22 Jul 2024
Imagine you offer financial support back home by making a money transfer from France to Ghana in ways that are not rooted in technology. What would you feel about it? What will the entire process be like?
You can understand this better because you are living in a tech-driven era and know the importance of technology in the process. Over a million Ghanaians are working abroad, with some working in France, to earn a living and have been sending remittances back to Ghana using technology. The use of technology has helped the flow of inward remittances to Ghana in several ways. This blog, therefore, draws your attention to how leveraging technology can increase the flow of inward remittances to Ghana.
Technological advancement has created a deep impact on every aspect of human life. The remittance industry is no exception. Not only has technology revolutionized the ways remittances are transferred across borders but it has also changed financial behaviors. Because:
· Technology has reduced distances
· Created ease and convenience
· Added speed and efficiency to a process
Whether you apply these three advantages to the remittance industry or any other field, these remain equally relevant. But the use of technology when you send money online to Ghana from France offers you several advantages. For countries like Ghana, leveraging technology in processing remittances is critically important as it can bear the following benefits.
Technology is helping Ghanaians alot with financial inclusion. More and more people are finding easy access to financial services and products offered by various service providers. As a result, the number of people enjoying financial inclusion has increased in recent years. Surveys and reports have revealed that most of the people no longer feel financially left out in Ghana.
Imagine the distance between yourself as a Ghanaian migrant working in France and the one awaiting your financial help back home. But how is this distance of thousands of miles not disturbing the cycle of your financial aid meant for your family? Well, thanks to technology it has helped you initiate and complete a financial transaction between France and Ghana regardless of the tervening distance.
You work in France or any other foreign country to support your family financially. It also means helping your family become financially independent and viable. It further means grabbing investment opportunities as they arise back home. Leveraging technology can help you grab an opportunity the moment it arises.
Your recipient can quickly receive money when you send money to Ghana online from France using technology. Now imagine there is a potential opportunity that requires funds for grabbing. Does leveraging technology not help you in such a scenario?
Here, you cannot overemphasize the benefit of leveraging technology in remittances. Economically poor countries such as Ghana deeply depend on foreign reserves, whose biggest sources are inward remittances. Therefore, using technology to process remittances helps the Ghanaian government with the quick accumulation of foreign reserves.
With the use of technology, transparency has increased in online money transfers. The entire process, from initiating a transaction to executing and completing it, is right before you. With this transparency, the safety of your hard-earned money and the overall transaction has also increased manifold.
When you use technology in your remittances, it becomes a harbinger of service innovation. Every service provider will try to stay ahead of their peers and competitors. To achieve this purpose, they leverage technology to bring innovation to their services and financial products.
With the proliferation of new apps and software in the global remittances industry, it is becoming increasingly easy to transfer funds across borders. You no longer need to step out of your comfort zone to reach a service provider, let alone the transaction. Given the online presence of your respective service providers, you can access their services 24/7 anywhere, right from the middle of your comfort zone.
This is a tricky area in your online money transfers. Getting market-competitive currency exchange rates has only become possible by leveraging technology. Taking a step further, certain service providers offer you live exchange rates by linking them with the international market where they keep fluctuating.
Learn more about currency exchange rates by clicking HERE.
Leveraging technology in transferring remittances has helped the governments of Ghana and France to create better economic policies. Economic forecasts, predictions, and preparations have become easy through technology. This helps governments to plan accordingly keeping in view the projected growth rates of inward remittances to Ghana.
Leveraging technology in your remittance transfers helps you convert a foreign currency to a local one easily and quickly. The recipient in Ghana you send funds to from France cannot use the French currency in Ghana. They have to convert it to their local currency for usage. This has become easy and convenient by leveraging technology and has also increased the flow.
Nowadays when you initiate an online money transfer with any service provider, you get an enhanced customer experience. Every service provider has aligned their services and operations according to the specific needs and requirements of their customers. It only adds to an enhanced customer experience.
Another prime benefit of leveraging technology in transferring remittances from France to Ghana is the uninterrupted cycle of the process. The tech-driven remittance transfer process allows you to send as much money back home to Ghana from France as you want and as many times. This has made the process smooth and swift simultaneously.
Since the turn of the century, many ways to transfer funds have been launched. Previously, transferring remittances was confined to banks only. You would have to do it through checks or wire transfers. But with technology advancing by leaps and bounds, several other methods have also been launched. The advantages and benefits they offer have drawn millions of people to them and also helped them rise in popularity fairly quickly. Take a quick look below.
· Wire transfers
· Checks
· Bank transfers
· Money orders
· PayPal
· Google Pay
· Venmo
· ACH
· ATM Money Transfers
· Credit cards
· Apple Pay
· Mobile Wallets
· Unified Payment Interface
· Western Union
Technology is an open platform that anyone can benefit from. But the question is whether you use the services of a company when you make an online money transfer from France to Ghana that has leveraged technology optimally. Because many service providers use technology in their remittance transfer operations. However, the question of leveraging technology optimally remains for many.
Therefore, make sure to choose a service provider that charges you a low fee and offers you live and market-competitive currency exchange rates to a) compensate you for the fee and b) offer you the best money transfer deals.
Some of the most popular ways to transfer remittances across borders are wire transfers, checks, bank transfers, money orders, PayPal, Google Pay, Venmo, ACH, ATM money transfers, credit cards, Apple Pay, Mobile Wallets, Western Union, and Unified Payment Interface. All of these ways of transferring funds have different pros and cons.
Leveraging technology in transferring funds from France to Ghana is increasing financial inclusion, bridging the gap between people and countries, helping people grab opportunities quickly and conveniently, adding to foreign reserves, offering market-competitive currency exchange rates, bringing extreme ease and convenience, and so on.
While transferring funds from France to Ghana you should consider factors such as service charges, currency exchange rates, speed of the transactions, safety and security of the funds and transactions, ease of accessing a service provider, the operational availability of the service provider, and the range of methods to send funds.
Currency exchange rates are critically important because when you transfer funds from France to Ghana in a foreign currency. You cannot use this currency in Ghana. So, you have to convert it to the local currency. Therefore, if you get uncompetitive currency exchange rates, you can face financial troubles. But if you get live and competitive rates, it will add to your amount.
You can easily get the best and most cost-effective money transfer deals only if you thoroughly search for the right service provider. Moreover, check if your service provider is offering you live and market-competitive currency exchange rates which can easily compensate you for the charges you pay the company as fees.
