A huge population of Ghanaians are working in different countries and they have to send money to Ghana frequently. But SWIFT system and wire transfers are not used by migrants usually. The business corporations or foreign investors are utilizing this facility mainly. If a person is investing money in Ghana or starting a business in the city, then the huge transactions are made by using wire transfers.
These transfers usually come with a high fee per transaction. Thereby, its foolishness to send a smaller amount through wire transfers. If you have to send at least 2000 pounds only then it is recommended to use wire transfers. It clearly explains the fact that why are these facilities operated by businessmen or investors mainly, because they have to send large payments, with extreme reliability. For money transfer to Ghana, online systems are considered mostly due to speed and often no documentation.
How to Send Money Online?
Wire Transfers are also used to send money online from one state to another. It is yet another example of miraculous digitalization, of the era. It is the latest online system that is being used for great quick transfers within seconds. The SWIFT system is deployed to send money worldwide quickly. Here is a short review of how these systems work.
- Swift is an encrypted push notification system that is working between every international bank and money transfer company to send money globally.
- When a transfer is made from one bank, it sends a quick notification to the recipient’s bank branch. This system automatically connects with the bank’s statistical tools, and make calculations which add the payment into the recipient’s bank digitally. Simultaneously, the payment from the sender’s account is deducted in the digital versions.
- The cash doesn’t move physically from one bank to another. The receiver is paid from the central store of the local bank.
- Every bank has its limit set up with other banks and companies. On reaching that amount, the payable amounts are physically transferred between different banks.
Are Secure and Complex Firewalls Used in Money Transfer?
The most crucial thing regarding wire transfer is security. As this system is digitalized, hackers and thieves try their best to break into the system. Most secure and too complicated firewalls are used to ensure complete security of every transfer, cash and account details of the customers. A whole team continuously works on security and maintenance of this system. For a bank to receive payment through wire transfer, they must have a SWIFT system deployed and up-to-dated in their respective payout locations. No matter you want to send money to Ghana online or wherever you want, this is good to consider.
How Can We Get a Reliable Money Transfer Service?
Different international banks and money transfer companies are providing the facility of wire transfers so that their customers can send money without any wait or delay. Latest security systems are deployed to take care of the security and privacy of money transfers. Other than that, the fee of transfer companies is relatively lower than banks. It is made sure that no miss-occurrence or malfunction happens in the total system.
What are the Ways to Send Money to Ghana Quickly?
Ghana is an economically developing country, with most of its people living beneath the poverty like most of the Sub-Saharan Region. The financial status of households there is exceptionally disruptive, and many kids are unable to get daily food. Due to these reasons, a considerable population of Ghanaians have migrated to other countries. Almost 155000 Ghanaians are currently residing in the United States, so they transfer money to Ghana frequently.
Other than the UK, Italy and Germany are considered integral corridors to send money quickly. These countries make up a large number of total remittances in Ghana.
These facts emphasize the importance of money transfer services in Ghana. There are different ways in which you can send money globally. Some of them are explained below.
- Inter Bank Wire Transfers:
Wire Transfers are considered a reliable method to send money online. The latest systems I,e; SWIFT and ATM are deployed in banks for efficient transfers. However, this type of transfer is more convenient for business transfers.
- SWIFT System:
This system can help you in doing inward money transfers. 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.
- ATM System:
If you want to send money to Ghana online, this method is quite simple. You need to have two ATM cards whereas one stays with you and the other stays with the recipient. 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.
- Money Transfer Companies:
Banks usually charge higher exchange rates and service fee. To cut the extra charges, money transfer companies stepped into this industry. There are many credible companies such as ACE Money Transfer which are providing optimized rates along with safe money transfers to Ghana. Usually, you can transfer money through an International Money Transfer Operator (IMTO) in two ways.
- Send Money to the Recipient’s Bank Account
This is a very convenient method as compared to inter-bank transfers. For this, you will have to provide the recipient’s bank details along with the SWIFT code. If the receiver does not possess a bank account, then this transfer cannot happen.
- Cash Pick-Out:
If the recipient does not have a bank account or if there is no commercial bank near to the beneficiary’s location, then he may opt for cash pickup. In this case, you can withdraw money by visiting the IMTO physical branch. This process takes only a few minutes.