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10 Tips for Saving Money on Your Remittances to Ghana from the UK

30 Jan 2024


According to the Migration Observatory at Oxford University, the UK sends twice as much money abroad as it receives. Unsurprisingly, many Ghanaians live in the UK to support their loved ones back home through remittances.
 

For many Ghanaian expats in the UK, the task of transferring funds to Ghana holds significant importance in their financial lives. This activity has become particularly essential for those supporting families or handling investments back home, emphasizing the need for dependable and streamlined services to send money from UK to Ghana. However, remittance can often come with high fees and exchange rate markups.            
 

In this article, you'll explore ten practical tips to help you save money on your remittances to Ghana from the UK, ensuring that more of your hard-earned money reaches its intended destination.         

Save Money on Your Remittances to Ghana: 10 Practical Tips    

These tips range from comparing exchange rates to avoiding credit cards for transfers, ensuring that more of your hard-earned money reaches its intended destination. By following these tips, you can reduce the cost of sending money to Ghana and make the most out of your remittance strategy.  

1. Compare Exchange Rates 

Different money transfer services offer different exchange rates, so comparing rates regularly is essential to ensure you get the best deal possible. 

It's worth noting that some money transfer services offer free tools on their website or app to help you check live exchange rates. For example, ACE Money Transfer provides free tools to check live rates on their website and app.  
 

Using these tools, you can easily compare the rates offered by different services and decide which one to use to send money to Ghana from UK. This can help you save money and get the best deal possible. So, it's always a good idea to keep an eye on exchange rates and compare them regularly to make the most of your money transfer transactions.

2. Use Alerts for Favourable Rates

Various money transfer services offer rate alerts, which can be a great way to transfer money at the most favorable exchange rate. One such app is ACE Money Transfer, which provides up-to-date and personalized currency exchange rate alerts. By signing up for these alerts, you can stay informed about the latest exchange rate fluctuations and decide when to transfer your money. This way, you can save money on transaction fees and get the most out of your money transfer.

3. Watch Out for Hidden Fees

When you make a money transfer, it is crucial to compare the total cost of the transaction. Some services may promote attractive exchange rates but compensate for it with high fees. Always check the prices involved to ensure that you get the best deal.
 

ACE Money Transfer is an excellent option if you're looking for a trustworthy and affordable money transfer service provider. ACE offers a range of competitive exchange rates and charges no hidden fees. As a new customer, you can enjoy zero costs on your first transfer. You can save money and get a better deal when using ACE for remittance transactions.         

4. Bulk Transfers: Save Smartly 

It's important to consider transaction fees when sending money, as they can add up quickly, especially when sending small amounts frequently. To reduce these fees, sending more significant amounts less often is recommended. This way, you can avoid multiple transaction fees and save money in the long run. 
 

To learn about the positive impact of money transfers from the UK to Ghana, you may check out this article on the economic impact of money transfers from the UK to Ghana. Discover how these remittances are making a difference in Ghanaian communities and helping to support families.     

5. Choose the Right Transfer Speed

If you're in a hurry, some money transfer services may charge you more for using Express instead of a standard transfer. 
 

In such scenarios, ACE Money Transfer is your best bet. ACE offers instant money transfers from UK to Ghana, making the entire process quick and efficient. ACE offers competitive pricing, so you don't have to pay extra for the fastest transfer speeds.

6. Loyalty Programs: Save More   

One way to save money when sending money is to watch for services that offer discounts or rewards for their regular customers. This can help you save significant money in the long run, especially if you frequently send money. Moreover, some money transfer services like ACE provide fee-free transfers to their customers and reward their loyal customers with special prizes such as gifts, bonus cash, or even cars.  
 

It's always a good idea to check with your service provider to see if they offer such benefits to their customers. By doing so, you can enjoy additional savings and rewards for your loyalty.

7. Avoid Using Credit Cards for Transfers

It's essential to remember that credit card companies may charge additional fees when making money transfers, making the overall cost more expensive than using a bank account or debit card. 
 

