The world has become a global village. Several options are available for you if you want to transfer your funds internationally, but you need to choose the best one for you. Africa is the second-largest continent, both in population and size in the world. Many people migrate to other countries when they find better job opportunities. Online services let you send money to Ghana and the rest of the countries easily. Although online services are best to consider a lot of factors that are needed to be considered while making money transfer to Ghana that belongs to Africa.
According to an estimate by the World Bank, people pay 6 to 8 percent of the total amount of transferring fees. This is about 60 to 80 bucks on the transfer of 1000 dollars. So sending money abroad via bank is the most expensive way. According to the World Bank, it was concluded that most of the banks charge ten percent of the total amount on average. And this is too much. So preferring a bank for international money transfer is not a good option.
Most of the people think that currency fluctuation is a problem only for foreign exchange traders, but today the fluctuating value of the pound against euro, dollar, and other currencies has become an issue for everyone. Most people prefer money transfer through banks, but most banks offer reduced exchange rates and get benefit from it.
Are Money Transfer Companies Better Than Banks to Send Money Online?
It is recommended to make money transfer services from specialist currency providers to send money online. Reasons behind this are as follows:
- They give much better exchange rates as compared to banks.
- There are no hidden fees, and you will pay fewer and lower fees.
- They provide you with several options regarding transfer funding and receiving money on the other side.
- Transfers are completed quickly as compared to others.
- Banks have to do a lot of things, while these money transfer services providers are specific for international money transfers. So they care for you a lot as a customer.
Comparing different companies providing online money transfer services can help in this regard. By comparison, you can select the best option for you. For this purpose, you can also use different tools available that compare companies based on the transfer fee and exchange rates they offer and let you decide what is best for you.
Several options are available for you to send money to Ghana online. But you need to consider the best option for you, and you can do this by comparing different options based on your needs. The online money transfer system is best for you if you want to money transfer to Ghana. But time is everything. It is recommended to prefer ACE money transfer services as it is convenient. Using their services, you can send money online quickly whenever you want wherever you want. They also have a suitable mobile application for your easiness. Try their website, and you won regret it.
Thanks to the concept of the world becoming a global village, the number of people and businesses moving abroad is increasing day by day. This also gives need to the transfer of money from one country to another. This process of international money transfer is known as remittance. No matter what the reason behind your efforts to send money to Ghana maybe, before getting into the process carrying out the transaction, it is important to understand the entire process.
How many different ways are there for remittance? What are the other terms involved, and how do these methods compare to one another? This article is a comprehensive guide for anyone new to the world of international money transfer.
As discussed earlier, the process of sending money abroad is known as a remittance. There are different reasons why one may need to send money abroad. From personal expenses to online shopping and even businesses that work on a global scale, everyone has their reason why the need to send money to Ghana online. Whatever the reason may be, the safety and security of the money is always a preference for the clients sending the money.
Channels of Remittance:
There are different ways in which one can send money online. From service providers like ACE money transfer to online mediums to send money to mobile wallets and even apps, there are multiple options that are available for money transfer to Ghana.
Each of these methods of sending money abroad has its own pros and cons. Determining which medium to use for the transaction purely depends on one’s preferences and needs. It is recommended to compare the pros of each medium and then decide which channels best suit one’s needs.
Terms Related to Remittance:
Some terms are related to remittance that one must be familiar with before carrying out any transaction or sending any amount abroad:
- Domestic Remittance:
This is the type of remittance that refers to the money that is sent within a country or region.
- International Remittance:
The category of remittance that involves sending money from one country to another country is known as international remittance.
- Remittance Advice:
Remittance Advice refers to the document that the client is provided by the supplier to indicate that the invoice and the payment have been cleared. This is mostly used when businesses carry out transactions to send money abroad.
- Remittance Address:
As the term indicates, the remittance address is an address. This is the address of the receiver of the money. It is critical to ensure that the remittance address is correct so that the money reaches the right destination.
- Remittance Float:
This term refers to the timeperiod that is required for the money to reach the destination. Remittance Float is a factor that varies the most depending upon the channel that one chose to send the money. It may range from twenty-four hours to five working days.