How much does it cost to send money to Mali from Italy?
There is no standard rate for transferring money from Italy to Mali that is because the exchange rates keep on changing. It is why you need services like Exchange Rate IQ.
EUR to XOF
Compare Euro Member Countries to Communauté Financière Africaine BCEAO Franc For Sending Money to Mali from Italy
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Mid Market Rate
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WorldRemit is an online money transfer service that provides international remittance services to expatriates and migrant workers
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Italian Euros vs. Malian XOF: History
Thousands of Malians dream of moving to Italy because of the robust opportunities. Because of high desperations, some Malians go to the extent of using illegal methods to enter Italy. According to the BBC, thousands of immigrants find their way into Italy from Mali, and some of them get deported back.
The European Commission says about 800 million Euros were remitted to Mali from Italy in 2015. This figure has been rising constantly plus the economic situation in Mali which has seen the XOF drop in value has forced many Malians to seek better opportunities in Italy.
As much as Malian immigrants are eager to get into Italy for greener pastures, not all of them are successful in their quest. Some find well-paying jobs and even become legal residents of Italy while some have to survive illegally which becomes a burden to Italy.
Other than the immigrants and refugees, Italy and Mali are giants when it comes to the world of sport, and no one can forget all the historical moments when these countries had to encounter each other in the world of sports, including the 2004 summer Olympics.
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Best way to send money to Mali from Italy
Besides online money exchange services, there are other options that you can consider when you want to transfer funds to Mali when you are in Italy and they include;
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Wire transfers
Perfect for transacting large amounts of money within a short period, wire transfers allows you to send money into foreign bank accounts directly. Usually, this takes about one business day and a good example here is WorldRemit.
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Online money transfer companies
There are hundreds of money transfer companies in the world that you can use to transfer money from Italy to Mali. Some of the most commonly used online transfers for EUR to XOF exchange include Travelex.
What to consider when sending money from Italy to Mali?
If you want to send money from Italy to Mali, there are some fundamental factors that you will need to consider. Although there are several known online money exchange services for EUR to XOF, you should know that exchange rates usually fluctuate hence you need always to counter check. Some of the major factors to consider when you want to transfer funds to Mali from Italy include;
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How much you need to send
There are different kinds of exchange companies and some have better rates when you are sending a lump sum amounts of money while others will favor you if you are sensing a little amount. You therefore need to research well before you send money to Mali from Italy.
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Cost of service
Even thoughEUR dominates XOF in the exchange market, it is not likely that transfering money to Mali from Italy will cost you less. Some exchange companies can be exploitative.
How long it takes
As discussed, there are fast and slow ways of converting EUR to XOF. The speed of money transfer services is normally reflected in the cost of service. The more expensive the service, the faster it should be and vice versa.
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Security
Many people make the mistake of assuming that all money transfer companies assures the safety of your transfer. Know that there are hackers out there waiting for any chance to rob these financial institutions. You should have a better picture after looking for reviews before concluding your search.
Why send money to Mali from Italy?
It is essential to state that Italians can also have a reason to send money to Mali. These are usually Italians who have outsourced from Mali and have to make regular payments for these services. Malians in Italy, however, send money to Mali for;
Family upkeep :
Many Malian immigrants who become successful in Italy are usually the breadwinners of the family. Their primary responsibility is to ensure that the money they earned is used to improve the situation and take care of the people back at home.-
Purchase of property :
The kind of opportunities available in Italy makes it easy for working Malians to save up and purchase a property like land or even vehicles. It has been noted that Africans with well-paying jobs abroad become rich faster back at home because the foreign currency is dominant. -
Emergencies :
Emergencies do strike when least expected. That is why we are all advised always to have some money on the side for emergencies. There are so many kinds of emergencies, including medical, financial, security, and more.
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