People end up sending money to Ghana for different reasons. For instance, while a Ghanaian who lives outside of the country may want to send money to his family back home, someone else might want to send money to Ghana to pay for a holiday ahead of time. The reason for sending money to Ghana notwithstanding, finding a suitable way to carry out the transfer is often the need of the hour.
Transfer Money to Ghana
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Ghanaian cedi (GHS) is the official of currency of Ghana. The first cedi was introduced in 1965, and it was replaced by the second cedi in 1967. The third cedi has been in use since July 2007. One cedi is divided into 100 pesewas.
If you plan to send money to a Ghanaian bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some of the top banks in Ghana.
|Ghana Commercial Bank (GCB)||Accra||GHCBGHACXXX|
|Barclays Bank of Ghana||Accra||BARCGHACXXX|
Popular Currency Corridors
Money transfers to and from Ghana take place regularly. In 2016, around U.S. $2.1 billion was sent in remittances to Ghana from other countries. More than U.S. $1.16 billion made its way out of the country as remittances in the same year.
Check the corresponding tables to find out how much money flowed in and out of Ghana across its popular currency corridors in 2016. The amounts are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to Ghana?
Selecting a company to carry out a money transfer to Ghana from the UK, the U.S., Nigeria, or any other country requires that you compare your alternatives across some simple yet important parameters.
- Fees and exchange rate. Most money transfer companies follow different fee structures and they also tend to offer varied exchange rates. An easy way to determine which service provider will carry out your money transfer to Ghana in the most cost effective manner is to look at how much money the recipient stands to receive.
- Turnaround time. Transfers to Ghanaian bank accounts may take up to six working days to process, depending on your country of residence, the service provider you select, and the receiving bank. If you wish to send money to Ghana quickly, select a company that has agent networks in the country because such transfers tend to process almost immediately.
- Payment methods. Paying using a bank account transfer is the most common way to go. Not all companies accept debit and credit card payments. However, some even accept payments through different region-specific methods such as ACH, POLi, iDEAL, and SOFORT.
- Customer service. You may get over the phone support depending on the company you select, although online support via chat and email is easier to find. Websites such as Trustpilot and Feefo give you means to find out what real customers of different companies have to say about their services.
How to Transfer Money to Ghana?
You get different ways to initiate your money transfer to Ghana.
- Online. While several banks let you send money to Ghana online, specialist money transfer companies tend to fare better when it comes to speed and cost effectiveness.
- Over the phone. Some of the top companies let their customers send money to Ghana by speaking with currency dealers over the phone. Some even provide access to dedicated currency dealers.
- In-person. If you compare banks with money transfer companies that operate out of physical locations, you will find that the latter typically offer better value for money.
Emanuel had to move from Ghana to the UK because of work. However, his parents and younger sister stayed back in Ghana. After getting to the UK, Emanuel was to start sending some money back home to his parents. Using the bank he banked with in the UK was an option, but he decided to compare his alternatives. This is what he found after running a comparison.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = GHS 5.7632||GBP 1 = GHS 6.0070|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 1,500||GHS 8,471.90||GHS 9,010.50|
|Transfer time||3 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||GHS 538.60|
Emmanuel decided to go with the money transfer company instead of the bank because it resulted in his parents receiving a little extra money, and the company offered a quicker turnaround time too. In addition, it gave Emanuel the ability to schedule transfers according to his needs.
Cash Pickup Locations in Ghana
If sending money to Ghana in a hurry is your top priority, consider using the services of a company that has cash pickup centers in the country. Some of your options include Western Union, MoneyGram, WorldRemit, Ria, and Azimo.
|Western Union in Ghana|
|Accra Katamanto Branch Tarzan Building, Katamanto Ac Accra||Airport Square Plot 21, Airport City Accrra|
|Kumasi Best Point Suame, Suame Water Works Kumase||First Allied Sandl Sokoban, Sokoban Wood Village, Adum Kumasi, Kumasi|
|MoneyGram in Ghana|
|Accra The Royal Bank - Accra - Abeka Branch, Adjacent Aryton Drugs, Accra||FBN Bank Ghana - Kaneshie Atico Junction, Accra|
|Kumasi Ecobank Ghana Ltd, Pampaso Kejetia PMB GPO Kumasi||Ecobank Ghana Ltd - Ashtown PMB GPO St. Anne's Anglican Church Building Kumasi|
Safety Tips for Picking Up Cash in Ghana
If you plan to collect a large sum of money from a cash pickup center, consider taking someone you trust along. Petty crimes such as bag snatching and pickpocketing are common, as are attacks by motorbike-borne criminals. If you are at the receiving end of an armed robbery, do not resist as it can lead to disastrous consequences.
Avoid walking alone, especially after dark. Thefts have been reported from hotel rooms so keep your valuables with care.
What Information Do I Need to Transfer Money to Ghana?
The information you need to carry out a money transfer to Ghana depends on how you want the recipient to receive the transferred funds.
- Bank account. Information needed to send money to a bank account in Ghana includes the recipient’s complete name, a bank account number, the receiving bank’s name, and the receiving bank’s SWIFT code.
- Cash pickup center. Along with the recipient’s complete name, you will need the location of a suitable cash pickup center. The recipient may collect the money by carrying a valid form of photo ID and a transaction number.
Regulations When Transferring Money To and From Ghana
The Ghanaian cedi is a fully convertible free flowing currency so you may trade in it easily. While the country imposed strict transfer regulations in 2014, most have been lifted because of the resultant burden caused to different financial institutions. The Bank of Ghana is responsible for overseeing the country’s payment and financial systems.
The maximum you may carry out of the country as cash is U.S. $5,000 or its equivalent in another currency. The maximum limit for over-the-counter foreign currency withdrawal is set at U.S. $10,000 or its equivalent in another currency.
Before sending money to Ghana, make sure you take some time to compare the top money transfer companies according to where you live. If you can find ongoing promotional offers, you may save even more money.
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