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turk
USA
3356 Posts |
 Posted - 24 Sep 2007 : 01:34:57
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Let us do the calculation. In australian terms.
I am sending 100 every month australian dollars to gambia. The below was the rates from a gambian bank was posted sometime ago.
AUD 15.90 16.55
When sent 100 dollars was 1450 dalasi. That means. Western union makes killing already with the exchange rate. Also, we are sending valueable currency like sterling, pounds etc, but money is paid in Gambia in pounds. Gambia needs foreign reserve desperately. Gambian who live in West are doing great harm to Gambian economy by insisting in Western Union. Plus high fees by western union. I realize western union is very convenient. But let us try to find alternatives to send money home and maximize the benefits. If i want to send 100 every month and paying 100+25 fee 125 dollars. And it is only equal to 1450 dalasi. In one year i send 125x12=1500 aus dollar. ANd 17400 dalasi. Instead I will find a way to send money to Gambia once a year by someone who travels to gambia or mail.
1500 ausd x exchange rate = 23850. I am losing almost 30 %. At the top of it, gambian economy gains the foreign reserve which is essential.
So please please send money less frequently with larger amounts. And if possible foreign reserve as banknot should go to gambia either by someone who travels or .... Any ideas to eliminate using western union?
I will propose to the families living in australia to send money to gambia collectively to reduce the transfer fees and other costs. We just have to find a way to trust each other.
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diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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Alhassan
Sweden
813 Posts |
Posted - 24 Sep 2007 : 08:29:56
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turk,
Western Union do even laundry money for the big sharks. They are not interested in where the money comes from. Gambians can now send money through their own money express contacts. Here in Sweden we have Gambians tacking care of it. I hope people realy consider your posting. |
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tapalapa
United Kingdom
202 Posts |
Posted - 24 Sep 2007 : 21:35:24
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Thanksfor this, I woll certainly start sending larger amounts when I can afford it.
I pay my rent 6 months in advance and I support a large family assisting them to improve the quality of their lives.I support this family because since knowing them from 2001, they have never asked me for anything, so i don`t feel a pressure.
Best wishes
Tapa |
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jammin
Jamaica
149 Posts |
Posted - 24 Sep 2007 : 22:03:07
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| not sure, but perhaps Paypal do business in The Gambia. The rates are cheaper when transferring funds to accounts and is better than WU. |
Like a colossus He doth bestride the Narrow World |
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turk
USA
3356 Posts |
Posted - 24 Sep 2007 : 22:51:14
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Different solutions for each community. People living UK should use their own agency and money sent to gambia should be paid in sterling. Gambian government should do something about it. There are millions of turks in germany and sending money to Turkey. They use bank. even they use western ex-con, the money paid in euro.
How about legislation that rules that money sent to gambia not to be paid in dalasi. It must paid in pound, euro and us dollars. Or some kind of crown cooperation to be established to get foreign currency to Gambia.
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diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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kayjatta
2978 Posts |
Posted - 25 Sep 2007 : 10:08:44
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| That will be unconstitutional... |
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jambo
3300 Posts |
Posted - 25 Sep 2007 : 10:56:18
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how can i get the oney paid in foreign currency , even when i go on holiday i pay in pounds or dollars, but the local rate of exchange is the same.
Is Bayba operating.
would it not be better to have bank accounts that families could use, bank account transfers would be better, yes or no.
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turk
USA
3356 Posts |
Posted - 25 Sep 2007 : 12:21:20
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kayjatta
what is unconstitutional? I am lost. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 25 Sep 2007 12:23:46 |
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turk
USA
3356 Posts |
Posted - 25 Sep 2007 : 12:26:42
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Jambo
There is nothing wrong with the transaction that I am sending money in pounds and that should be paid out in pounds. Bank account would be better if they pay out in sterling, dollars and euro. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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kayjatta
2978 Posts |
Posted - 25 Sep 2007 : 12:33:01
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Because the Gamabia is a sovereign country and the legal tender is the dalasi.The banks and other financial institutions cannot be compelled to transact in foreign currency. They could choose to but they can't be compelled to do so. That is why there is an exchange rate.
