22 Apr 2025
Did you know that Ghanaians abroad send over $4.5 billion home every year? Sending money home isn’t just a routine; it's a lifeline. You send money to Ghana from Denmark for family needs, emergencies, education, or even investments back home. But what if you’re paying more than you should? Overcharging on international transfers is real, and it happens more than you think.
This article shares five clear signs that you might be overpaying on your Denmark-Ghana money transfers. If you notice any of these, it’s time to rethink your choice of service.
Many services charge you a fixed fee for every transfer. Sometimes, it’s €5. Other times, it could be more. If you send money to Ghana often, those fees quickly add up. Imagine sending money four times a month. That’s up to €20 gone, just in fees. And that’s not even counting what your family may lose in the exchange.
Use online money transfer services that offer low or zero-fee options for Denmark-Ghana transfers. Providers like ACE Money Transfer often run fee-free deals.
This is one of the most common and sneaky ways people lose money. You see, the real exchange rate (also called the mid-market rate) is what banks use when they trade currencies. But most transfer services don’t give you this rate. They offer a lower rate and keep the difference.
Let’s say the market rate is €1 = 13.50 GHS. But your provider gives you 12.80 GHS. That’s a difference of 0.70 GHS per euro. Multiply that by €500 and your family just lost 350 GHS.
Before sending, always check the real-time exchange rate on trusted sites like oanda.com. Compare it to what the transfer service is offering.
Some providers offer low fees, but only if you pay a certain way. If you choose to pay by credit card or instantly from your bank, they add extra charges without warning.
You might also be charged by your own bank or card company, even if the transfer service looks cheap. This kind of hidden cost is a common trick.
Always check the total cost of the transfer, including how you're paying. Using a debit card or bank transfer is usually cheaper than using a credit card.
Some banks or transfer platforms allow you to convert your money more than once.
For example:
You send euros from Denmark, your bank converts it to USD, and then it’s changed again to GHS in Ghana. That’s two exchange rates and two rounds of losses. Every time your money is converted, you lose a little to fees or bad rates.
Use services that directly send money from Denmark to Ghana in cedis. Avoid any double conversions.
You think you’re sending €500, but your family tells you they only got the equivalent of €450. What happened?
This usually means hidden deductions after the transfer has started. Either the service took more money midway, or a third party (like a local bank) charged fees. This is one of the clearest signs you’re being overcharged.
Always confirm the exact amount that your receiver will get—before hitting "Send." If a service can’t promise this, it’s time to switch.
It might feel like “just a few euros,” but for large transactions, it adds up.
For example, if you send €1,000 to Ghana and get charged an extra €50 because of poor exchange rates or hidden fees, that’s a significant amount. Over the course of a year, you could be losing €600 without even realizing it.
Let’s say you’re sending €5,000 for a business investment or school fees. An extra 5% fee means €250 gone. That's money your family or business in Ghana could’ve used.
You work hard in Denmark. Your money transfers should work just as hard to support your loved ones.
In conclusion, sending money from Denmark to Ghana is crucial for supporting families and facilitating various financial needs. However, hidden fees, unfavorable exchange rates, and other overcharging practices can significantly reduce the amount your loved ones receive. By being vigilant and informed, you can avoid these traps. Always compare services, scrutinize exchange rates, and be wary of extra charges or double conversions. Choose transparent online platforms, track your transfers, and take advantage of any special deals. Your hard-earned money should reach its intended destination efficiently and effectively, maximizing its impact in Ghana.
Yes. Some services offer fee-free transfers during promotions or when sending larger amounts.
Several factors can influence the exchange rate, including global market conditions, demand for the Ghanaian cedi, and the provider's markup.
Usually yes. Online money transfer services are faster, cheaper, and offer better rates.
Yes. Some services offer instant or same-day transfers. It depends on the provider and payment method.
