23 Jan 2025
Like many other immigrants in the UK, Ghanaians also seek to make an online money transfer to Ghana without having to bear much money transfer costs. The fees required to send money from the UK to Ghana are relatively easy if the remittance is large, usually for trade, aid, or investment. However, relatively small personal transfers become more costly as the percentage of the principal amount tends to be large. This places a huge financial burden on migrant remitters who barely make ends meet through what little they earn in a foreign country.
Below are some tips on how to send money to Ghana from the UK without letting it get chewed up by remittance transfer fees:
Understanding the problem is the first step towards solving it, so you must know the remittance transfer fees you will encounter when you send money from the UK to Ghana. There are generally two types of remittance fees: upfront fees and hidden fees. Upfront fees, as the name indicates, are pretty transparent and comparable, but hidden fees, such as poor exchange rates are the real money-eaters. This is because a tiny difference in the currency conversion rate can result in less money ending up in the pocket of the actual remittance recipient.
This is the most effective way to save money from getting eaten up by transfer fees. Take your sweet time analyzing and choosing the best remittance service in the UK. Different remittance service providers have different fee structures, transfer speeds, and exchange rates.
Compare these features carefully to find a service that fits your needs and offers the best value. Always check for hidden charges that might increase your overall cost unexpectedly. Opting for digital transfers is often more economical and faster than traditional methods.
As you shop for the right remittance provider, you will notice that some money transfer services have lower upfront fees but less competitive conversion rates, while others might have better exchange rates but higher upfront fees. Some service providers may also offer loyalty programs and promotions that will help reduce money transfer costs. So, you must choose a provider that suits your needs and priorities.
Online money transfer services are a great option to avoid wasting time, effort, and money when you decide to send money online to Ghana. Online service providers like ACE Money Transfer have become more popular among immigrants for convenience and cost efficiency. Unlike traditional banks, these online services have lower costs and better conversion rates. The transactions are also relatively speedy, so you don’t have to worry about taking time off work or physically going to a bank.
Fees cannot be eliminated, but their effect can be minimized. The fees are charged as a percentage of the principal amount, i.e., the money you wish to send. The larger the principal amount, the lower the burden of transfer costs. Hence, try consolidating your transfers into fewer and larger transactions. This will eliminate the hassle of paying repeated transfer costs and ensure that more money reaches the recipient’s pockets.
Although it sounds convenient to use a credit card, you must beware of the high fees, such as cash advance charges and higher interest rates. You will end up paying more for the money you send, which isn’t a very economical choice. You should use your debit card or bank account instead.
Various money transfer services offer promotions and discounts throughout the year, such as holiday season offers, fee reductions for new clients, referral bonuses, etc. Keeping track of these promotions and deals is easy if you sign up for their newsletters. While this may require a little effort, it will serve you well when you send money to Ghana.
You can effectively reduce money transfer costs by understanding how transfer fees work, using online services, comparing services, and taking advantage of promotions and discounts. As a Ghanaian living in the UK, you can use these tips to send money to Ghana from the UK without incurring high money transfer fees.
By staying informed about exchange rates, you can get the best value for your money. Choosing reliable online platforms can also save time and additional costs. Don’t forget to track seasonal deals and discounts offered by money transfer services.
Remittance fees include upfront transaction costs and hidden charges, such as exchange rates. They vary depending on the service provider, transfer method, and the amount being sent.
Compare different services by examining their transaction fees, exchange rates, and delivery times. Online platforms like ACE Money Transfer often offer lower fees and better rates.
Yes, many services reduce or waive fees for higher transfer amounts, making it more cost-effective to send larger sums less frequently.
Yes, you can avoid high fees by using online money transfer platforms, taking advantage of promotions, and refraining from using credit cards for payments.
ACE Money Transfer offers competitive exchange rates, low transfer fees, and periodic promotions, helping you save money on your money transfer to Ghana.
