Banks are the pioneers of international transfers. If you want to send money to Ghana or any other country, banks have efficient wire transfer systems, however, their fee is higher relatively. Most of the banks in the US have a wire fee ranging from 20-75$. It is a highly recommended transfer medium if you want to channel corporate transfers or huge amounts. The process for sending a wire, through a bank is written below.
- Visit your specific banks and submit an application for making a wire transfer
- After its approval, give details of you and the recipient
- Banks may also require you to bring extra documents, for proving the purpose of transfer in case of channelling huge amounts
- Hand-over the payment and pay your fee. After the transaction is completed successfully, both sender and recipient are notified through SMS/Call or E-mail
- The recipient is also required to physically visit the specific bank’s branch in order to withdraw the transferred payments
- Pay the receiving fee (not-compulsory) and withdraw the payment.
The fee policy varies from bank to bank and state to state. Its recommended to choose your provider carefully after doing brief research about the terms and conditions of international money transfers.
2. Money Transfer Organisations
Ace Money Transfer enables people to send money online, through a wire. You can fill the form for sending a wire, online and after filling in some information, your payment will be channelled within a few seconds only. The fee to send money quickly online, maybe relatively higher, but the services are worth the cost. While sending money to Ghana, you will not have to worry as ACE Money Transfer has more than extensive payout locations, which enables receivers to quickly withdraw the payments.
You can also opt from different receiving options, including
- Receive payments online in your wallet
- Receive payment in the form of e-money
- Withdraw the cash physically
If you want to get the payment online, it can be used directly for paying groceries, tuition fee, bills etc. In the future, the use of cash will be minimized to the maximum possible extent and it is also more facilitating.
How to choose the best option?
There is no specific definition of the best transfer medium or provider. It depends on your own needs and demands. If a person wants to channel payments internationally for business or charity purposes, then wires are highly recommended. But if you want to simple regulate remittances or a small amount gift, then a simple ACH transfer or online transfer will do the work at a cheaper cost.
If a person has to send money immediately to cater to any urgent need, then ACH transfers will not be useful as they require 3-4 business days for processing. In this case, you can go for wire or urgent transfers. For money transfer to Ghana, the fee may be higher but it will fulfil your requirement at the hour of need.