Money Transfer to Ghana – the Best Money Transfer Companies to Transfer Money to Ghana 

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Sending money back home to loved ones in Ghana should be convenient, fast, and affordable no matter where you are in the world. However, predatory fees levied by banks and non-transparent foreign exchange practices often erode too much value from remittances meant for friends and family in this West African nation.

Thankfully, increasing competition between money transmitters utilizing the latest financial technologies now enables immigrants residing abroad to route more money quickly and safely to recipients across Ghana. In this guide, we compare the top digital platforms providing affordable transfers tailored specifically for payment corridors into Ghana from key send markets.

By analyzing crucial factors like transparent upfront pricing, exchange rates, transfer speed and access points across the country, we break down the best way to send money to Ghana from the United States, Britain, Italy, Nigeria and beyond to save money. Following our analysis allows you to maximize your hard-earned income sent to support special occasions or daily necessities for loved ones.

Ghana’s Currency – the Ghanaian Cedi (GHS)

Ghana’s official currency is the Ghanaian Cedi, denoted by the symbol “₵” and the currency code “GHS.” The Ghanaian Cedi is further subdivided into smaller units called pesewas, and coins and banknotes of various denominations are in circulation. The currency plays a pivotal role in Ghana’s economy and serves as a medium of exchange for goods and services across the country. The Bank of Ghana is the central authority responsible for issuing and regulating the currency. Over the years, the Ghanaian Cedi has undergone changes in its denominations and designs, reflecting the country’s rich history and cultural heritage. Both residents and visitors need to be familiar with the currency to engage effectively in economic activities within Ghana.

What Are the Best Companies for Transferring Money to Ghana?

When it comes to transferring money to Ghana, there are several reliable companies that offer this service from various regions, including Germany/Europe, the United Kingdom, and the USA. Wise, a prominent player in this domain, allows transfers from these regions in EUR, GBP, and USD to Ghana, with the received currency being GHS. Revolut operates similarly, though it is worth noting that transfers from the USA through Revolut are received in USD in Ghana.

Instarem and MoneyGram also provide comprehensive services, supporting transfers from all three regions in the respective local currencies, with the recipient receiving GHS in Ghana. CurrencyFair stands out by offering a broader range of received currencies (EUR, USD, GBP) for transfers from all three regions. Xoom, TransferGo, Western Union, Remitly, and WorldRemit join this group by facilitating transfers from Germany/Europe, the UK, and the USA to Ghana, with the received currency being GHS.

Skrill provides an efficient service for transfers from Germany/Europe and the UK to Ghana, with GHS as the received currency. Lastly, XE is a versatile option, supporting transfers in EUR, GBP, and USD from all three regions and offering a choice of received currencies (GHS, EUR, USD, GBP) in Ghana. These companies collectively offer a range of options for individuals and businesses looking to transfer money to Ghana, catering to different needs in terms of sender’s currency and received currency.

What Is the Fastest Way to Transfer Money to Ghana?

When considering the fastest way to transfer money to Ghana, several providers stand out for their speed and efficiency. Wise is known for its swift transfer process, often completing transactions within a day, depending on the transfer route and method. Revolut, leveraging modern technology, also offers rapid transfers, with some transactions being instantaneous or completed within a few hours. Instarem’s service is tailored for quick cross-border transfers, typically ensuring that funds reach the recipient in Ghana promptly.

MoneyGram, a well-established player in the money transfer market, offers fast services, with some transfers being completed within minutes, especially for direct deposits and cash pickups. CurrencyFair, while known for its competitive exchange rates, also focuses on quick transfer times, often completing transactions within 1-2 business days.

Xoom, a PayPal service, stands out for its speed, often delivering funds to Ghana very quickly, especially for bank transfers and cash pickups. Western Union, with its extensive global network, enables rapid transfers, and in many cases, recipients can collect the money within minutes of the transfer being sent.

Remitly caters to urgent transfer needs with its express service option, which accelerates the transfer process significantly. WorldRemit is also known for its quick transfer capabilities, often completing transactions within minutes to hours, depending on the transfer type and destination.

Finally, XE, although primarily known for its currency exchange services, also offers expedited money transfer services, ensuring quick and efficient transfers to Ghana.

In summary, for those needing to transfer money to Ghana quickly, options like MoneyGram, Western Union, Xoom, Remitly, and WorldRemit are notable for their rapid delivery times, often completing transfers within minutes to a few hours. Meanwhile, services like Wise, Revolut, Instarem, CurrencyFair, and XE also provide fast transfer solutions, typically completing transactions within a day or two. The choice of provider may depend on the specific requirements of the sender, such as the transfer method, fees, and exchange rates, in addition to the speed of transfer.

What Is the Cheapest Way to Transfer Money to Ghana?

