How do I compare transfer companies when sending money to Ghana?
When you’re sending money to Ghana from the US, keep an eye on:
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Ways to send money. While a few transfer companies will allow you to pay by phone or at an agent location, others are fully online and accept credit or debit cards and bank account transfers only.
- Ways to receive money. The recipient can receive the transferred money directly into a Ghanaian bank account. Another option is to collect the money by visiting a cash pickup location.
- “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.