While making money transfer, there are certain charges you have to pay. Currency exchange is the difference between the real exchange rate traded in the market and the exchange rate applied by the bank or money transfer company. Most banks charge this fee, as they offer less special prices and profit from it. Often it is a hidden fee. If you want to send money to Ghana, it can be expensive not to carefully choose the service.
How Money Transfer Fees Charged by Banks?
Let’s take the example that you will sell a property in one country and buy another property in another country. For this purpose, you need to transfer money. Let’s say it is about $300000 and you need to transfer it from Sydney to San Francisco. You will be surprised to hear that they charge about 13%. Banks charge at least 7% on average. So we can say that for $300,000 you pay $10,500.
How Can You Reduce Money Transfer Fees?
As mentioned above for transferring money, you have to pay a considerable amount of money to banks and some money transfer operators. These fees give them profit, but you do not get any benefit. There are a lot of options for you to avoid such charges. It depends on the amount you are going to transfer and the currency you are transferring. Here are some suggestions for minimizing your regular transfer fee if you want to online money transfer to Ghana.
- First of all, you need to be aware of the costs applied and recognize them.
- Then you need to compare the operators’ money exchange rate and compare it.
- By comparison, you will know the actual currency exchange fee, based on which you can choose the right money transfer operators for yourself. There are also online tools available that can compare exchange rates for you. These tools can also compare currency exchange rates and a flat transfer fee for you. You can use these tools for convenience.
- You can take services from foreign exchange brokers for exchanging money directly at rates banks pay for money transfer to Ghana or other countries.
- When you are travelling and want some cash, then it would be better to choose a local currency exchange or credit card option depending on the country you are going in.
Several money transfer companies offer you a small fee, for example, Transferwise, OFX etc. You can also prefer to send money to Ghana online as ACE Money Transfer.
People struggle hard for earning money, and it hurts them when they have to pay a lot of charges, especially fees. Sometimes you have to pay high fees because you are unaware of costs. So this article can help reduce the currency exchange fee if you want to send money to Africa or any other country. ACE Money Transfer offers you fewer fees. So it is recommended to take their services as they provide you with quick services.