“Wiring money” can sound ancient, similar to sending a telegram or mailing a letter via the Pony Express, but it’s still one of the quickest ways to transfer money around the country or internationally.
A wire transfer is often more difficult to reverse than a check or credit card payment. So, the first thing you need to know before wiring money is that you’re absolutely certain you don’t mind the money leaving your account — easily and indefinitely. Money can be wired in as little as a few minutes or as long as a few days, but once you start the process, you must believe that the money is gone.
Note: You can choose ACE Money Transfer to send money to Ghana or other countries in the world.
5 Steps to send money to anyone in the world
Once you’re sure you’re ready to go through with it, a wire transfer is a pretty easy process. Just follow these steps to send money from your country to anyone in the world.
Step 1: Decide which company you will use to wire money (like ACE Money Transfer).
Step 2: Calculate the fees.
Step 3: Make a list of your information.
Step 4: Fill out the required paperwork for the wire transfer.
Step 5: Keep your receipt to document the transfer.
Never Make the following Mistake while doing money transfer:
Doing a wire transfer is, as you’ve seen, very easy. Nonetheless, if you’re not careful, you could make the following three mistakes, which could cost you money:
- Making a mistake of an account number or a recipient’s name: It bears repeating: If your account numbers are off by a single digit, you risk having a transfer stopped — or, even worse, a transfer that goes through but is sent to the wrong individual. In order for the money to go through, you’ll also need the recipient’s full, correctly spelled name.
- Forgetting about the exchange rate when sending money abroad: Sending money to a foreign country? The amount of cash you receive is determined by the exchange rate at the time you send the money. If the recipient is expecting a specific sum, it’s a good idea to check the exchange rate before sending the money.
- Sending money more often or rapidly than is required: If you know you’ll be sending money on a regular basis — say, to a student studying abroad — it may make sense to send more money, less often, because wire transfer fees can add up quickly. It’s also a good idea to prepare ahead as much as possible so you don’t have to submit money in a hurry, which may result in extra fees.
Before you authorise a transfer, double-check the specifics because it can be difficult for your money transfer company to track down and recover funds if they are sent to the wrong party. If you realise you’ve made a mistake, contact your bank or transfer company as soon as possible, as there might be a delay in getting your funds back if you wait too long.
Although refund times and procedures vary by bank or transfer provider, it’s always important to double-check that you have the right information in the first place, and to follow up with the receiver to ensure they got the transfer.