What are the steps involved in sending money from one country to another?

Do you ever wonder about how to send money to Ghana online? In this article we will walk you through the steps which are necessary to send money online to another country or Ghana which is a Sub-Saharan African country. 

But, before we discuss the steps involved, we will take a look at the methods which people use to transfer funds online. Because, of course, different methods will require different steps such as sending money through banks has its own requirements whereas, transferring funds through online companies have their own necessary steps to be followed. 

Here is a look at the steps involved in traversing money through banks.

  • First step is the customer ID check. It is a legal requirement coming from the financial regulatory authorities for all the new customers. All the existing customers can skip this step. IDs are checked electronically now, which is a fast and easy process. 
  • Secondly, the bank will ask you about the currency you want to sell and the currency you want to buy. After that you will receive the current exchange rates which, if you are comfortable with, will be locked for you. Soon after that you will receive an email with all the important details about your transaction.
  • In the third step, you are required to ensure that your bank account has enough funds to transfer. As banks will send money from your existing bank account. 
  • In the last step your funds will be converted in the currency of your choice and the bank will send the funds to the destination bank account you have requested.

The other most popular method to send money to Ghana online is through the online money transfer companies. Different companies have different requirements which the customers have to fulfill before transferring funds online, but mostly these remain similar. 

Now let’s take a look at the steps you have to follow while transferring funds through an online money transfer company.

  • The company will ask your full name as is mentioned on your CNIC.
  • Government-issued valid copy of your CNIC, NICOP or your passport.
  • Company will ask you to provide your passport.
  • You will have to provide the full name of the recipient or beneficiary.
  • You will be asked to provide the full address of the recipient (where and if applicable).
  • You will be asked to show your relationship with the beneficiary.
  • Company will ask you to state the purpose behind sending funds.
  • You will also be asked to provide the bank details of the recipient, in case you are sending funds to recipient’s bank account.
  • The company may also ask you to provide additional information if required.
  • After you have taken these steps, you will be required to give the amount you wish to send, to the company representative.
  • After that you will be given the ToRs and disclaimers for your review, which you will read carefully and then you will be handed a receipt duly stamped and signed by the company representative for your record.
  • The agent will keep the other receipt you have signed and also a copy of your CNIC, NICOP or passport during a transfer.
  • After all of these steps, you can inform your beneficiary that the funds have been transferred.
  • You will receive a tracking number by the company which you will share with the recipient. Through this tracking number, the beneficiary will be able to track transaction.
  • You and the beneficiary will be notified through an SMS alert or an email as and when the funds are delivered and ready for the pickup. 

Conclusion:- Basically, we have thrown light on the steps involved for sending money online to Ghana or elsewhere of banks and the online money transfer companies. Because, these are the two most popular methods of transferring funds and people come to a few credible and reputable companies such as ACE Money Transfer for availing quality services. Rest of the methods are a subsidiary of these two basic methods to transfer funds and send money online.