To avoid these extra charges, it's recommended to use a trusted money transfer service like ACE Money Transfer. This can ensure that you get the best exchange rates and lowest transfer fees, making it the cheapest way to send money online from UK to Ghana

8. Use Online Transfer Services

One of the most significant benefits of online services is their convenience. With online services like ACE money transfer, you can send money to your loved ones in just a few clicks. You don't have to wait in long lines or make any appointments. ACE money transfer also provides you with various options to track the status of your transaction. You can check the status of your money transfer on the go through their mobile app or website, saving you time and effort. 
 

Additionally, online services often have lower overheads than traditional banks, allowing them to offer more competitive rates and lower fees. This means you can save money using a more convenient and hassle-free service.

9. Educate Yourself About Scams

It's essential to be aware of common scams when transferring money to avoid falling victim to fraudulent schemes that could result in financial losses. To ensure the safety and security of your money transfers, it's essential to use a trusted and reputable remittance service provider. ACE Money Transfer is a well-reputed and established company that provides remittance services to over 100 receiving countries. With offices in the UK, Europe, Australia, Pakistan, and Bangladesh, we take the trust of our customers very seriously. 
 

ACE Money Transfer is recognized and regulated as an Authorised Payment Institution (API) by the UK's Financial Conduct Authority (FCA), AUSTRAC in Australia, and FINTRAC in Canada. This means they follow strict compliance procedures, including anti-money laundering (AML) and know your customer (KYC) policies to ensure your money is safe and secure when using our services. So, you can trust ACE Money Transfer for all your remittance needs without any worries.

10. Regularly Review Your Transfer Strategy

When it comes to sending money abroad, exchange rates and service fees are two critical factors that can significantly impact the total cost of your remittance. These variables are subject to change and can fluctuate over time, so it's essential to periodically review your remittance strategy to ensure it is still the most cost-effective option. By staying up-to-date on the latest exchange rates and service fees, you can make informed decisions about when and how to send money abroad and potentially save money.   

The Bottom Line: Maximising Your Remittances to Ghana    

When you send money online from UK to Ghana, you can make it more cost-effective and efficient when applying the right strategies. By staying informed and making intelligent choices, you can ensure that more of your hard-earned money reaches its intended destination in Ghana.
 

Remember to compare exchange rates, watch out for hidden fees, and use rate alerts. Bulk transfers can reduce transaction fees, and choosing the right transfer speed can save you money. Loyalty programs, avoiding credit card fees, and using online services like ACE Money Transfer can further enhance your savings. Stay vigilant about scams, and regularly review your transfer strategy to adapt to changing rates and fees.
 

By following these tips, you can make the most of your remittances, ensuring that your financial support reaches your loved ones in Ghana efficiently and securely. Remember, every penny saved in the process is a penny more for your family's needs and future investments. Stay informed, choose wisely, and make your remittances count.

FAQs

How can I ensure I get the best exchange rate when sending money to Ghana from the UK?  

To get the best exchange rate, regularly compare rates offered by different money transfer services. Consider using tools provided by services like ACE Money Transfer to check live exchange rates and sign up for rate alerts to be notified of favorable rates.

Are there hidden fees I should know when sending money to Ghana?

Yes, some services may have hidden fees despite offering attractive exchange rates. Always check the total cost of the transaction, including any service fees, to ensure you're getting the best deal.  

What is the advantage of sending more significant amounts less frequently?   

Sending more significant amounts less frequently can help reduce transaction fees. Smaller, more frequent transfers often incur higher cumulative costs, so consolidating transfers can be more cost-effective.

Why should I avoid using credit cards for money transfers?

Using credit cards for money transfers can lead to additional fees charged by credit card companies. It's generally more cost-effective to use a bank account or debit card.

How do online transfer services like ACE Money Transfer save me money?

Online transfer services often have lower overheads than traditional banks, allowing them to offer more competitive rates and lower fees. They also provide convenience and time-saving benefits.  

What should I know about scams in money transfers?

Be aware of common scams and use trusted and reputable remittance service providers like ACE Money Transfer, which follows strict compliance procedures to ensure the safety and security of your transactions.  

Can setting up rate alerts help me save money on remittances?

Yes, rate alerts notify you of favorable exchange rates, allowing you to transfer money at the most advantageous times.   


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