There are numerous options out there concerning international money payments to Ghana. It is thus not always easy to know where or how to start. Online banking removes this stress – allowing for quick and hassle-free methods to send money smoothly from the UK to Ghana in as little as a few minutes.
How To Send Money to Ghana from the UK
The UK has been home to those of Ghanian descent as early as the 1990s. In 2019, The Office for National Statistics (ONS) estimated that the Ghanian-born population of the UK was approximately 114,000. It thus comes as no surprise that there is a a high demand for sending money to Ghana from the UK.
There are numerous ways in which you can send money to Ghana to from the UK – the reasons for doing so can range widely from making overseas mortgage payments, to family to paying remote employees. Whether you are looking for no-fee transfers, the best exchange rate or high-speed transfers, there are countless services to choose from to match your needs as well as budget.
Methods to Send Money to Ghana from the UK
Sending Money to Ghana via Net Banking
One of the most recurrent forms of sending money to Ghana from the UK is net banking. Funds can be directly transferred from your personal bank account through the website of the money transfer company. Banks however charge a service free for this kind of transaction, which can be particularly costly if you are sending a large sum.
Sending Money to Ghana via Online Transfer
Online transfers from the UK to Ghana can be made through the website of countless money transfer companies such as TransferWise and Remitly. These services allow customers to initiate an online transfer from your personal bank account 24/7 and directly connect to the money transfer company’s account. Typically, these transfer sites exist in the form of apps too, so that you can easily transfer while out and about.
Sending Money to Ghana via Mobile Payment Services
While mobile payment services are gaining popular in regions such as the US and Europe, popular operators including Apple Pay and Google Pay do not yet operate in Ghana.
Sending Money to Ghana via PayPal
PayPal has launched an international money transfer service, known as Xoom. Money can be sent to another party through a PayPal Xoom transfer to another account, for cash pickup or in the form of a bank deposit. It must be remembered however that this is not a free service and does incur an interest rate cost. It can initiate and fulfill a transfer within minutes.
Sending Money to Ghana via Western Union
Western Union is trusted site used sending money overseas, completing more than 800 million transactions in 2018. Western Union offers flexible solutions giving you the three options; to send money online, via mobile payment or in person. The recipient can either choose receive the money directly into their bank account or can collect the cash from a choice of 2700 agent locations in Ghana.
Can I Send Money to Ghana via Cryptocurrency?
While cryptocurrency may one day offer a simple and affordable way to transfer money overseas to Ghana, it is advised against by experts for the purpose of international money transfer.
You can send money to Ghana from home with a range of online services
Can You Transfer Money to Ghana For Free?
The majority of transfer services charge a fee per transfer. Depending on how much you want to spend and the speed in which you would like it to arrive, the service charge can vary. WorldRemit, TransferWise, Western Union and Xoom may all offer service fees but it must be remembered that interest rates and currency rates do apply. Further, the transfer of big sums often requires a greater service fee.
How Long Does It Take to Send Money to Ghana?
A prime concern of those wanting to send money internationally is reliability – fundamentally how will it take to reach the recipient? The average transfer time from the UK to Ghana via online bank transfer is 1-2 working days. Some sites, like TransferWise even promise instant transfer.
What Do You Need when Sending Money to Ghana?
Typically, when sending money overseas, you will be asked some important questions by the transfer service provider. This includes asking if you’re sending money to friends or family, or as part of a business transaction. Further details that you must provide include name, bank details and photo ID. Most transfers also require some details regarding the recipient including their contact, address and bank details.
Is it Safe to Transfer Money to Ghana from the UK?
The outlined services in this guide are a safe way to send money from the UK to Ghana. These sites are FCA regulated and approved. FCA approval means that the services are required by law to keep your money safe by storing it in a low-risk financial institution. Whichever service you choose, always check that you have a record of their FCA enrollment number. Be sure to avoid any services that cannot provide this certification.
It should always be noted that there is always an element of risk when sending money abroad. However, FCA-approved services are trusted by millions ensure the safe transition of funds. Experts recommend to provide any confidential details to the service provider, including passwords or private security information. If something seems suspicious, please report it and check with the FCA if in any doubt.