Money Transfers

Typical Concerns:
  • What are the methods of transferring money into Ghana?
  • What are the advantages and drawbacks associated with money transfer methods in Ghana?
  • What special concerns should I have regarding money transfers into Ghana?
  • Transfer Methods
Bank To Bank – Bank account holders in foreign countries are able to transfer monies into an account at a bank based in Ghana, such as Barclays, Ecobank, Zenith Bank etc. Both the people sending and receiving money pay a fee. Fees, fund limits, and wire transfer completion times should be determined before initiating the wire transfer. Typical cost of a wire transfer from a US bank might be in the $30 range.
Money Transfer Companies – Western Union are examples of money transfer companies. Western Union transfers can be made by phone, online or in person. These funds are picked up or sent from approved locations in Ghana. The amount of the fee increases with the size the money transfer, so it can be cheaper or more expensive than bank-to-bank transfers.
Credit and Debit Cards – Debit cards can be used to withdraw money from Northern Hemisphere banks using ATM machines in Ghana. Often Ghanaian banks have a 400 Cedi daily limit on debit card withdrawals. Local restrictions by the credit card companies currently limit their use and availability as a money transfer method.
  • Advantages and Disadvantages
Bank-to-Bank – These transfers are often the cheapest alternative for large transfer amounts. The bank-to-bank method also allows for larger transfer amounts than most money transfer companies. Disadvantages include the inconvenience of going to your bank office to make the transfer and the lack of skilled bank personnel in either country, or sender error can result in significant delays in completing the transfer. Transfer delays occur often.
Money Transfer Companies -Typically this transfer method is cheaper and more convenient for small transfer amounts. Western Union does have Western Union - Global Payments for Small Business service division. Disadvantages include the need for the recipient to go to a money transfer location to pick up the funds and often there are lower limits on the amounts that can be transferred.
Credit and Debit Cards – This is often the most efficient and lowest cost method of money transfers. Debit cards typically have fairly low limits on ATM withdrawals. Credit card fraud in Ghana has historically made credit card transactions very difficult.
  • Special Concerns
Ghana is noted for fraudulent scams from gold to romance. Make certain of the people you are dealing with before transferring monies.
Helpful Resources