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Zambia is one of a few countries that can consistently boast above 6% Real GDP growth in Africa, compared to the worldwide average of 3%. Copper is one of its main exports and Australia especially imports specialised machinery parts and electrical equipment from Zambia.
Services from Zambia have reached AUD$11m in the past, with Australia exporting AUD$26m to Zambia. The two economies have close relationships when it comes to trading merchandise. Zambia’s relationship with Australia is in the top 12 most important for merchandise imports and exports.
There are about 3,000 Zambians living in Australia and continuous reports on President Lungu, president of Zambia, that values the relationship between Australia and Zambia. He wishes to further establish and grow investment relations with Australia and sees the past economic relationship as a good foundation for going forward.
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Jenny is a businesswoman from Zambia and has recently taken up residence in Australia to make sure her father’s copper export company continuous to experience smooth sailing in Australia. She is part of about 3,000 Zambians living in Australia and has heard that many of them are businessmen and women sending money to their families in Zambia.
Since her father has a successful copper exporting company, she won’t need to send money to Zambia to support her family, but she still needs to pay off her student debt. She decides that while she is earning Australian dollars, it will be better for her financial future to tackle the debt and send money over whilst she is positioned in Australia.
She takes the time to speak to fellow Zambians and does some research before coming to the following conclusions using a benchmark of 1,000 AUD. Although there are bank options through which to send money, only money transfer companies have made it possible to calculate exchange rates for Jenny to send money to Zambia.
| Money transfer company A | Money transfer company B | |
|---|---|---|
| Exchange rate | 1 AUD = 8.146 ZMW | 1 AUD = 7.782537 ZMW |
| Transfer fee | Flat fee of 10 AUD if amount is under 10,000 AUD | 25 AUD |
| Amount of ZMW received in Zambia for 1,000 AUD | 8,145.44 ZMW | 7,782.54 ZMW |
| Transfer time | 1-4 Days | Minutes |
| Transfer options | App, Online, Phone | Online, Agent |
| Difference in ZMW |
|
For in case something happens to her father’s business, her father has placed money in Australia as a backup. This is so that Jenny has a backup for a personal emergency and when the need arises that will require her to send her father emergency cash. Because of this, she has made notes on sending money to agent locations in Zambia where her father can pick up the cash within minutes. The locations for Moneygram, Western Union and Xpress Money can be seen below.
A country that boasts a lot of public activity like Zambia means that there is danger in openly trading money in public so keep it private as far as possible. Keep your money transfer operations confined to the day as the evenings bring forth a lot more crime.