A similar example is that if you have a business selling goods in the Gambia , but you ask you customers to pay only in dollars . This is outright illegal, a slap in the face of Gambian sovereignty. |
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turk
USA
3356 Posts |
Posted - 25 Sep 2007 : 12:51:33
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Kayjatta
This is your personal judgement. Have you ever read gambian constitution? Gambia being soverign country has nothing to do with western union payout. That is your personal rulling.
Banks and other financial instituions can't be compelled to transact in foreign currency? How do I exchange money in gambian banks than. Or other exchange offices? I should be put in jail. Or million others.
Show me where in constitution states your theory. I hope you are not talking about yankee's.
Paying out the money sent in same currency is not illegal in terms of constitution. There is no reference in gambian constitution. If you are telling something you must provide supporting facts. Where is the reference in gambian constitution? Have you ever taken any law course?
http://www.ncce.gm/files/constitution.pdf
anyway I am interested in you providing me supporting evidence about unconstitutional reference as I provide the gambian constitution above.
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diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 25 Sep 2007 12:59:31 |
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jambo
3300 Posts |
Posted - 25 Sep 2007 : 13:10:33
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turk, i have followed what you are saying but how can i send £10.00 to gambia and it is paid out as £10.00, the rate of exchange will still be same and i will have paid for the delivery charge here in the UK. if i go to Western Union or go online and want to send of £20.00 surely that have to pay in local currency I did not think the had that much foreign currency over there.
Is this possible for other countries, ie reverse, could i pay in £ here in the UK send it to you and you receive £ where you are.
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kayjatta
2978 Posts |
Posted - 25 Sep 2007 : 13:16:31
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Turk , calm down this is common sense. if you are buying foreign currency or selling it that is fine. However , if you are sending money from abroad to the Gambia you cannot compel the financial institutions to tender in foreign currency. It will be up to the financial institution to pay in foreign currency if they have it. They are however obligated to pay you at the market rate of the dalasi.The dalasi is the legal tender in the Gambia, refusing to honor the dalasi in the Gambia in favor of foreign currency is an undermining of the sovereign state of the Gambia.
If you know better than I do , then I stand to be corrected... |
Edited by - kayjatta on 25 Sep 2007 13:17:22 |
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mbay
Germany
1007 Posts |
Posted - 25 Sep 2007 : 13:19:53
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why cant you organized to send money between Gambians ?
Most of us here Germany or most European countries are sending it like through Gambian either euro to euro , euro to Dalasis ,W.Union or Moneygram was yesterday.
We are tied of this tricky.
kayjatta: dream on, i don't know which planet you are living?.
this is not tricks from GM Banks /money institute , at list not all the time but the W.Union rules is still thesame. i 've very bad day with them! |
Edited by - mbay on 25 Sep 2007 13:24:27 |
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jambo
3300 Posts |
Posted - 25 Sep 2007 : 13:24:18
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mbay, can you suggest how this should be done in the UK, who would we trust, a few did support Bayba, but recent postings have suggested things are not well there. Bayba is Gambian owned and at least i felt I was doing something there.
On my next trip I will seriously look into opening a bank account in gambia, not sure if this is the right way, but need to look at all angles.
SO WHAT IS THE RATE TODAY |
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Eve
Gambia
344 Posts |
Posted - 25 Sep 2007 : 13:33:27
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| But turk, let me tell you, Western Union are save to sent money, you got papers, you are okay, your guys will receive the money u send savely, even you paid much, i prefer that, b4 a good one take it and said to you, that u don't gave him nothing, and u be crying and having psychologically stress for all the time, when ever it's come across yr mind. Just think about it. |
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