11 Nov 2024
Ghanaians in Ireland frequently send money to Ghana from Ireland to help friends and family back home. However, hefty transfer costs and unstable currency rates may decrease the amount sent. Determining the most efficient and cost-effective method of sending money to family members in Ghana can have a huge impact. This article offers advice on how Ghanaians living in Ireland could make remittances to ensure that more of their hard-earned money goes to their family back home.
Making remittances can cost a lot of money, depending on the methods chosen. Unstated costs and unfavorable currency rates sometimes decrease the value of the transfer; some services charge up to 7% of the money sent. Remittances constitute around 6% of Ghana's GDP, making them a vital component of its economy.
Therefore, both senders and recipients need to optimize the amount they receive. Ghanaians living in Ireland can benefit from their transfers by being aware of their possibilities and selecting the most economical ones.
Various methods have been used for generations to send money online to Ghana from Ireland. The top five modern-day modes of remittance have been picked, which can also eliminate the traditional methods.
Remittances to Ghana can now be sent via digital platforms like ACE Money Transfer. These sites offer speedy transfer times, inexpensive costs, and reasonable exchange rates. Certain services are more desirable than others because they offer discounts or promotions to new customers. These digital services guarantee that money can be sent to the recipient's bank account or mobile wallet quickly, securely, and conveniently, often in minutes for regular remitters.
Remittances can be sent securely with the bank transfers. However, they are frequently more expensive than alternative options. Irish banks usually demand more significant costs for overseas transfers, and the exchange rates might not be as reasonable as those provided by online firms. Nevertheless, some Ghanaians still like utilizing bank transfers because they are considered more reliable and can handle more significant sums. Before moving forward, it is recommended that the fees and conversion rates provided by the banks be verified since this may significantly impact the amount of money received in Ghana.
In Ghana, mobile money services are becoming increasingly common since they offer a practical source of sending and receiving remittances. Even in places with restricted access to banks, consumers in Ghana can receive money straight on their mobile phones thanks to services like MTN Mobile Money and AirtelTigo Mone. Making an online money transfer from Ireland to Ghana via mobile platforms is a quick and convenient choice for Ghanaians living in Ireland. In addition to having lower fees than traditional services, this approach enables receivers in rural locations to get the funds fast and without the requirement for a bank account.
Though it's still a relatively new remittance alternative, cryptocurrency offers a low-cost option for tech-savvy Ghanaians living in Ireland, and sending cryptocurrencies like Bitcoin to recipients directly spares them from typical banking costs. However, there is a risk because of the cryptocurrency market's volatility, as the value of transferred funds could change. This might be a more affordable option for people aware of the hazards and have the resources to exchange cryptocurrency for local money. However, because Ghana's Bitcoin conversion infrastructure is still in its early stages of development, prudence is urged when utilizing this method.
Remittance companies such as ACE Money Transfer are well-known and reputable for sending money back home. However, compared to digital and mobile money networks, these services are typically more costly, particularly for cash pickups, with higher fees and less favorable exchange rates. These services offer a dependable alternative for Ghanaians who would instead send or receive money in a physical location. Still, they might not be the most economical in the long run.
Before making your remittance choice, it's essential to know that, as expats, you can save through remittance. All you need to have is the proper research and tips.
It's critical to compare rates on several platforms before completing any transfers. To get the best discounts, use platforms such as ACE Money Transfer since even the slightest variations in exchange rates can significantly affect the amount received in Ghana.
It's usually less expensive to transmit greater quantities less frequently than smaller amounts more frequently. This decreases transaction fees, and more money can reach the beneficiary.
Promotional prices are often available on money transfer services, especially for new users and around holidays. Watching out for these offers might result in substantial cost savings and improved exchange rates.
Whenever specific platforms offer no costs for certain quantities or during special events, always look for ways to send remittances for less money while receiving more in return.
Ghanaians living in Ireland can reduce their remittance expenses by carefully choosing the best provider, tracking exchange rates, and exploring other possibilities, such as mobile money and cryptocurrencies.
The best way to ensure that loved ones receive the most financial support is to maximize the value of each transfer. This can be done by valuing each money transfer from Ireland to Ghana with the care of ACE Money Transfer’s benefits. To make remittances simpler and more effective, consider utilizing reputable providers like ACE Money Transfer, which offers safe transactions at reasonable prices.
Online money transfer platforms like ACE Money Transfer are typically the most affordable. These platforms offer competitive fees and exchange rates compared to traditional banks or money transfer agents.
The transfer time depends on the service. Online and mobile money transfers usually take minutes to a few hours, while bank transfers may take 1-3 business days.
Mobile money platforms like MTN Mobile Money and AirtelTigo Money allow recipients in Ghana to receive funds directly on their mobile phones, making it a convenient and fast option.
Fees vary by service provider. Online and mobile transfer services typically charge lower fees than banks or traditional agents, which may charge higher fees for cash pickups.
Cryptocurrency can offer low-cost transfers but comes with risks due to market volatility. It may not be the most reliable option for everyone, especially if the recipient lacks the necessary tools to convert cryptocurrency into local currency.
