Ghana is a small state located on the coast of the Sub-Saharan Region, which is not rich but also not a developing country. It is naturally blessed with beautiful tropical forests and rainfalls, which makes it an ideal spot for tourists. Talking about the remittance industry, due to a high population of Ghanaians working in other countries, the Government of Ghana has taken many steps for the flourishment of foreign income in the state. People can send money to Ghana for their loved ones. Here is a detailed guide on how can you make a safe overseas transfer to Ghana.
Is Inter-Bank Transfer Suitable for Ghana?
Online Transfers are considered a reliable method to transfer payments internationally. The latest systems I,e; SWIFT and ATM are deployed in banks for efficient wire transfers. However, this type of transfer is more convenient for business transfers as it can cost 25–30$ per transfer. The process for making a wire transfer is listed below.
· Visit your nearest bank/IMTO’s branch.
· Submit the request for making an online transfer.
· After request acceptance, fill the given form and provide all necessary pieces of information.
· Hand-Over the Cash
· Wait for 1–2 business days
· Your payment will be added to the recipient’s account.
The main methods used for making a wire transfer are SWIFT and ATM systems. They are explained here to give you a better understanding.
What is the Role of SWIFT Money Transfer System?
This system can help you in doing inward money transfer to Ghana. The bank in the US transfers your payment to the bank in Ghana, where the cash is transferred to the recipient’s foreign exchange account. Usually, a notification is sent to the sender and receiver upon successful money transfer. You can also do outward transaction by sending money from your US’s bank account to the beneficiary’s offshore account.
Can ATM Money Transfer System Works for Ghana?
This method is quite simple. You just need to have ATM card. When you submit any payments to the bank through your card, the beneficiary can withdraw that. Only a few people in Ghana are using this method currently.
How to Send Money Online Via Websites and Apps?
One of the most facilitating methods to send money online is to use the online transfer system. Many efficient companies such as Transfer Wise, Skrill and Ace Money Transfer are providing online services to send money globally, without going an extra mile. You do not have to visit a commercial bank or IMTO physically, just a few clicks on your mobile or PC and the payments will be sent safely.
If you want to send money to Ghana online, the process of making an online transfer is pretty simple. You have to follow three basic steps, which will take less than 5 minutes (if you have a fast internet connection)
· Enter the Amount and Country
· Enter the beneficiary’s details
· Your payment will be sent!
You will also be given a TRACK ID that will help you in tracking your shipments for a better calculation of ETA (Estimated Time of Arrival)