How to send money to Ghana
Here's how to send a quick, affordable and secure money transfer to the Republic of Ghana.
How do I compare transfer companies when sending money to Ghana?
When you’re sending money to Ghana from Hong Kong, keep an eye on:
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Ways to send money. While a few transfer companies will allow you to pay by phone or at an agent location, others are fully online and accept credit or debit cards and bank account transfers only.
- Ways to receive money. The recipient can receive the transferred money directly into a Ghanaian bank account. Another option is to collect the money by visiting a cash pickup location.
- “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Ghana has a flexible exchange rate, which means it can change from moment to moment based on factors such as interest rates, economic stability and inflation..
How to send money to Ghana from Hong Kong
You have multiple options to send money to Ghana from Hong Kong.
- Bank transfers. Your major Hong Kong banks may allow you to wire money to banks in Ghana.
- Providers with cash pickup. Companies like Western Union and MoneyGram offer several cash pickup centers in Ghana
- Money transfer specialists. WorldRemit and other companies let you transfer money to Ghanaian bank accounts. And because it’s a trusted partners of Finder HK, OFX is offering our readers an exclusive deal of 0 in fees.
- PayPal. Electronic payment giant PayPal allows you to send money from Hong Kong to Ghana.
- M-Pesa. M-Pesa is a safe, secure way to send, receive and store money through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
Steps to send money to Ghana
- Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
- Supply your recipient’s name, contact information and bank account details as required.
- Enter the amount of your transfer and complete the transaction.
- Keep track of any receipt you receive so you can monitor the progress of your transfer.
Tips for picking up cash in Ghana
While most visits to Ghana by foreign nationals remain trouble free, there are reports of petty and violent crime. Be vigilant when you collect money from a cash pickup location and when you withdraw money from ATMs. Avoid carrying large sums of money with you by depositing your money quickly.
Cash pickup locations in Ghana
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