Send Money To Ghana
Ghana remains one of Africa’s greatest success stories. It enjoys a stable democracy and an economy that continues to grow at a steady pace. Ghana is also blessed with a gorgeous hinterland, welcoming beaches, diverse wildlife and a vibrant culture.
A trip to Ghana is incomplete without a visit to its coastal forts. These forts remain as poignant reminders of a period of time that defined the world as we know it today. The beauty is a wonder to behold and a great break from the troubles of the world.
Ghana has a population of 26 million people and its capital city is Accra. The official language is English. The official currency is the Ghanaian Cedi, whose code is GHS. One GHS is the equivalent of approximately 0.24 US dollars and 0.19 British pounds.
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The Ghanaian cedi is Ghana’s only legal tender. One Cedi is the equivalent of one hundred pesewas. Cedi notes together with pesewa coins were introduced in 1965 by Kwame Nkrumah, the country’s first president. The Cedi was put in place to replace the British pound system that had been in use in Ghana before independence.
For international transactions, the US dollar is the most widely used currency. The size of Cedi banknotes and coins increases as the size increases. The larger a banknote or coin, the bigger its value. The image of six men in all banknotes represents the fathers of the country’s independence, one of whom is Kwame Nkrumah.
Send Money with Bank Deposit
Under current regulations, holders of foreign currency accounts can only withdraw a maximum of $10,000 when travelling abroad. They are also required to provide documentation for any transfers outside Ghana.
In 2014, the Bank of Ghana, the country’s central bank, introduced a number of measures aimed at easing foreign currency controls. The move was viewed by many as a desperate attempt to save the struggling local currency.
The review also permitted exporters of goods and businesses to quote prices in cedis even if they were to receive payments in foreign currency. Exporters were also allowed to retain 60 per cent of their receipts in foreign exchange accounts while converting the other 40 per cent with 15 working days.
According to Ghanaian law, no resident is allowed to accept foreign currency when transacting any business including purchases at local markets, meals or taxi rides. Exchange of cedis to foreign currency and vice versa should only be done at a designated currency exchange or commercial bank.
At the end of a visit to Ghana, visitors are required to convert any amount exceeding 500 cedis back into US dollars or spend the money before embarking on the journey back.
British pounds, euros and dollars attract the best exchange rates in Ghana. The exchange rate is adjustable which will always work in your favour. Bigger bills always get the better exchange rates. Visitors are also advised to conduct their exchanges in Accra or any of the bigger cities to avoid running out of local currency while in the rural areas.
Send Money Through Cash Pickup
In order to deposit money into a recipient’s cedi account, you need to have their bank name, account number, official name according to his or her national ID, full address and telephone number.
It is upon you to decide how you’re going to fund the transaction. You can either use your credit card, bank account or debit card. Different banks will charge different rates. In some cases, both the sending bank and the receiving bank will each charge a fee.
Bank deposit remains one of the most convenient methods of transferring cash. This is because the cash is deposited directly to the recipient’s account and only he or she can receive it. At the same time, it is possible for some banks to not charge you any fees for the transfer especially when the recipient’s bank is another branch of the same bank.
Money Transfer Regulations
Ghana, like most African countries, has a large diaspora in Europe and America. It is heavily reliant on foreign exchange remittances from these regions. Cash pickup remains one of the most popular ways for people to send money back home. Parents with children studying abroad also use this method to send them money.
In a country like Ghana, differences in foreign exchange rates can make a huge difference to people receiving money in hard currencies like the British pound or the US dollar. Since the recipient receives the cash almost immediately it is sent, he is in a great position to take advantage of any favourable exchange rates.
Convenience is another factor in favour of cash pickups. A sender in a far off place can be able to solve issues back at home within a short time by sending cash and seeing the recipient receive it within less than one hour. This means that you don’t have to worry about having to wait for days or even weeks for the money to solve the need.