Question From Earl Griffin:
Can you transfer money to Ghana? If so, how much and what is the transfer fee?
You have not mentioned where you want to send money from; I am assuming it is the USA. Unless you have a family back there that you want to support, or there is a clear purpose, I suggest you not to send money to Ghana. In general, the West African region is where scams and fraud are very common. Many people in different parts of the world have received emails, SMSs or phone calls from scammers in this regard.
In case you have a purpose and you decide to send money to Ghana, you can read further. There are a lot of ways to send money to Ghana. The most effective and fast way is through Western Union, world’s leading money transfer operator, having operations in almost every country in the world. They allow $3000 to be sent anywhere from the US and the fee starts at $4.99.
For amounts over $3000, their foreign exchange solution may have to be used, which allows senders to send up to $10000. It has to do more with currency trading in case of the latter.
According to a report published by The World Bank, Ria Money Transfer offers you the least total cost, compared to MoneyGram and Western Union. They charge $5 per transfer if the sender pays using bank account; otherwise it is over $10. Ria allows transfers up to $2999.
Even MoneyGram allows transfers of up to $2999, but divert the sender to an exchange house – USFOREX, in case they need to send over $2999. Some operators may charge lower fees, but the exchange rate margin would cover the cost entirely. All of these services can either be accessed online on their websites and by visiting a branch.
If you want to use a bank’s framework and do not want to use a money transfer operator, you could make a Bank Wire Transfer. I hope you have got the best options to select from.