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Best Ways to Send Money to Ghana

Enjoy fast transfers, low fees, great exchange rates, and helpful service when you send money to Ghana.

Read on for quick reviews, expert tips, and everything you need to transfer money to Ghana.

Sarah Edwards
Author 
Sarah Edwards
Sharon Bahravi
Editor 
Sharon Bahravi
11 minutes
February 5th, 2024
Disclosure
Best Overall
8.6
XE

XE is the top rated money transfer provider that usually appears in our search results to Ghana.

Fastest Option
8.7
WorldRemit

Users who searched to send money to Ghana usually find WorldRemit had the lowest rates and fees.

Cheapest Option
8
Regency FX

MoneyTransfers have found RegencyFX has the lowest cost for sending to Ghana.

Compare rates and fees for sending money to Ghana

There are multiple ways to easily send and receive money in Ghana but these will largely depend on the provider you decide to use.

Who are the best providers to send money to Ghana?

Ghana is becoming one of the most hospitable countries in the world. Some Americans are moving to West Africa to reconnect with their heritage. Others find opportunities for investment in Ghana’s growing economy.

Whatever your reason for wanting to transmit funds, you’ll benefit from using MoneyTransfers.com’s comparison service. Check out our provider reviews to learn more.

Two of the best providers for sending money to Ghana are:

  • WorldRemit: With no transaction fees, high visibility, and incredibly rapid transaction times, WorldRemit is a standout choice for sending funds to Ghana

  • Wise: One of the biggest and most successful money transfer providers in the world, Wise has the scale to send funds of all amounts; they also have an easy-to-use mobile app

How can I pay for my money transfer to Ghana?

When sending money to Ghana, you’ll most likely have to pay specific fees on top of the amount you send. Some of the most common payment methods include:

  • Bank transfer: Account-to-account transfers are probably the cheapest method of sending international funds; however, because banks rely on the SWIFT network, the transfer may take longer to complete

  • Debit card: With debit cards, you can pay straight from your laptop or mobile phone instead of going to the bank (just be aware that additional charges may apply)

  • Credit card: Credit cards offer the same convenience and flexibility as debit cards, though you’ll also have to pay for the interest you incur

  • Digital wallet: PayPal, GooglePay, ApplePay, and similar services make sending money much easier, but they may also charge additional fees separately from your transaction amount

What is the best way to send money to Ghana?

Generally, the best way to send money to Ghana is through a money transfer provider. In particular, we recommend WorldRemit for its close ties to the African continent. We also suggest Wise for its global presence, reasonable fees, and expedited process.

To pay for your transfer, sending money straight from your bank account is the most direct solution. Although using your bank to complete a wire transfer isn’t advisable because of the SWIFT network, we find bank transfers to be the superior option for paying off fees.

How long does it take to send money to Ghana?

Money transfer providers offer a significant advantage regarding transaction speed — transactions made through WorldRemit take mere minutes to complete, while Wise promotes next-day receipt of funds.

Certain factors, however, may affect your transaction time, no matter what service you use:

  • The amount you send: If you send more than $1,000 to Ghana, the transaction may take a bit longer, as your transaction may have to pass through several security clearances

  • When you initiate the transfer: To ensure same- or next-day delivery, you’ll need to finalize your transaction before your provider’s closing hours

What is the fastest way to send money to Ghana?

Far and away, money transfer providers are the fastest ways to get money to Ghana. They generally offer the best combination of transaction speed and competitive rates.

Two money transfer providers stand out for their service to Ghana. WorldRemit charges no transaction fees and gets funds to many African countries within minutes. We also like Wise for their worldwide reach, reasonable fees, and next-day service.

Whatever provider you select, you’ll likely get faster service than banks or wire transfer outlets. This is because money transfer providers don’t physically send your money to Ghana. Instead, you pay the provider at your local branch, and they issue a credit to your recipient’s account.

Using a debit or credit card to pay for your money transfer is your best bet. Although they may incur additional fees, their speed is a fair trade-off.

How much does it cost to send money to Ghana?

Money transfer providers usually charge their clients in one of three ways.

The first is a transfer fee. This is typically a general, one-time fee, but it might also be accompanied by other costs, depending on the receipt method.

For example, Wise offers next-day service for a nominal fee, but you’ll incur additional charges if you decide to transfer funds to a debit card, credit card, or digital wallet. Of course, these charges will be offset by speedy delivery.

The current exchange rate determines the other fee structure. Providers first have to convert your American dollars to Ghanaian cedi. A provider may charge an exchange rate markup to profit from the transaction.

The exchange rate markup depends on the mid-market rate, which is simply the mid-point between the selling and buying rates of a given currency. Many providers find this a fair way of charging customers for their services.

The third and least common way is combining transfer fees with exchange rate markups. Our top two providers, Wise and WorldRemit, work to make a fair fee structure for both.

