How to send money to Ghana in 2024
Sending money to Ghana is more than just a transaction. For many, it’s a way to support family, invest in education, or help communities grow. With technology making transfers faster and easier, people now have many choices. But how do you know which option is best? Should you focus on speed or cost? And what about security?
From bank transfers to digital wallets like MTN Ghana Mobile Money, there’s a method to fit everyone’s needs. This guide will break down the best ways to transfer money to Ghana based on what matters most—saving money on fees, getting funds there fast, or ensuring your transfer is secure. We’ll compare popular services, offer tips, and highlight the pros and cons of each method so you can choose the best way to send money to Ghana.
Choose a transfer method to send money to Ghana
When sending money to Ghana, balancing cost and speed is essential. Your choice depends on what’s most important to you: saving money or getting funds there quickly. Let’s break down the options:
Bank transfers
Cost: Bank transfers often have higher fees and less favourable exchange rates. They may also include hidden charges, making them more expensive overall.
Speed: Typically, bank transfers take several days to process, which can be inconvenient for urgent needs. It can take from 3 to 5 business days, depending on the bank and any intermediaries involved.
Mobile Money Services
Overview: Companies like Rocket Remit easily send money directly to mobile wallets like MTN Mobile Money, Vodafone Cash, and AirtelTigo in Ghana.
Cost: These services often charge lower fees than banks, making them a wallet-friendly choice. Typically lower than banks. Services like Rocket Remit offer competitive exchange rates with minimal or no fixed costs, making them cost-effective for sending money to Ghana.
Speed: Mobile money transfers are almost instant, so they’re great when sending money quickly. Transfers are usually completed within minutes to 24 hours. Rocket Remit, for example, provides instant transfers to mobile wallets in Ghana, which is ideal for urgent needs. The recipient receives an SMS notification when the transfer is complete, and funds can be used immediately or withdrawn at mobile money agents.
Cash Pickup Services
Cost: This method can be costly, especially for small amounts, as services like Western Union and MoneyGram often have higher fees. Higher fees compared to mobile money services but competitive when urgent cash is needed.
Speed: Money is available for pickup within minutes at designated locations throughout Ghana. Services like Western Union and MoneyGram have extensive networks for cash pickups.
Airtime Top-Up
Cost: It’s generally free or very cheap to send airtime. Usually free or incurs a minimal fee.
Speed: The top-up happens instantly, so your loved ones can use it immediately. Instant. The recipient’s phone is topped up within seconds, allowing immediate use of the airtime.
Balance cost and speed to send money to Ghana
Mobile money services like Rocket Remit are ideal if you need to send money quickly and cheaply. They combine low fees with fast delivery. For less urgent transfers and the need to send high amounts, consider other suitable but slower methods.
By knowing the differences between these methods, you can pick the best way to send money to Ghana, matching your needs for speed and budget.
Comparison Overview
For those prioritising cost: Mobile money services typically offer the best rates and lowest fees. Mobile money services provide the fastest option. Cash pickup services are a close second option for speed but not cost.
Choosing the right service depends on your specific needs, such as how much you’re sending, how quickly the funds need to arrive, and the preferred method of receiving them in Ghana. By understanding these details, you can effectively make a well-informed decision that balances cost and speed.
Send money to Ghana to mobile wallets.
MTN Mobile Money (MoMo):
How to use:
To use MTN MoMo, users must first register by visiting an authorised MTN mobile money agent with a valid photo ID. Once registered, transactions can be managed via the USSD code *170# or the MTN MoMo app.
Services:
MTN MoMo offers many services, including money transfers, bill payments, airtime top-ups, and financial services like savings and loans.
Receiving international transfers:
MTN MoMo users can receive money directly into their wallets from abroad. The sender can use services like WorldRemit, Rocket Remit, or any other international transfer service that supports mobile money deposits to MTN MoMo.
Vodafone Cash:
How to use:
Registration for Vodafone Cash is similar to MTN MoMo, requiring an ID and a visit to a Vodafone retail agent or using the USSD code *110#. Users manage their accounts via USSD or the Vodafone Cash app.
Services:
Vodafone Cash facilitates money transfers within Ghana, bill payments, and airtime purchases. They also offer the ability to link the wallet to a bank account for seamless transactions.
Receiving international transfers:
Vodafone Cash users can receive international transfers directly into their wallets. This can be facilitated through partners like Rocket Remit and other international money transfer operators that support Vodafone Cash.
AirtelTigo Money:
How to use:
To start with AirtelTigo Money, users must register at an AirtelTigo shop or authorised agent with a valid ID. Transactions can be conducted via the USSD code *110# or through the AirtelTigo Money app.
Services:
AirtelTigo Money provides services for sending and receiving money, paying bills, purchasing airtime, and accessing micro-loans and insurance products.
Receiving international transfers:
Like the other mobile wallets, AirtelTigo Money allows for international transfers directly to the user’s wallet. The sender must use an international money transfer service that partners with AirtelTigo, such as Rocket Remit or Wise.
General tips for using mobile money services to send money to Ghana
Security: Keep your PIN and other sensitive information secure and never share it with others.
Service downtimes: Be aware of any maintenance schedules or expected downtimes that may affect transactions.
Exchange rates: When sending money from abroad, be mindful of the exchange rates at which the transfer service applies, as they can significantly affect the amount received.
Mobile money services have greatly simplified how money is sent to Ghana, providing a robust platform that makes it easier for Ghanaians in Australia to support their families back home.
Sending money to Ghana from Australia?
About Rocket Remit
Rocket Remit is the world’s fastest international money transfer service. Send money instantly to over 50 overseas countries at very competitive rates.
Use the country selector to choose the country and check the rate.
Click here for more information on how to send money using Rocket Remit.
Download the Rocket Remit app from Google Play or the Apple Store