Make Payments in GMD - Gambian Dalasi
Pay in Gambian Dalasi (GMD)
Mondial Change allows you to make international payments in GMD (Gambian Dalasi) with ease. Manage your Gambian Dalasi beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your GMD operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Gambian Dalasi (GMD)
It is currently not possible to receive payments in GMD.
Do you want to hedge your exchange rate risk on the Gambian Dalasi (GMD)? Check out our dedicated page on GMD currency hedging.
Mondial Change Answers All Your Questions About Payments in Gambian Dalasi (GMD)
What is the timeframe for a GMD payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Gambian Dalasi transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if GMD payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Gambian Dalasi (GMD)?
The fees applied to transfers in Gambian Dalasi (GMD) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading desk. The rate primarily depends on your annual GMD exchange volume and the number of Gambian Dalasi payments made during the year.
Are there minimum or maximum amounts for payments in Gambian Dalasi (GMD)?
Mondial Change and its partners verify that your Gambian Dalasi flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Gambian Dalasi (GMD)?
For GMD payments via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Gambian Dalasi (GMD) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Gambian Dalasi (GMD) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Gambian Dalasi (GMD) cannot be executed?
January 1st: New Year’s Day
Variable date: Eid al-Fitr (Koriteh – end of Ramadan)
Variable date: Eid al-Adha (Tobaski – Feast of Sacrifice)
Variable date: Islamic New Year (Hijri New Year)
Variable date: Mawlid (Birth of Prophet Muhammad)
Variable date: Good Friday
Variable date: Easter Monday
May 1st: Labor Day (May Day)
May 25th: Africa Day
July 22nd: Revolution Day
August 15th: Assumption Day
December 25th: Christmas Day
History of the Gambian Dalasi
The Gambian Dalasi (GMD) has been the official currency of The Gambia since 1971, when it replaced the Gambian Pound following the country's independence. It is subdivided into 100 bututs, although these sub-units are rarely used today due to inflation. The Dalasi is issued by the Central Bank of The Gambia, which also oversees the country's monetary policy and financial institutions. The GMD reflects The Gambia's economic journey towards complete monetary autonomy.
Monetary Policy of the Gambian Dalasi
The Central Bank of The Gambia is the authority responsible for national monetary policy. Its objectives are price stability, economic growth, and the preservation of the financial system. The Dalasi operates under a floating exchange rate regime, with occasional central bank interventions to contain excessive fluctuations. To manage the economy, the Central Bank uses instruments such as the policy rate, reserve requirements, and open market operations.
Characteristics of the Gambian Dalasi
The Gambian Dalasi (GMD) is a non-convertible currency internationally, used almost exclusively within the country. Transactions are primarily conducted in cash, although mobile payment services are gaining popularity. Dalasi banknotes are colorful and depict cultural and historical symbols of The Gambia. In rural areas, cash usage remains dominant due to limited access to banking services. The GMD reflects a developing economy, with a financial system in the process of modernization.