Most Africans abroad send their money through Western Union or MoneyGram. But a recent report by the Office of Development Institute (ODI) indicated that the cost of sending money to Africa (including Ghana) is too high. In effect, the report indicated that Western Union and MoneyGram are ripping off Africans because they enjoy monopoly (see the report here).
In the wake of this, we decided to do some research to find out alternative means through which you can send money to Ghana at a lower cost.We have also prepared a calculator to help you to determine the cost of transferring money to Ghana (or another country) to help you to assess the medium which is the cheapest.
The cost of money transfer
You incur cost in two ways: (1) the fee you pay and (2) exchange rates.One company may give you a “good” exchange rate but they charge you a high fee. Another may give you a lower exchange rate and charge you lower fee.In order to determine which is the best deal, you need to consider the total amount that you pay to the money transfer company relative to what will be received.
In effect, you need to consider the effective exchange rate. This is where our free money transfer calculator can help you. Download for free and use it to determine cost of transfer and choose the best company.
This money transfer cost calculator is to help you to choose the cheapest means to transfer money. It takes into account hidden costs to determine the effective exchange rate that you receive. We hope you find it useful.
Do you know any means of transfer that you want to share to help others? If so please email email@example.com and we will update this post.