09 Nov 2023
According to the World Bank, Ghanaian expats sent USD 4.1 billion in remittances to Ghana in 2022. This represented an increase of 7.3% from the previous year. Remittances are a major source of foreign exchange for Ghana and play an important role in the country's economy.
Remittances from Ghanaian expats are used for a variety of purposes, including supporting family and friends, paying for education and healthcare, and investing in businesses. Remittances also help to reduce poverty and inequality in Ghana.
The World Bank estimates that Ghanaian expats sent a total of USD 28 billion in remittances to Ghana between 2010 and 2021. This is an important support to the country's economy.
As a Ghanaian living in Ireland, it can be hard to manage your money in two countries. You may need to send money to Ghana to help your family and friends, or you may need to get money from Ghana for unexpected costs. You may also want to keep some of your funds in Ireland while still having access to your bank account in Ghana.
This blog will talk about how Ghanaian expats living in Ireland can easily link their home country's bank accounts with their bank accounts in Ireland. You will get to know about things like how to start a bank account in Ireland, how to send money to Ghana, and how to manage your money in two countries.
To open a bank account in Ireland, you will need to provide the following:
Some banks may also ask for a letter of recommendation from your Ghanaian job or bank.
Once you have all the paperwork you need, you can apply in person at a bank office or online. Most applications take a few days to process, and once your account is accepted, you'll get a debit card and an account number.
When taking care of your money in two countries, it is important to know the following:
Exchange rates: You need to know the exchange rate if you want to send money from Ireland to Ghana. The exchange rate changes every day, so it's important to check the most recent rates before doing business.
Bank fees: When sending or receiving money abroad, banks and money transfer services usually charge fees. Before you choose a way to send or receive money, you should compare the fees.
Tax implications: If you send or receive money abroad, there may be tax implications. You should talk to a tax expert to figure out what your tax obligations are.
Here are a few ways to make sure your bank accounts in your home country and your host country work well together:
You can give and receive money right away with a mobile money account: This is a quick and easy way to send money to Ghana, but you should know that there may be fees.
Talk to a tax expert to find out what your tax responsibilities are. This will keep you from getting a big tax bill.
A recent study by the World Bank found that it costs an average of 6,17% to send money from Ireland to Ghana. This is more than the average around the world, which is 6.5%. But the price of sending money to Ghana has been going down over the past few years.
The study also found that bank transfers are the most common way to send money to Ghana. Most of the time, bank transfers are the cheapest way to send money, but it can take a few days for the money to arrive.
There are many ways to send money from Ireland to Ghana. Some of the most familiar ways are:
Bank transfers: You can send money from your bank account in Ireland to a bank account in Ghana. This is usually the cheapest way to send money, but the money may not come for a few days.
Money transfer services: You can send money to Ghana quickly and easily through several money transfer services. ACE Money Transfer, Western Union, MoneyGram, and Ria are all well-known money transfer providers. However, these services may cost more than bank payments.
Mobile money: If both you and the person you are sending money to have a mobile money account, you can use your phone to send money right away. This is a quick and easy way to send money, but you should know that there may be fees.
Expats often worry about sending money to Ghana from abroad. Keeping up with the latest trends and technologies can help you save time and money. Here are some new changes in the way money is sent between countries:
1. Digital wallets and mobile money: MTN Mobile Money and Vodafone Cash are three popular mobile money services for Ghana. With these services, you can send and receive money with your cell phone, which is easy for you and the person you are sending money to.
2. Cryptocurrency Transfers: Some expats are looking into sending money abroad using cryptocurrencies like Bitcoin. Even though this is a new trend, it's important to learn about the risks involved in cryptocurrency deals.
3. Changes to the rules: Keep an eye on how the rules about money change in both Ireland and Ghana. Changes like these can affect how easy and how much it costs to send money across countries.
4. Fintech Solutions: Fintech companies such as ACE Money Transfer are shaking up the standard banking industry by coming up with new ways to transfer money internationally. Most of the time, these offer cheaper fees, better rates, and faster transfer times.
5. Use a Comparison Website: To find the best deals on foreign money transfers. You can compare prices and fees from different service providers on these sites to get the most for your money. You can even use ACE Money Transfer's rate calculator for this purpose.
Managing money as a Ghanaian living in Ireland can be difficult, but with the right tools and tactics, it is not impossible. Integrating your bank accounts in your home country and your host country is a key step towards financial unity. You can also send money to Ghana from Ireland more quickly and for less money if you know about the latest trends in foreign money transfers, such as digital wallets, cryptocurrencies, and fintech solutions.
In this time of globalisation, it has never been easier to send money back to your home country. By using technology and making smart financial choices, you can make sure that your finances run smoothly, no matter how far away you are from your home in Ghana.
Exchange rates can fluctuate daily, and it's best to check with your bank or a reliable financial news source for the most up-to-date rates. You can also use online currency converter tools for real-time rates.
Yes, as a Ghanaian expatriate living in Ireland, you can open a bank account. It's advisable to visit local banks to inquire about their specific requirements for expatriates.
There are several ways to send money to Ghana efficiently, including using international money transfer services like Wise (formerly TransferWise), PayPal, or ACE Money Transfer. Comparing fees and exchange rates is crucial to find the most cost-effective option.
Tax regulations can be complex and may vary depending on your circumstances. It's advisable to consult with a tax professional or the Irish Revenue Service to understand your tax obligations as an expatriate.
The specific requirements may vary by bank, but typically, you'll need identification documents such as your passport, proof of address in Ireland, and documentation related to your Ghanaian bank account. It's best to contact your banks for precise details.