When it comes to finding the most cost-effective way to transfer money to Ghana, CurrencyFair stands out among the various providers. CurrencyFair is particularly notable for its low fees and competitive exchange rates, which collectively contribute to making it the cheapest option for sending money to Ghana. While other providers like Wise, Revolut, Instarem, MoneyGram, Xoom, Western Union, Remitly, WorldRemit, and XE also offer money transfer services, they typically have higher fees or less favorable exchange rates compared to CurrencyFair. Wise and Revolut are known for their transparent fee structures and real exchange rates, making them relatively affordable options, but still not as economical as CurrencyFair. Instarem, MoneyGram, Xoom, and the others provide reliable services, but their fee structures and exchange rates can result in higher overall costs for transfers to Ghana. Therefore, for those prioritizing cost above other factors such as speed or convenience, CurrencyFair emerges as the most budget-friendly choice, ensuring that more of the transferred money reaches its destination in Ghana.

Should You Transfer Money to Ghana Using Your Bank? 

When considering the most suitable method for transferring money to Ghana, opting for traditional bank services may not be the wisest choice. The primary drawback lies in the substantial costs associated with bank transfers, comprising both upfront fees and hidden expenses due to exchange rate markups. These additional charges can significantly diminish the final amount received by the recipient in Ghana. Conversely, specialized remittance services or online money transfer platforms typically offer more competitive exchange rates and lower fees, ensuring a more significant portion of the sent funds reaches its destination. Additionally, the time it takes for the money to reach Ghana is a crucial factor to consider. Bank transfers tend to be slower due to multiple intermediary banks’ involvement, resulting in delays and uncertainty. In contrast, money transfer sites and specialized remittance services prioritize speed and efficiency, often completing transfers in minutes. This expeditious process ensures that recipients in Ghana can access their funds promptly, making these alternatives a more efficient and cost-effective choice for international money transfers. In conclusion, for those prioritizing cost-efficiency and speed, money transfer sites or specialized remittance services are likely the more beneficial options when sending money to Ghana.

How to Send Money to Ghana? Step-by-Step Guide

Sending money to Ghana through online transfer services is a straightforward and user-friendly process. Here’s a step-by-step guide to assist you:

Choose a Reliable Money Transfer Service:

Begin by researching reputable money transfer services like MoneyGram, Western Union, or Remitly. Take into account factors such as exchange rates, transaction fees, transfer speed, and customer reviews. Ensure that the selected service operates in your country and supports transfers to Ghana.

Create an Account:

Visit the website of your chosen money transfer provider and register for a new account. Fill in the registration form with your personal details, including your full name, address, and contact information. Be prepared to provide valid identification to comply with security and regulatory requirements. Complete any necessary verification steps, which may involve confirming your email address or phone number through a verification link or code.

Initiate a Transfer:

After your account is set up and verified, log in using your credentials. Navigate to the money transfer section and select Ghana as the destination country for your transfer.

Enter Transfer Details:

Specify the amount you want to send, and the website should display its equivalent in Ghanaian Cedis (GHS) or other available currencies, considering the current exchange rate. Provide accurate recipient information, including their full name and, for bank deposits, their banking details. Ensuring all details are correct will help prevent delays.

Review and Confirm:

Thoroughly review all transaction details, paying close attention to the exchange rate and any associated fees. Confirm the accuracy of all details, especially those related to the recipient.

Choose Payment Method:

Select your preferred payment method, which may include options like bank transfers, debit/credit cards, or other online payment methods. Be aware of any processing times or additional fees associated with your chosen payment method.

Complete the Transaction:

After selecting your payment method, proceed to confirm and complete the payment. Make sure to make note of the transaction confirmation and any provided tracking number for future reference.

Track the Transfer:

Use the provided tracking number to monitor the status of your transfer on the service provider’s website. This feature allows you to stay updated on when the money has been sent, received, or if any issues require attention.

By following these steps, you can ensure a smooth and secure process for sending money to Ghana using online transfer services.

How Can You Find the Best Transfer Rate to Ghana?

At RemitStack, we specialize in helping our clients find the best transfer rates for sending money to Ghana. Our platform is carefully crafted to evaluate a vast array of money transfer providers, utilizing our extensive industry expertise. We focus on essential factors like exchange rates, service fees, transfer speeds, and the reliability of each provider. This ensures that our users can identify the most economical and effective options tailored to their specific requirements.

Our service is particularly advantageous for those aiming to maximize the value of their financial transactions, enabling them to secure the most favorable deals when transferring money to Ghana. RemitStack is designed to cater to both personal and business transfer needs, providing current and thorough comparisons. Our goal is to make the process of choosing the right money transfer service as transparent and straightforward as possible, helping our users make informed decisions that best suit their transfer needs.

With RemitStack, users are equipped to confidently handle the complexities of international money transfers, assured of accessing the best rates and services in the market. We are committed to demystifying this often intricate process, offering a reliable resource for those seeking the most effective financial solutions for their international transfers to Ghana.

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