Nowadays, online money transfer trend is increasing day by day. The more the services are being used to send money globally, the more the industry is contributing to the economy. This increasing trend has attracted individuals and business-people at a higher level, who are looking to send money to Ghana.
The Past of Money Transfer Services:
Consider you are living in the late 1700s. You want money transfer to Ghana where your friend has recently shifted. The letter which showed your friend needs your financial support made you go to the post service. The postal service used to include sending the money through roads; many distances were used to be covered via walking. Imagine the scenario. This kind of transfer used to take months. Even the need of the friend, the relative or the receiver was not fulfilled. Furthermore, the paperwork and documentation were laborious. There were other hidden charges except for the transparent fee.
The money transfer at that time was vigorous, back-breaking and exorbitant. With the development of the internet, the money transfer service was emphasized, and here we are with the tremendous impacting economy’s part.
What’s now in Money Transfer?
In some years, the companies, industries, governmental organizations, and the public have used the faster ways of money transfer. 10–12% growth can be seen every year. The transactions that the larger levels of organizations make through banks or online services are adding a big to the country’s treasury. Now the industries and organizations have even direct connections with the international market. In this way, they are not obliged to pay the fee associated with the medium. According to Mauro, 4.8 trillion dollars are exchanged every day.
How do Money Transfer Operators work?
The IMF defines a money transfer operator as the organization that works through a bank or other service to transfer the funds. They provide a medium for international level transactions. The money transfer service providers work by the exchange of information between the two countries. The sending country sends the information to the recipient’s country. The recipient’s country gives the capital to the receiver. Other ways can be through a bank. The money transfer operator often issues a notification to the bank to transfer the money to the recipient’s country. In this, the bank gives the capital, but the overall manager is the money transfer operator.
What is Remittance?
Remittances are the other name for the money transfer. Personal payment is money transfer through personal accounts. They do not inquire about the source of money as such. World Bank data suggests that in 2016, 530 billion dollars’ remittances were done. The global market share has increased to almost 10%.
How to Evaluate the Competition in Online Money Transfer?
The competition between various organizations has increased significantly. The more money transfer service providers are coming in the market, the more ease to the public is coming.
Sort of the ease is promotional offers. Some operators offer a few free transactions, but others provide low commission and better exchange rates. Some provide faster transfers, and others provide better security. All of them create their customers. Search engines make relevant data accessible to the public. The fee being charged is mostly 3 to 5%.
The banks are facing the most pressure. The lowering of the fee is a problem for banks as they can face loss. At present, direct transfer from banks is expensive as compared to the money transfer services available online.
Money Sending Trend
According to a survey held in 2016, the most significant money sent was by the USA, followed by Saudi Arabia. Others were China, Switzerland, and Germany. The top money receiver countries were India, China, Mexico, and the Philippines. Surprisingly, China is among both. The increase and decrease in the remittance service utilization determine that the industry is still in the growth phase and increasing every year.
What is the Importance of Online Money Transfer?
Many money transfer companies are working worldwide. Most of them rely on their online services. Some of the significant features of online money transfer are given below:
- Online money transfer is globally one of the most used service. It provides almost half of the total remittance market. Usually, this is available worldwide. Their customers typically get a code for the money transfer. The person then shares this to the receiver and the receiver by using the code receives the money in hand. The services offered include personal transfers, prepaid cards, market place services and corporate services.
- Online money transfer is not only recommended for cash transfer to loved ones, but it is also widely used for online payments such as billing. Soon, it will be a great source of the country’s economy.
- Online money transfer is a widely accepted and trusted way. It provides the facility of personal transfer too. According to some researches, it stands in top 10 popularity, definitely after many other services. It gives the option to a bank transfer, cash pickups, mobile wallets and many different methods.
ACE Money Transfer is the money transfer service, working in over 90 countries. The procedure includes making an account and entering the personal details. After the details, if you want to send the money, select the country and choose the transfer option and enter credit or debit card details. You are done sending the money to any desirable place in the world. This service provides better protection, and also it works generally in seconds. The service is linked to banks of the respective countries too. Some banks and local service providers are connected with ACE Money Transfer to send money to Ghana online.
Is the Result Increase in Money Transfer Business?
There are just a few ways to increase the money transfer business. Gaining the trust of the customers is crucial. Proper advertising is always necessary for increasing income. Better security provision, quick transfers, and charging a low fee can highly potentiate prospective customers.
How to Compare Different Money Transfer Companies to Choose A Better One?
With the advancement in technology, we have several convenient ways of transferring money. Using these ways, we can transfer money not even nationally but internationally also. You have several options that it is tough to pick up the right choice for you. So if you want to choose the right company for you, it is needed to compare the services of different companies. Here are some points based on which you can compare different companies and can choose the best option for you to transfer online money to Ghana and other countries:
How Exchange rates offered?
Exchange rates have a strong effect on the amount you send to your loved ones living in other countries. Compare companies based on exchange rates and then choose the one that offers you exchange rates close to those being traded in the market.
Almost all companies charge transfer fees whenever you want to send money online. Some high street money transfer service providing companies charge high transfer fees, banks also charge high transfer fees. So compare different companies based on transfer fees they charge, and then choose the one that is not a burden on your budget.
What are the Available Money Transfer Options?
Another thing you need to compare is what transfer options are available at different websites or companies. Check hater you make the transfer by sitting in your home, or there is a need to visits the branch for transferring funds. Prefer online money transfer service providing companies.
How to Send Money Online with the Available Pay-Out Options?
