What do you know about the cost to send money to Ghana in GBP to Cedis? Ghana is a Sub-Saharan African country whose official currency is called Cedis. People from an African country Senegal go to foreign countries to find better employment opportunities. They do it and plan to live an expatriate life because they struggle hard to make their ends meet while they work in their home countries. The kind of political turmoil and economic instability in the entire African continent is a well-known fact. This has pushed its people out of the countries, including Senegal. Expatriates from Senegal prefer England because England’s strong economy has the potential to accommodate the job seekers in its fold.
One of the basic reasons for the people of Senegal to go to the West is that their currencies are stronger than Senegal’s. A little amount in pound sterling can become big if converted into the local cash of Senegal or Ghana or any other African country for that matter.
There are a few factors which you should consider if you want to send GBP to Cedis cost-effectively.
Currency exchange rate:- Banks and online money transfer companies will offer different exchange rates for money transfer to Ghana. You are required to draw a comparison and keep an eye on the different exchange rates these companies and banks offer. There are many banks and companies which keep a small profit margin in the currency exchange rates they offer. Also, the difference in the rates is not big. It is always a small difference. These institutions capitalize on the fluctuating exchange rates in the international market. Therefore, it will be appropriate for you to compare different exchange rates coupled with keeping a close eye on the always-fluctuating international exchange rates.
Hidden charges:- Another factor of importance is that most of the companies barring ACE and just a few others, have hidden charges you have to pay at the end of the transaction. It means that these companies do not declare certain charges, nor are customers told about them. A customer feels as if the charges are the same as having been mentioned, but as soon as the transaction completes, the customer realizes that there is a lot more to pay than was anticipated. ACE, as was mentioned above, is one of the few companies that do not just have any kind of hidden charges. Rather their charges structure is so transparent that the customer cannot find any ambiguity in it. There is no complexity and complication for online money transfer to Ghana. Therefore, the customers have the confidence to pay what they have already anticipated in terms of paying fees and service charges.
Time of transfer:- Sending GBP to Cedis in a wire transfer through banks can be hazardous nowadays. Firstly, banks charge large amounts of money as service fees; secondly, there is a lot of paperwork involved; and lastly, this method takes an extraordinary amount of time in today’s fast world. Of course, waiting for around six to seven working days for funds to transfer is next to impossible for anyone, let alone someone who is living an expatriate life in a country like England. Alternatively, online money transfer companies such as ACE have developed technology-based systems which take between a few seconds to a few minutes at a maximum stretch to transfer money from one corner of the world to another. This time can fluctuate slightly depending upon the volume of funds and the countries of the sender and the beneficiary. Even with these minor fluctuations, the amount of time ACE takes to send funds will be far less than the banks in wire transfers.
Send from comfort zone:- Your cost of sending GBP to Cedis increases if you have to travel from your residence or workplace to the office of the company through which you will send money. It will consist of hazards of commuting, its cost and time, etc. Yet imagine having to transfer funds right from the middle of your comfort zone! Yes. ACE and a few other companies facilitate you to send money to Ghana online through mobile apps. These simple and easy to install and user-friendly apps help you initiate, proceed and complete a transaction regardless of time and days, whether working or off.
Conclusion:- It mostly depends on your level of awareness about the exchange rates, as is explained above and how closely you observe the factors, that help you with cost-efficient funds transfer. A lapse on all of the factors thrown light on the above can lead you to pay more unnecessarily, on the one hand, and invite frustration which will shake your trust in online money transfer companies, on the other.