25 Apr 2024
If you belong to Ghana and earn a living in Italy to send money to Ghana from Italy to offer financial support back home, it means one thing. You come from a humble financial background and seek employment abroad because you have been through the financial thick and thin more frequently than you can prepare to brace for the impact.
While you are working abroad, the financial need you send back has to be substantial. Right?
But have you ever thought that the service providers you choose do not allow you to send more than a fixed amount in one transaction? It is to make you initiate several transactions and pay more fees to them.
ACE Money Transfer offers the solution for this financial challenge; the exciting details are below.
An OECDiLibrary report said about 1 million Ghanaians lived abroad in 2020. In the following few years, their number increased due to constant migration from Ghana to developed countries.
Despite being present in large numbers abroad, their total contribution through inward remittances to Ghana amounted to $4.66 billion in 2022.
When Ghanaians expats send money online to Ghana from Italy, they have to pay the service charges on every transaction. All seems good and fine to this point.
The problem is when you have to send a larger amount, but your service provider cannot allow you to do so, and you instead initiate several transactions.
ACE Money Transfer has found a solution to it.
Now, you can send as much as 30,000 Cedi as a bank deposit and 15,000 Cedi in a Mobile Wallet from Italy to Ghana with ACE Money Transfer.
Wait. Don’t you worry!
It is not the Italian currency, which is Euro. The amount is rather the Ghanaian currency, Cedi, after conversion.
As of March 14th, 2024, the rate of one Euro to Ghanaian Cedi is 14.007935 Ghanaian Cedi. You will deliver 14.007935 Cedi to Ghana if you send one Euro from Italy.
But the question is: what if you have to send a huge amount, but your service provider does not allow you to go beyond a certain limit, which may be far below what you need to send?
According to the firm's new announcement, you can send as many as 30,000 Cedi as a bank deposit and 15,000 to a mobile wallet.
It is better to find a service provider that allows you to transfer a relatively higher amount of funds, given that you have to financially support your family back home. This alone will offer you the following few benefits.
One of the first and most important benefits of this is that you no longer have to pay fees repeatedly for sending money again and again because you cannot send a sufficient amount in one transaction and thus have to repeat the process.
You simply can send enough money back home by paying fees once only.
The other benefit is that you can attend to your family’s financial needs back home by sending the required amount in a single transaction. For example, if 25,000 Cedi is needed back home, and if there is a limit on the transaction, you will not be able to offer the required help. But with increased limits, you can send the exact amount in making one money transfer from Italy to Ghana and manage affairs.
Imagine that you have to send money repeatedly back to Ghana. How will that be for the recipients? Repeated commuting to the service provider and incurring costs due to fatigue. Right? But with an increased limit, you can send a larger amount just once and save the recipient from commuting hazards.
Since most people in Ghana use Mobile Wallets, let’s discuss them at length and highlight some of their benefits.
A Mobile Wallet is a digital or virtual wallet that stores your credit card and debit card information after being installed on a smartphone. It is almost the same as a typical wallet but with a slight difference. In a physical wallet, you use your cards physically, whereas in a mobile wallet, you use them virtually or digitally.
These mobile wallets are fit for smaller transactions. Therefore, over 90% of Ghanaian migrants use mobile wallets, given the small Average Transaction Size (ATS), alongside other benefits listed below.
These virtual wallets are extremely easy to use and convenient. The importance of mobile wallets is increasing, as can be gauged from the figures below.
For more info read: Top 5 Reasons Why Mobile Wallets Are Increasing
As mentioned earlier, mobile wallets are an easy and convenient way to manage your finances and use money for any purpose. This is the reason why their popularity is only on the rise. Have a look below.
Sending money to mobile wallets is a swift and efficient process. Your transactions and funds remain safe and are delivered in a few hours. The speed of transactions makes it impossible for scammers to penetrate the transactions.
Mobile wallets operate outside time restrictions, and most institutions operate like banks. Mobile wallets are available and accessible 24/7, and their services can be accessed from anywhere, anytime, provided the service provider is operationally present in a particular country or region.
The firm has made it extremely simple and easy to initiate a transaction by taking a few simple steps on your smartphone's screen. You can initiate a transaction and track it until it is complete.
Now, you can make an online money transfer from Italy to Ghana according to the exact needs of your family back home with ACE Money Transfer, as the firm has increased the transaction limit.
You can now send 30,000 Cedis as a bank deposit and 15,000 to a mobile wallet back in Ghana without initiating multiple transactions to pay service charges repeatedly. With it, you can enjoy live and market-competitive currency exchange rates, swift and safe delivery of funds in over 100 countries worldwide and much more for a low fee.
The increased transaction limit, allowing you to send funds in amounts specified above, helps you to aid your family and the recipients effectively and efficiently. Any doubts?
Increasing the transaction limit means you can send more funds in a single transaction than was previously allowed. In other words, you can send more funds and pay fees and service charges only once.
There are several benefits of increasing transaction limits for both the sender and the recipient. Both must pay fewer fees for sending and collecting funds, commute less, avoid fatigue, and skip costs associated with commuting to and from the service provider. It can also help you send as much money as your family requires back home at a given time.
Mobile wallets are digital wallets, much like conventional wallets, in which you store your cash and cards like credit and debit cards. In mobile wallets, you store your cards and bank account details virtually and manage your financials, making payments, including online money transfers.
Over 90% of Ghanaians use mobile wallets because these are safe, efficient and also are easily accessible. Another reason is that mobile wallets are meant to process small amounts, and Ghanaian migrants use them because they send small amounts in remittances from foreign countries back home.
An increased transaction limit can help Ghanaian migrants because they can send a larger amount at once, cater to financial emergencies back home that require immediate financial attention, avoid paying more service charges, and help their families back home in more effective and efficient ways.
Resources
· Ghanaian Diaspora
· Inward Remittances to Ghana
(Personal remittances, received (current US$) - Ghana | Data (worldbank.org)
· Mobile Wallet Stats
(Mobile payments with digital wallets - statistics & facts | Statista)
