Seychelles is an archipelago of islands along the East African coast and is known for its beautiful beaches, coral reefs and almost intact marine reserves that attract tourists from all over the world. The country has a robust financial market too and is one of the easiest to send money to in Africa.
Best ways to make a money transfer
Online money transfer is the best is the best, cheap and fastest way to get money in and out of the island nation. Online transfers to the country usually take just a day as compared to bank transfers which take as much as five working days and charge high fees.
Types of options to send money
Here are several international money transfer companies that operate in the country, including cash pickups transfer companies like the Western Union and MoneyGram and specialist online transfer providers like Xendpay, WorldFirst, GlobalWebPay, Halifax, FX Capital Group and Aston. Other types of sending money to Seychelles are bank transfers and international checks.
Restrictions on sending and receiving money
There is no restriction as to how much money you can send to or receive from Seychelles. The local currency does, however, have a Rs2000 limit on the amount of cash that can be brought in or taken out of the country.
Brief economic trend
With a population of just about 90,000 people, Seychelles is considered an upper middle-income nation. The nation was run as a socialist state up until 2008 when the country, faced with a depletion foreign currency, turned to the IMF for financial assistance. In return to a $230 the international lenders support, the Indian Ocean nation started instituting structural reforms that say several stateâ€”owned corporations privatized. The financial market was also liberalized making the local currency a free floating one.
The main commercial banks in Seychelles are Barclays Bank, Mauritius Commercial Bank (MCB), Bank of Baroda and Habib Bank Ltd.
No need for a foreign bank account?
When you set up a currency transfer to Seychelles you will not have to have a foreign bank account. This saves a person a lot of time and effort not to mention hassle as they do not have to set up a bank account in a foreign country. With this in mind it is easy to see why so many people prefer to transfer money to Seychelles recipients using an online transfer.
Send what you owe on time?
When you organise a money transfer to Seychelles recipients online you can rest assured that your recipient will get their money on the same day. Unfortunately banks can take up to 5 working days to process a money transfer between countries. Sometimes this is just too long to wait when you are in the process of purchasing a property.
Let the currency rate work for you?
By checking out the currency rate Seychelles money is exchanging for you can let the rate work for you by sending funds when it is good, which means you get more for your money. The Seychelles to use the Seychelles rupee after their unit of currency and this is what you will need to be looking for when you arrange your currency transfer. You can check the currency rate at any time online and you will not have to pay for this kind of service. So why not follow the currency rate for a few days and see how much it fluctuates before you arrange your first online transfer?