What are the Benefits of International Remittances in The Developing African Country, Ghana?

If we talk about remittances, the idea of migrants earning in different countries come to our mind. Well, as fascinating as it sounds, the international remittances have brought a multitude of benefits for everyone on the planet. But if we talk about developing and under-developed countries such as Ghana and Nepal, then their economies are heavily affected due to this income. Migrants often send money to Ghana to fulfill the needs of their loved ones.

Do You Know Some Facts of Overseas Payments?

In 2015, a total of 601$ billion were reported to be transferred internationally. However, in 2018, this figure reached 697$ billion, as reported by the World Bank. The facilities to send money quickly online have influenced the overseas payment transfers greatly. In Ghana, the poverty rate is very prominent as the other African States. Most of the Ghanaians are living beneath the poverty line, which has resulted in a higher migration rate. Most of them send money to Ghana online, as they believe online money transfer is fast and reliable.

$2 billion were transferred to Ghana in 2015

In 2015, almost 2$ billion were transferred to Ghana through formal channels. Due to the modernization in MTC’s, people are allowed to send money online, which makes it a hassle-free process for migrants. There are various benefits of this income for Ghana; however, some of them are listed below.

  • It is helping in reducing the current account deficit.
  • Due to the investment in housing, it has a positive impact on the state’s economy.
  • Different types of expenditures such as living, education, bills, money consumption and lifestyle of the Ghanaians can be met by effectively utilizing the international income.
  • The remittances sent by individuals to their families or loved ones are helping in completing different society financial projects.
  • Almost 60–70% of the household expense is met by utilizing the money received by a migrant who is working abroad.
  • The foreign relations with other countries and international businesses are enhanced greatly due to foreign income.
  • It is helping in improving the national GDP, and it has the greatest contribution in foreign exchange of the state. These factors are leading to economic stability, which has enabled the Government to make better strategies for the welfare of its people.

What are the Money Transfer Benefits to Other Industries?

Many other industries such as Tourism, Money Transfer Providers and Foreign Investments have been benefitted dramatically due to foreign cash exchange. Ghana is already blessed with an enchanted location on the coast, which makes it an ideal spot for tourists in Africa.

What is the Role of Money Transfer Providers?

In Ghana, the use of informal channels such as sending money through relatives or friends, hiding in letters or carrying cash to home is discouraged. People also understand that these channels are unsafe, so they use different legal methods of money transfer to Ghana online.

Different providers such as Ace Money Transfer are providing efficient services in Ghana. You can find the cheapest platforms for international cash transfers. There is no more need for paying a hefty fee while during a wire transfer. Modernization has solved a significant number of problems for the state of Ghana.

People need money transfer services if they are living away from their family. It also can be for educational purposes. We are living in a modern era, and the traditional ways of transferring money are not preferred anymore. With the advancement in technology we have several convenient ways of transferring money. Companies these days also have promotional codes and other deals for you, you can consider them also to transfer money to Ghana and other countries also. All you need is to make sure of their reliability.

Using these ways, you can send money to Ghana online not even nationally but internationally also. You have so many options that it is very difficult to pick up the right option for you. So here are some suggestions for making the right choice for you.

What Are Collection Options Before You Send Money Online?

Not every person has a bank account. So if you are going to send money online 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.

What Are Payment Options?

If you are a sender, it is the most important thing you need to consider. If you have bank account, prefer those companies that can transfer money using your bank account. But if you don’t have an account and have money in cash choose those service providers that can receive payment in cash.

What Are Transfer Amount Limitations?

Before making a online money transfer to Ghana, 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.

According to an estimate by World Bank people pay 6 to 8 percent of total amount of transferrin fees. This is about 60 to 80 bucks on transfer of 1000 bucks. So, sending money abroad via bank is the most expensive way. As according to World Bank it was concluded that most of the banks charge ten percent of the total amount on average. And this is too much.

Final Thoughts

After considering all above information, you can choose the right service provider company for yourself. The most important thing is to consider exchange rates and deals offered by your service provider company. It is recommended to prefer ACE Money Transfer for convenience. They provide you with the best services and transfer your money abroad securely and quickly. They even do not charge you hidden fees. They have a convenient website and mobile application for their customers. Try their services, and you would not regret it.