If you live abroad and have loved ones back home in Ghana, you may need to send money to Ghana from time to time. And there are quite a number of options available through which you can make an international money transfer to Ghana.

How to send money to Ghana

Beyond doubt, the first option that comes to mind is bank transfer. However, there are other specialist money transfer services that you can use to send money to Ghana from abroad.

In a short while, we will examine the popular money transfer services that you can use and also highlight their pros and cons. But before we dive into that, what are the things you need to know before sending money?

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Things to know before sending money

 

Before you decide on which money transfer service is the best way to send money to Ghana, you should consider:

 

  • How much it will cost you to send the money,
  • The exchange rate you’ll be sending at,
  • The limit amount that can be sent.

 

How much will it cost to send money to Ghana?

 

An international money transfer to Ghana will cost you based on the transfer platform that is being used. Below are the factors that will impact the overall cost of your transaction:

 

  • Exchange rate

 

The exchange rate at which the money transfer service operates will affect the cost of international money transfer Ghana. When it comes to the exchange rate, even a small difference can make you a huge gain or loss.

 

  • Transfer fees

 

Transfer fees should be clear and devoid of any hidden charges so that you know exactly what it’s costing you to send money to Ghana.

 

  • Amount to be transferred

 

Usually, transfer fees may include a small percentage of the amount that you are sending. Be sure of the rates for both small and large amounts.

 

What are my options?

 

As earlier stated, there are several methods, however, below are some of the most convenient and best ways to send money to Ghana.

 

WorldRemit

 

With WorldRemit, you can send mobile money to Ghana. You can also make direct bank transfers at the exact exchange rate. You may also opt to send funds in form of airtime top-up, choose the cash pickup option or send money to Ghana via a mobile wallet.

 

If you send mobile money to Ghana using WorldRemit, it typically gets to the recipient in less than 10 minutes. The exchange rate is standard and there are no hidden charges aside the singular transfer fee.

 

Via bank transfers, a maximum of GBP 6,000 (or equivalent) per transfer and per day, while cash pickups allow for GHS 32,000 to be received. The WorldRemit wallet allows you hold a maximum total of USD 2,000.

 

Pros:

 

  • Accurate exchange rates.
  • Low transfer fee.
  • Variety of transfer methods.
  • Option to physically receive cash.
  • Speedy (almost instant) transfer.
  • No hidden charges.

 

Cons:

 

  • Relatively low transfer limit cap.

 

TransferWise

 

TransferWise charges you a flat fee of GBP 2.73 plus 1.47% of the amount being sent for transfers of GBP 100,000 and below, and 1.37% for transfers above GBP 100,000, with no hidden charges.  For international money transfer to Ghana using TransferWise, the recipient gets the money within an hour, or you may even get an instant money transfer.

 

Bank transfer, Debit card, credit card, Payment Initiation Service Provider (PISP) and SWIFT are the methods by which TransferWise lets you send money to Ghana.

 

Pros:

 

  • Accurate exchange rates.
  • Low transfer fee.
  • Variety of transfer methods.
  • Speedy (almost instant) transfer.
  • No hidden charges.

 

Cons:

 

  • Relatively low transfer limit cap.
  • No option to physically receive cash.

 

Remitly

 

With Remitly, you can send money from USA to Ghana (mobile money) for as little as USD 4.99. Each transfer goes with a promised time of delivery, which if not met, your money will be returned.

 

You get to choose to send via Remitly’s Express or Economy options. Express is the fastest way and it is paid through your credit or debit card. Economy, on the other hand, gets you the lowest transfer fees and it is paid through your bank account.

 

Pros:

 

  • Accurate exchange rates.
  • Low transfer fee.
  • Variety of transfer methods.
  • No hidden charges.

 

Cons:

 

  • Relatively low transfer limit cap.
  • No option to physically receive cash.
  • Limited transfer options.

 

Western Union

 

Western Union remains of the most popular ways especially to send money money from USA to Ghana. The service normally takes a few business days, but for an added charge, it offers same- or next-day delivery.

 

Although Western Union is known to be somewhat pricey, the pros outweigh the cons for most people, as this reputable service provides the option of receiving cash in person, even for recipients who have no bank account.

 

Pros:

 

  • Variety of transfer methods.
  • Option to physically receive cash.
  • Highly reputable and widely known service.

 

Cons:

 

  • High exchange rates.
  • Usually slow transfer.
  • Relatively high transfer fee.
  • Some hidden charges.

 

MoneyGram

 

MoneyGram operates a very similar service to Western Union, but it is known to be faster, although generally more expensive. Transfers are guaranteed to arrive on the very same day or on the next business day.

 

Just like Western Union, a major plus for MoneyGram is that the recipient does not need an online presence or a bank account to receive the cash that has been sent to them. They can do so in person.

 

Pros:

 

  • Variety of transfer methods.
  • Speedy (almost instant) transfer.
  • Option to physically receive cash.
  • Highly reputable and widely known service.

 

Cons:

 

  • High exchange rates.
  • Relatively high transfer fee.
  • Some hidden charges.

 

Others

 

Aside from the 5 briefly discussed, several other options can be used to send money to Ghana from abroad including Xendpay, RIA, PaySend, Xpress Money, and so many others. Be sure to thoroughly compare all the criteria in order to decide on the service that best suits your transfer needs.