What is the cheapest way to send money to Ghana?

If budgeting is your main concern, the cheapest way to send money to Ghana is to retain a money transfer provider and pay for it with a bank transfer.

For example, WorldRemit will send $100 to Ghana, which will be converted to approximately GH₵ 1,125, with no additional transaction fee. This is ideal for relatively small transactions up to around $1,000 (about GH₵ 11,300).

However, WorldRemit doesn’t permit American citizens to send more than $10,000 to Ghana. For larger transactions, Remitly may be more serviceable. They also don’t charge a transaction fee, relying instead on the exchange rate markup to turn a profit.

What do I need to send money to Ghana?

You’ll need to supply a few pieces of information to send money to Ghana:

  • Your personal information: You’ll be asked to give your name, address, and contact info to facilitate funding and keep your transfer safe; you must also upload a copy of a state-issued ID with your photograph, like a driver’s license or identification card, to verify your identity

  • Your recipient’s details: The provider will also need to know where and to whom they’re sending your money, along with their banking information, including their account number and the SWIFT code for their financial institution

  • Your payment method: Decide whether you want to pay for your transfer via bank deposit, debit or credit card, or digital wallet. Each of these methods has its pros and cons, so that it will come down to your preferences and priorities

What do I need to receive money in Ghana?

Your contact in Ghana must disclose certain information before they receive your money, including their name, address, and contact information. A driver’s license, passport, or state-issued ID card will help them satisfy this requirement.

Ensure you have your recipient’s banking information before initiating the transfer. Having the relevant transaction codes handy, like access codes or transaction reference numbers, might also be a good idea.

Do I pay tax on money transfers to Ghana?

Taxation on money transfers to Ghana largely hinges on the amount you send and what it’s for. Small transfers are generally taxed lower; large amounts, like real estate transactions or major investment funding, will likely be subject to a wide array of taxes.

The best approach is to fully understand the tax laws for both the United States and Ghana. If you aren’t familiar with these regulations, consider retaining a tax attorney or consultant.

What reasons do people send money to Ghana?

Emigration to Ghana is not as robust in other countries, but it’s growing. The most recent data from Statista, from 2019, shows that emigration to Ghana had more than doubled over the previous decade.

Whether your recipient has recently moved to Ghana or remained in the country while you’ve traveled abroad, they may need a little help establishing themselves or paying for things like lodging, doctor’s bills, or outstanding debts.

Ghana is also growing as an economy, as is much of West Africa. This makes the area appealing for international investors looking to expand their holdings on the African continent, especially in agriculture. Still, other senders may need to pay tuition for colleges like the University of Ghana in Accra.

Sending money to major banks in Ghana

Some of the major banks in Ghana that facilitate money transfers include Absa Bank, Agricultural Development Bank, Ecobank Ghana, Fidelity Bank of Ghana, GCB Bank Limited, Société Générale Ghana, Universal Merchant Bank, and Zenith Bank.

In addition, international banking conglomerates like JPMorgan Chase have some presence in Ghana. Most of these institutions should be able to handle your money transfer, but it’s always worth double-checking to make sure.

The USD to GHS exchange rate

Mid-market Rate
1
= 12.902126 GHS
Mid-market rate at: 16:40 UTC
USD/GHS Median: 12.908681 Low: 12.898000 High: 12.919746
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What apps can I use to send money to Ghana?

Our main recommendations for sending money to Ghana are WorldRemit and Wise; both have apps dedicated to that purpose. Other providers with user-friendly mobile apps include Remitly and Skrill.

As always, make sure you check each app’s fee structure before you use it.

Useful links for people living in Ghana

Some of the most helpful web resources for travelers and expats in Ghana include:

Studying Abroad in Ghana

Sending different amounts of money to Ghana

The particular processes, fees, and requirements for sending money to Ghana will depend mainly on the amount you’re transferring.

Sending under $1,000 to Ghana

Smaller transfers of less than $1,000 can be readily accommodated by any money transfer provider that serves the region. Wise may be the best option in this situation.

Sending $1,000 or more to Ghana

Most providers allow for transfers greater than $1,000; in this case, however, a provider that uses flat fees is preferable. WorldRemit more than fits the bill.

Sending $10,000 or more to Ghana

For sizable transfers of $10,000 or more, you’ll want to look for an established provider with experience transferring large amounts efficiently and securely.

Sending $100,000 or more to Ghana

You must work with specialty providers or exchange brokers focused on large-scale exchanges for significant expenditures like real estate or investments. Companies like Global Reach and Moneycorp may be of service in this situation.

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Contributors

Sarah Edwards
Sarah is a proficient Content Writer who specialises in the financial sector. Her expertise lies in delivering clear, informative articles that help readers navigate the complex world of financial transactions and currency exchanges.