Pay-out options should be considered must because if you do not find them, you may not be able to help your people immediately. Not every person has a bank account to send money online. So if you are going to send money to a person who does not have a bank account, prefer those service providers that can make funds available in the form of cash. Before considering any money transfer service, make sure to check the collection option they have for you.
Are There Any Limitations Regarding the Transfer Amount?
Before making a transfer, gather information about the minimum and maximum transfer amount limit. After knowing this, you can decide whether this service is cost-effective for you or not. Some companies also allow you to transfer money as minimum as one dollar. Never prefer those companies that charge you a high transfer fee for sending huge funds.
Money transfer services are needed when people live away from their families for job purposes and ant to support their loved ones. They also need this service when they have to receive payment from a client or have to send money to their business partner. Comparing different companies to choose the best option is the best thing they can to prevent extra charges. ACE money transfer is the best someone can have if they want to send money. They have a convenient mobile application and website. They have the best customer care services and let you send money whenever you want and wherever you want.
How to Find the Currency Difference While Travelling Away from Ghana?
21st century came with a revolution in information technology. IT lessened the distances, enhanced the communication ways, reduced the joblessness in the world and increased patient compliance. There is no nuisance to transfer money to Ghana. One can imagine the difference between today’s life and life in the 1800s.
Travelling is much more of a fond rather than the needs. The adventures can be a part of travelling. Usually travelling is accompanied by experiences of food hunting, finding ways to increase comfort and making or saving enough money to survive the rest of excursion.
What is the Importance of Quick Money Transfer in an Abroad Trip or Stay?
The abroad trip is always thought to be a lot of fun. One might have gone for the studies, others for the job and rest for the refreshment. A jolly nature can make the trip a pleasure to have. What you have to do? Look for the following points:
- Have maps. You can’t afford going out and getting lost in the middle of nowhere.
- Make a list of places you are keen to visit. A famous restaurant, a cinema, best shopping mall in the city, parks, zoo, gamer zones, and ancient areas could be the options. Google can help you in this, for sure.
- Arrange the travelling medium. The most affordable way would be the use of public transport, including buses and trains. Other methods can be by opting Uber ride, taxies and rent a car service.
- The most precious thing about travelling is time and money. The time adjustments are focused on the ones who are on their holidays. One day might involve going to ten paces.
- Don’t forget taking a camera with you. The more the pictures, the more the memories.
- Money can be a trial. The best way to avoid any money insufficiency is to look for cheap hotels, using public transport and eating from market places rather than five-star hotels. Still, if you are short on money, and you came from the UK to Ghana, the ways are there to transfer money to Ghana online. Your family members from Ghana can send money quickly online via online money transfer applications.
One of the best companies is ACE Money Transfer. Through them, your family members from the UK can send money online as it has extensive payout locations over the world. To get money in your bank account, ask the sender to make an account on the website. The sending money is online, and the route is secure. And just in seconds, you are rich enough to travel again.
Road trips are always an amusement. Mostly the school, college friends and teenagers plan their trips via road. Where it is purely entertainment, what comes along is growth. Yes, travelling refreshes the minds enough to look more significant at the life perspectives. The diverted mind searches for the solace in mountains, in trees, in rivers and even in the soil. Road trips are a way of making people mature as being a traveller you have to decide what suits your mood, not your needs. Trusting one’s own decisions make him/her independent. Time management is not a big deal here. As the more you drive, the more your road trip goes far away. Make sure you’re having enough water bottles and burgers to survive a minimum of three days. Also, you must have someone in your native country, who can send money online to you too.
How to Survive in a Jungle?
Assume you and your partner were on a road trip. All of a sudden, and the vehicle is out of order. Panicking is not one of the options left with the survivors. Those who have been through these situations before definitely make their way out more comfortable. But you are one who hasn’t been through this; let us guide you what steps are globally used to rescue such circumstances:
- Concentrate. Stop stressing. Look around. Look into the car. Any options to make your car’s condition better?
- Survival is never natural if you have panic attacks. If you are hungry, relax, go to the nearest tree and try to figure out nature. Focus on how can you start a fire here?
- The shelter can be the vehicle. Water and food need to be consumed in a much-limited way as you can be short on them shortly.
- Relax and wait for the Sunrise.
- According to the UN, water-borne diseases are usually a result of Jungle exposure. They mostly affect children so if you’re with a child, do every possible thing to make them secure.
- Proper clothing is a must as it can lead to mosquito, bees and other insects attack.
- If you’re in a place where the temperature is near to or below the freezing temperature, a fire is a must. Every possible technique to keep yourself away from hypothermia needs to be done. The moment it feels like a start of fever, rub your hands and do not fall or rest. The more you will feel ill, and the more hypothermia will be felt.
- After Sunrise, follow the one direction or animals’ direction. Keep walking until you see a road. Stay there and ask for the lift to every vehicle going on the road. At least one in ten will give you the ride. Congratulations, you are in a safe zone after an adventure which could be a misadventure too.
How Can Travelling be a Spiritual Journey?
For some people, travelling brings a lot of self-exploring to become a better version of them. The spiritual journey makes the person look more in-depth into nature. The superficial layers start to shed down. Whether it is a rose, a bird, a star, sky or a human, the meanings are hidden. Explorations don’t occur in just one step. It diggers and diggers, yet you will find how it was just a step to reach the actual destination. Travelling to an abandoned area or a lonely place turns the traveller explicitly into a more secure yet humble version of one’s self.
If you are fond of travelling or are just travelling for any purpose, take out some time to discover your inner and unique self.