20 Aug 2024
For many Ghanaians living in Australia, supporting loved ones back home is a huge responsibility and a cherished act of connection. Remittances are a vital source of income for countless families in Ghana.
However, planning the timing of your money transfer from Australia to Ghana can significantly impact the value your loved ones are likely to receive. This comprehensive guide explores factors to consider when deciding the best times to send money to Ghana from Australia, ensuring your hard-earned money reaches timely.
Oftentimes, when there is a celebration or festival, you will have to support your family back home financially. Cultural activities are an integral part of Ghanaians’ lives, supporting the dynamics of a culture that goes beyond national boundaries.
To the Ghanaians living in other countries, most especially in Australia, an opportunity is available for them to chip in financially on these traditions and festivals, provided they would also want to keep their beloved ones in Ghana near to their hearts. Seasonal trends and events in Ghana can influence remittance decisions significantly:
Lastly, dealing with the last two aspects of the topic, it is necessary to mention that, as a rule, the preparation for the end of the year is accompanied by the manifestation of the desire to give.
This is mainly in line with their customs and traditions of having well-outfitted feasts, corals, and exchange of gifts, and most of all, spending time with family, especially during Christmas. At such a time, the remittance proves to be a morale booster socially and economically, as the money will go a long way in paying for special festival foods, clothing and even gifts.
September is indicative of a change in the atmosphere in Ghana; this is the start of a new academic term for the learners. Most families feel anxious when it comes to paying fees, acquiring school uniforms, and other essentials that may be required in school.
Remitting in huge portions during this period might seem challenging; however, a strategic remittance can guarantee your kin enough money to enable their children to do so. Such investment in education will inevitably open a new horizon in the setting of a better future for not only the specific student but for the global society in general.
Festivals can be regarded as an important aspect of the shape and color of Ghana, and as such, the country’s stock is rich in colorful festivals born from culture and history and the lush fruits of the land. Below are a couple of prominent examples that hold particular significance for planning the remittance:
Organized mainly in the Greater Accra Region, The Homowo Festival is a traditional harvest festival. In this case, families get together to be thankful because of the bumper harvest. If you send money to Ghana from Australia at this time, it could be in the form of a token implying that they take part in the harvest festival, hence enriching family bonds within the household.
Organized in the historic city of Cape Coast, the Ghana National Festival of Arts is a colorful event presenting the acculturated traditions of the Givenchy people. It is a national occasion and mobilizes people of all ages and professions presenting music, dance, theater and fine arts.
A remittance during this time can help your dear ones travel and participate in the festival, in turn, they will be able to comprehend the cultural values of the country of their origin. A remittance can be made at some particular time, which perhaps coincides with a joyful occasion or when needs are likely to be higher or for a cultural occasion. This strategic process can make your financial support more meaningful and tends to build a relationship with the loving hearts in Ghana.
Beyond seasonal events, economic factors can also influence remittance decisions:
There is volatility in the conversion rate between the AUD and the GHS. A favorable exchange rate therefore will enable you to have more Cedis for your Dollars to send more values home. Use any online services or financial applications to monitor trends in exchange rates.
Generally, it remains volatile and may erode the purchasing power of your remittances, particularly the inflation rate in Ghana. As such, it warrants that one sends larger amounts before corresponding prices skyrocket, thus achieving the greatest benefit to the family members. It means you will be in a position to know better when you undertake remittances in the Ghanaian market since knowing economic factors and the exchange rates will help you do so at the right time.
ACE Money Transfer is recognized as one of its kind, and it promises exchange rates with the convenience of fast and secure online money transfer from Australia to Ghana. Below are some perks of ACE Money Transfer that make it the perfect solution for sending money to Ghana:
ACE sets priorities towards providing you with the best exchange rates for you to have the most value for your money while sending money to Ghana.
However, ACE Money Transfer presents precise details of all the charges that apply to the transaction so that you have to anticipate. ACE seamless service also means no hidden charges that are imposed on the customers.
The safe online environment ensures that you can make quick and safe transfers and the money gets to your dear ones in Ghana safely.
ACE Money transfer does value the customer service it offers because it uses the best methods to enhance the sending and receiving of funds.
When transacting with ACE Money Transfer, customers are guaranteed to make their remittances arrive in Ghana at the right time to assist and support the receiver most when factors such as the ones discussed above are considered.
It has been proven that money sent home is often the primary source of income for many homes in Ghana. You can plan the amount of money you remit from Australia to Ghana based on seasonal practices, economic circumstances, as well as exchange rates. Since every small change in exchange rates or while making the transfer during an emergency can affect the well-being of your loved ones in a big way, it is important that you do not take this responsibility lightly.
Use features available on the internet, monitor the changes in economic environments, and preferred money transfer companies like ACE Money Transfer to send money online to Ghana from Australia and get the best value for your hard earned money.
Indeed, three key months likely to observe elevated levels of required remittance include December for Christmas and New Year celebration as well as September for back to school.
It might be Homeho or the Festival of Arts where even families could require some assistance in terms of festivities or transport.
Exchange Rates
This is because every 1 AUD sent translates to more Cedis than for the same 1 Dollar, thereby enabling senders to send more value.
Inflation
Inflation crises in Ghana also fuel the decline in the buying power of your remittance. The decision to authorize larger transfers should be made before dramatic price increases.
Yes indeed, basically many online resources and financial apps do offer exchange rate tracking and probably money transfer as well.
The source of the money transfer must also reach the intended party at the right time in order to get a maximum value from the remittance. It is important to think of the elements like a need for certain goods in specific seasons, economic differences, and the exchange rate.
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