an average of 22% (or a $44 cut on $200 transferred).


Many experts would say how it is incredible that in a competitive environment there’s no reason these things should be more than 4%. It is not something justifiable.

According to Ismail Ahmed, founder of World Remit, an online transfer service said that the true cost of sending or receiving remittances in Africa was much higher than figures may suggest. “There are costs associated with going to a branch. In Africa, in many cases banks are in the cities, so people have to travel there, queue up, wait and then collect small amounts of money.”

The widespread utilization of mobile phone in Africa could make it cheaper to transfer money and easier for migrants to get to emergencies at home, said Ahmed. “Particularly in Africa, new technological changes are likely to have the biggest impact. Imagine somebody gets a text message in the middle of the night, saying that mum needs to go to the hospital, and they can send $10 instantly. In the long term, these things will transform money to transfer in Africa.”

Several firms have come up lately to face the dominance of major platforms, such as Western Union, considered to control 18% of the worldwide remittance market with roughly 500,000 outlets in 200 countries.

In 2011, Western Union handled $81bn in remittances roughly $1 in every $5 sent. It made 80% of its revenue from remittances that year, including almost $3.6bn in transaction fees and $1bn in foreign exchange income. In Africa, exclusive deals with several banks saved it to a share of the market above 70% in countries, such as, Mali and Rwanda.

Western Union said its average cost to users was roughly 5%. “Our pricing varies from country to county depending on a number of factors, such as security and local regulatory compliance. On the amount of money being sent,” it said, adding costs was affected by factors, including national laws and the amount being sent. “Western Union has acknowledged the increasing consumer which need to send money from one African country to another. However, in Africa there is a new trend that Winngie is the new one that has been well received and became so common for many immigrants in Africa. Winngie goes in a high demand in Africa and gets a high level attention for many immigrant workers.

Winngie has an easy interface and sustainable client background that many immigrants use this platform as a transfer way to their loved ones back in their country. Winngie is a new trend according to data has been published in a Rwandan local university. It is the fact that Winngie has very cheap, no fee and no cost at all. Calling free as cheap might not sound good, but Winngie has a good way to change all African immigrants’ perspective.

Western Union is losing its grand to Winngie as booking.com whereas Expedia loses its own to Airbnb. In Africa, especially Saharan Africa and East Africa, the business itself is ongoing to Winngie. The platform itself became a phenomenon in Africa.

It changes the system and makes transfer small amount to overseas to love ones easier than ever. Not anymore high costly transfer fees and killing exchange rates are the issue for African immigrants. African immigrants are happy to use Winngie for their well worked hardly earned money.

Reference:
Why do Africans pay the most to send money home?
https://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

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Old Euro Banknotes, Are they Still Valid, Till When, How to Exchange?

by Winngie

8 December 2019

Exchange Currency

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We have been hearing about the old and new Euro Banknotes and there are a lot rumors and fake news around in the internet. Let’s read what’s the reality and what you should do.

The roll-out of the Second Series of Euro banknotes was completed in May 2019. The First Series of Euro banknotes from €5 to €500, issued since 2002, is being replaced by the newer set of euro banknotes from €5 to €200. Are the old Euro banknotes still valid, and how can you exchange them? Read on to find out.

In 2019 Which old Euro banknotes have been replaced by new Euro banknotes?

The following banknotes from the First Series of Euro banknotes have been replaced by newer Euro banknotes from the Second Series which are:

  • €5 – euro banknote
  • €10 – euro banknote
  • €20 – euro banknote
  • €50 – euro banknote
  • €100 – euro banknote
  • €200 – euro banknote

The roll-out of the Second Euro banknotes series has been completed in May 2019 recently.

 

 

What about 500 Euro banknotes, Old ones are still valid?

The European Central Bank has decided not to include a €500 euro banknote in the Second Series of Euro banknotes. The €500 Euro banknotes will no longer be issued and they are no longer in circulation since 2019.

Are the First Series old Euro banknotes still valid?

The old Euro banknotes from the First Series remain valid, and they can be spent without problems in the Euro-zone and in the UK. But Especially foreign countries they do not want to buy these series anymore.

When purchasing Euro banknotes, many British customers prefer to only receive Euro banknotes from the Second Series. For this reason, some bureaux de change in the UK may not accept Euro banknotes from the First Series from their customers.

€500 euro banknotes from the First Series are still valid but they are being withdrawn from circulation.

Are old Euro banknotes from the First Series still legal tender?

Yes. The old Euro banknotes from the First Series still remain legal tender. They have the exact same value as the equivalent banknotes of the Second Series of Euro banknotes. Both types of Euro banknotes circulate alongside each other in the Euro-zone.

The 500-euro banknote also remains legal tender, but it is more difficult to spend them, as most vendors in the Euro-zone don’t accept €500 notes for payments.

How and Where can I exchange old Euro banknotes?

Do you still have some old Euro banknotes from the First Series? It’s easy to exchange old Euro banknotes using our online exchange service for Euro banknotes. In addition to the First Series Euro banknotes and the discontinued €500 euro banknotes, we also exchange euro coins and eurocent coins. P2P Exchange Currency Mobile Apps like Winngie is becoming popular in the market. You can use Winngie Exchange Money Mobile Application to Change Old Euro Banknotes easily.

Is there a deadline and What is the exchange deadline for old Euro banknotes?

So far, no exchange deadline has yet been set for the exchange of old Euro banknotes from the First Series. So, no rush for that. For sure there will be official announcements from European Central Bank and also from other banks in case there will be a deadline defined.

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