Ghana’s economic condition is very prosperous. There is not a massive number of remittances done every year. But migrants somehow spread in many countries. There are some popular ways to send money to Ghana from the UK listed here.
What Are The Options To Send Money To Ghana?
Online money transfer services are undoubtedly the most common channel that both Ghana and migrants use to make payments and transfer money. Most banks allow online banking services which enable you to transfer funds and pay bills at very low or zero fees.
Can You Transfer Money Direct in Bank?
You can efficiently send money with this option. This method is so simple to understand. You can send money to the bank account globally if your bank has some branches abroad. Make sure you and your receiver use the same financial institution network. You should provide a routing number and account number. It may take a minimum of three days and a maximum of six days to complete. There is also a low-cost way of money transfer to Ghana. But this is favourable for you if you do not want to send money immediately. It is traditional but not so good.
You must give your bank declaration that you have issued a post-dated, also provide them with aspects about the payment. If you do not notify them, the payee can cash in advance before the date, and if you don’t have enough money in your account at that time, you could impose huge fees.
How Online Money Transfer Services Work?
Online money transfer service is one of the great and smooth and secure ways to send money to Ghana. It gives you a higher exchange rate and low fee as compared to the banks and other financial institutions. For an online money transfer to Ghana, many services are excellent with these characteristics.
Many transfer services are excellent in this sense to make a transaction with a flat fee. According to a survey, the biggest concern of a sender is to create a money transaction at little cost. But this is one side of a picture. Another necessary thing is the exchange rate.
Favourable Exchange Rate:
Compare the exchange rates to the mid-market rate, not compare it between companies. Because the exchange rate is excellent if it is closer to the mid-market price, in this sense, your recipient will get more money if the exchange rate is high.
The popular money transfer option by the money transfer services are cash pick up and bank transfer. Make sure to have a money transfer service that provides both of these. It will help you to send money in any situation.
Usually, transactions will complete within a short time. But if you use the cash pickup option, that will help you to reach your money to the desired place.
What Is Required To Send Money To Ghana?
With the various ways of sending money as seen above, requirements may vary with service providers. There is some information that is requested to give to make a smooth transaction.
- Your government-issued I.D. Making transactions form many countries like the United Kingdom, a social security card or passport is enough.
- The amount you want to send to the recipient through the money transfer app
- The name of the recipient as it writes on their government documents.
- If you are sending money directly to the recipient’s account, you must provide the banking details. It includes branch name, account number, and SWIFT.
As many money transfer companies assist you to send money to Ghana online, but you have to select one suitable for you. While summarizing it, banks charge a high fee for their services. Also, they don’t give you a favourable exchange rate and not prompt. That is why migrants attracted to make a transaction through online money transfer services that provide them assistance in low fees. Also, it gives them a high and favourable exchange rate, and money transactions are very prompt. When all things clear to you, make a wise decision to select a method suited to you. Do not forget to check the reviews about their service to have satisfaction while making a transaction.