08 Aug 2024
Are you looking for remittance-friendly bank accounts to send money to Ghana from Australia? Australia is a well-developed country with a significant job market. Many people move to Australia every year to take advantage of job opportunities. Ghana is a developing country, and remittances contribute significantly to its GDP. In 2021, Ghana received US$4.5 billion in remittances, which makes up 5.9% of the GDP. According to Statista's report, 970.63 thousand Ghanaians live abroad.
Many Ghanaian people live in Australia and seek efficient remittance methods. Although there are a number of banks in Australia to meet the needs of expats, finding the best is challenging. A bank is a basic need for expats as they must manage daily life finances and remittance plans. First, expats should find a reliable and efficient bank and choose the account type. HSBC, Bankwest, and Macquarie Bank are some of the famous Australian banks. These banks offer several account types, such as savings and transaction accounts.
Before delving into bank account types, you must understand how to align your finances in two different currencies. Expats who want to send money online to Ghana from Australia must know the currency conversion rates. Keeping your money in Australian currency will benefit you as it is more worthy. One Australian dollar equals 9.58 Ghanaian Cadis.
For expats, choosing a bank that facilitates direct currency conversion is better. You can also convert currency from foreign exchange banks, but they are usually costly and time-consuming. Consider the following bank account types for managing your finances and planning your remittances efficiently:
Transaction accounts are used to manage daily transactions. Expats can use such accounts to make frequent remittances and resolve Australian financial matters. A transaction account is similar to a current account. Using transaction accounts, you can clear your financial arrears and pay your bills, taxes, and fees. You also get a card to make payments and an app to manage your finances online. These banks are highly accessible and easy to use. They have low or no monthly fees. Ghanaian expats can easily create an everyday transaction account and send money to their families in Ghana.
Opening a transaction bank account can be very convenient for expats. There are zero monthly, and transaction fees, and ATM withdrawals are free. Also, there are no restrictions on maintaining a balance or activating the account.
Savings accounts are another commonly used bank type in Australia. They are usually used to save money for a long time, whether for investment, retirement, or making an online money transfer from Australia to Ghana. Saving accounts are great for expats to build wealth and deal with emergencies.
Savings accounts offer a higher interest rate. The fees and features depend on the bank you choose. However, you cannot directly access your money in savings accounts. Once you deposit an amount, you may have to wait a certain period to access it.
If you open a savings account at HSBC Australian Bank, you don't need to pay even a single dollar. The account provides a 5.15% monthly interest rate, along with bonuses. It doesn't require any balance or maintenance changes, and you can open it in any currency.
Money market accounts combine the features of current and savings accounts. They offer higher interest rates than regular savings accounts and provide limited debit card access. They are highly accessible and are best for expats.
Expats can create a money market account to meet the needs of their financial transactions and achieve financial-saving goals. The account provides you with an ATM card or mobile app to make transactions while saving and earning interest from your deposit amount. It maintains your money and grants you access to make instant money transfers to Ghana or Australia.
HSBC Australian Dollar Liquidity Fund accounts are beneficial if you have a large amount of money and have not been able to access it for some time but need some liquidity. Liquidity means getting some cash from your account without impacting the original cost. Higher interest rates maintain the balance and enable expats to manage global and national transactions to fulfill financial duties.
As a Ghanaian, you have multiple bank options in Australia. Creating a bank account in Australia is simple. You can visit the bank branches or read more to learn about how to open a bank Account as an Expat in Australia. The following are the most common and popular banks for expats in Australia:
HBSC is one of the most reputable banks in Australia. It is connected globally, making transactions easier and highly accessible for expats. You can open any suitable account type in HBSC. It is highly affordable and serves different purposes.
Commonwealth banks are highly respected because they have strong financial value and net worth. They are the cheapest way to send money to Ghana from Australia. They offer a wide range of withdrawal options, such as cards or cheques. Furthermore, you can easily access them because their branches are spread across Australia.
Macquarie Bank is perfect for Ghanaian expats who want to build wealth and invest in businesses to improve their remittances. It is the best bank for opening a savings account as it offers high interest. You can enjoy online banking or improve financial management through mobiles using Macquarie Bank.
Finding a suitable bank account is relatively more rigid than opening one. In Australia, three types of bank accounts commonly provide solutions to every financial matter. Transaction, saving, and money market accounts are popular bank account types. A transaction account is similar to the current account and can be used to manage routine expenses, including global transactions. Saving accounts encourage expats to save money to send more money to their Ghanaian loved ones. In contrast, the money market blends both accounts and comes with a combination of certain features. You can make daily transactions while saving your money for the future through it.
Ghanaian expats have to make frequent remittance transfers to help their families in multiple areas. Having a remittance-friendly bank account is crucial for expats to make instant transactions. Although there are many ways to make money transfers from Australia to Ghana, banks are considered safe because they are registered and authentic. Before selecting an account type, expats must choose a suitable bank. There are almost 96 banks in Australia, but choosing a reliable and remittance-friendly one is essential because only some banks deal with global transfers. Banks like HSBC and Commonwealth are connected globally.
Every bank applies different charges on different account types. There are three common types of banks in Australia: Saving, Transaction, and Money Market accounts. All these serve various purposes, but the Money Market is considered best for its hybrid features. It means you can use it for daily transactions and payments of bills like a Transaction account or ensure financial saving plans with higher interest like saving accounts. In a savings account, you cannot access your money for a specified period, but you receive monthly interest, and your actual amount remains the same. More savings encourage more remittances, so choose the account by considering your demands.
Three types of bank accounts are widely known in Australia: savings, transaction, and money market accounts. Savings accounts help expats achieve future saving goals, transaction accounts are used for routine payment handling, and money market accounts are hybrid accounts serving both purposes.
Money market is the best account type for Ghanaian expats because it encourages them to save money while allowing them to make transactions and tackle their troubling financial issues.
HSBC, Macquarie, Commonwealth, and Bankwest are remittance-friendly banks. They are globally connected and ensure smooth remittance transactions.
Remittance is highly dependent upon the type of bank. Not all forms of transaction accounts support remittances. Transaction accounts created in banks like HSBC can ensure remittance transfers to Ghana from Australia.
Online remittance services and banks are affordable ways of sending money. ACE Money Transfer is a top-notch and affordable remittance service connecting Ghana with Australia.
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