Banks or Money Transfer Companies Which Are Better?

The concept of globalization has increased the trend to send money globally in different ways. Priory, people used to carry cash physically but then banks started to give services to send money online for people residing in different countries.

Eventually, with the passage of time, money transfer companies started to provide people with the same service. In 2018, approximately 698$ were transferred internationally, that is three times greater than international funding’s.

There are many similarities and differences between banks and money transfer companies. Here is a short comparison, that will help you in choosing the best option for you.

What are the Exchange Rates for Ghana?

Banks usually charge marked-up exchange rates, that ultimately results in more expenditure of the customer. On the other hand, most of the money transfer companies provide independent or very slight marked-up rates for the individuals.

What are the Banks Policies for Money Transfer?

If you want to send money to Ghana, keep in mind that banks have a very strong hold on their own policies. Even if you vary a little bit from the available criteria, you will not be qualified eligible for using bank services.

However, money transfer companies have flexible policies, that can accommodate a person with some variations or differences.

Is there any limit for Service Time to Send Money?

Banks stay closed on weekends, special occasions and religious festivities. Contradictory to that, money transfer platforms are open 24/7 for the people so that they can send money at the right time, in the right place.

However, both banks and companies provide immediate service of money transfer to Ghana, so that you can spend money on the same day.

What are the Withdrawal Charges for Ghana?

Almost all of the banks charge the beneficiary with some withdrawal fees, depending upon the amount that they are receiving. However, most of the companies do not ask their customers to pay again while receiving money.

What are the Payment Modes for Ghana?

Banks welcome credit and debit cards open-heartedly. Most of the banks give loans easily if the person is using his/her credit card for transferring money internationally.

Money transfer companies also accept payments from cards, but they don’t really give any rewards or special offers on using that service.

Transaction Offers

The banks do not have any special offer for their permanent customers. There may be some sort of relaxations, but only for the people who do large transactions or have business accounts in the banks.

However, money transfer companies make sure to retain their customer, by providing deducted exchange rates and zero service charges to their frequent customers.

What should you Choose to Send Money?

People from underdeveloped or developing countries such as Ghana have to send money quickly online for their families and loved ones.

The choice of any mode, depends upon your own perimeters, that which option is more feasible for you. If you want to send money to Ghana online, then Ace Money Transfers will be a very choice, as they provide optimized exchange rates will the fastest services and minimum service charges.