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Samuel Addo arrived in the UK as a student. He got a job almost as soon as he completed his University education, which allowed him to remain in the country. While his father has a stable job back home in Ghana, he wants to start sending £500 to his parents on a monthly basis so they can lead a more comfortable lifestyle.
When he visits his local bank, he learns that they do not transfer funds to Ghana because they consider Ghanaian cedi an exotic currency. He could turn to other banks, but he instead compares money transfer companies to see what they offer.
|Money Transfer Service A||Money Transfer Service B|
|Exchange rate||1 GBP = 6.42 GHS||1 GBP = 6.59 GHS|
|Transfer speed||Instantly||2–5 business days|
|Transfer options||Cash pickup||Bank account|
|Total GHS received for £500||3,210 GHS||3,295 GHS|
While Money Transfer B takes a few more days to deliver his money, Samuel opts for its stronger exchange rate and direct deposit into his father’s Ghanaian bank account. His father stands to receive an extra 85 Ghanaian cedi as well.
When you’re sending money to Ghana from the UK, keep an eye on:
The 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.
Currency exchange rate for Ghana
You have multiple options to send money to Ghana from the UK.
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.
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