Are you looking for ways to send money to Ghana from the U.S.? This guide will show you how.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Ghana is easy. But do your research and shop around for the best available deal.
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Samuel Addo arrived in America as a student. He got a job almost as soon as he completed his college education, which allowed him to remain in the country. While his father has a stable job back home in Ghana, he wishes to start sending his parents some money so they can lead a more comfortable lifestyle. To begin with, he plans to send around $1,000 every month.
His bank does not let him transfer funds to Ghana because the Ghanaian cedi is an exotic currency. He could turn to other U.S. banks, but he decides to compare money transfer companies instead. This is what he finds when he compares his options using the internet.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = GHS 2.6999||$1 = GHS 2.73007|
|Amount received for $1,000||GHS 2,537.93||GHS 2,691.88|
|Transfer time||Instantly||2-5 days|
|Transfer options||Cash pickup||Bank account|
|Difference of||GHS 153.95|
While the second money transfer company takes longer to complete the transfer, Samuel opts to use its services. This is because he wishes to transfer the funds directly into his father’s Ghanaian bank account. Besides, his father stands to receive extra money as well.
How do I compare transfer companies when sending money to Ghana?
When you’re sending money to Ghana from America, several aspects require your attention.
- Exchange rate and fees. A seemingly great exchange rate might be of no good if you have to pay an exorbitant fee. The reverse can hold true as well, where a money transfer company may provide a fee-free service but offer an unfavorable exchange rate. To get the best deal money-wise, simply compare how much money the recipient stands to receive.
- Ways to send money. American banks that allow money transfers to Ghana can let you go through the process in person, over the phone or online. Some money transfer companies operate out of physical locations, letting you send money in person. Many transfer companies limit their operations to the online world. Some let you complete the process over the phone.
- 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.
- Transfer options. A one-time transfer gives you an easy way to send money. However, if you wish to send money regularly, you may want to look for a business that lets you schedule recurring payments. Some money transfer companies let you make the most of the foreign exchange market through market orders and forward contracts.
- Using the same bank. Using a bank can be advantageous if you and the recipient have accounts with the same institution. In this case you can benefit from lower fees and quicker turnaround times.
- Processing time. If you wish to send money to Ghana in a hurry, using a money transfer company that has cash pickup locations in Ghana is your best bet, given that transfers to these locations tend to take place almost immediately. If you’re sending money to a bank account, the turnaround time can vary noticeably depending on the service provider you choose, from one to several days.
- Minimum limit. This can be a concern if you’re not sending much money, because some service providers have minimum transfer limits in place, which can be $500 or $1,000.
How do I send money to Ghana from America?
There are multiple options if you wish to send money to Ghana from the Unite States.
- Banks. You can find American banks that let you send money directly to Ghanaian bank accounts, in which case you’ll need the recipient’s bank account details. You can also think about sending a bank-issued check, money order or draft via mail.
- Non-banks. Money transfer companies such as Western Union and MoneyGram have several cash pickup centers in Ghana, so you can consider using their services. Some money transfer companies such as WorldRemit let you transfer money to Ghanaian bank accounts. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- PayPal. also allows transfer to Ghana from America. To use its services, both you and the recipient need to have PayPal accounts.
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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.
What are the steps to send money to Ghana?
The steps you have to follow when sending money to Ghana from America depend on the method you choose.
- To a bank account. If you’re sending money through your bank you may have to provide no more than the recipient’s name and account details. If you’re using a bank other than your own or a money transfer company, you’ll have to provide your bank account, debit card or credit card details. If you’re using the service of a business for the first time, you might have to register as a user first.
- To a cash pickup location. You’ll have to provide the name of the recipient along with a desired cash pickup location. To pay for the transfer, you’ll have to provide details of your bank account, debit card or credit card. After making the transfer you’ll get a reference number, which the recipient needs to collect the cash.