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Beat the Fees: Cost-Effective Ways for Remittances from Germany to Ghana

06 Mar 2024

For Ghanaians seeking the best services in Germany to send money back home, known as "susu" remittances, act as a family lifeline and significantly contribute to the Ghanaian economy. However, navigating the maze of a money transfer from Germany to Ghana and keeping fees in check can be, at times, challenging. This comprehensive guide delves into cost-effective remittance strategies for Ghanaians in Germany, empowering you to maximise the value your loved ones receive. 


Understanding the Cost of Landscape

Before exploring strategies, familiarise yourself with the cost landscape stated below: 

Traditional Banks

Often, traditional banks have high fixed fees and less competitive exchange rates.

Money Transfer Operators (MTOs)

Fees can vary greatly in the case of a money transfer operator, so it is crucial to draw a comparison first for each one of them.

Mobile Money Platforms

Mobile money platforms have gained popularity, but extensive charges and network reach require deeper research.  

Exchange Rate Margins

The exchange rate offered by the exchange rate service provider can significantly impact the amount received in Ghana. Look for services offering competitive rates with minimal margins.

Hidden Charges  

Beware of additional fees like intermediary bank charges or processing fees that can add up.

Minimising Transfer Fees

Here are strategies to minimize transfer fees:

Compare Fees and Exchange Rates

Utilise comparison websites or research individual providers. Consider services with transparent fee structures and competitive exchange rates.

Utilise Bulk Transfers  

Sending larger amounts less frequently can reduce per-transaction fees. For example, instead of sending €100 monthly, send €300 every quarter. However, consider potential exchange rate fluctuations when making this decision.

Explore Promotions and Discounts

Many providers offer promotions for new customers or frequent senders. Take advantage of these opportunities while you send money to Ghana from Germany.   

Leverage Peer-to-Peer (P2P) Platforms

Consider licensed and secure P2P platforms for potentially lower fees, but carefully assess risks and regulations.  

Explore Mobile Money

Mobile money platforms are gaining popularity in Ghana, offering convenient and often fee-competitive options for sending money directly to mobile wallets.

Consider mobile money platforms like MTN Mobile Money or AirtelTigo Money, which are gaining popularity in Ghana. Ensure the platform is secure, reliable, and interoperable with your chosen sender service, like ACE Money Transfer, which partners with MTN Mobile Money for convenient payouts.    

Optimising Your Remittance Strategy

Beyond fees, consider these strategies:

Plan Ahead of Time

Initiating transfers well in advance can allow you to choose slower but cheaper options, especially for non-urgent needs. While faster transfers like express options might be convenient, they often incur higher fees. Consider the urgency of the transfer and choose the speed-cost balance that suits your needs.     

Inform Recipients

Keep your beneficiaries informed about the expected arrival time and amount to avoid confusion and ensure transparency. 

Consider Alternative Payment Methods

Explore options like direct bank transfers or international debit cards, which can offer lower fees in certain situations.    

Choose the Right Service

Select a provider with a strong reputation, security measures, and convenient features like online transfers and mobile apps. Consider reliable services while making online money transfer from Germany to Ghana, like ACE Money Transfer, known for its competitive rates and transparent fees with no hidden charges.   

Utilise Mid-Market Exchange Rates

Avoid services with significant markups on exchange rates.

Explore Alternative Payout Options

Cash pickup might be cheaper than bank transfers in some areas. Research options offered by different providers.   

Plan Your Transfer Timing

Consider sending money during off-peak hours or weekdays when exchange rates might be more favorable.  

Stay Informed

Keep yourself updated on the latest regulations and trends in the money transfer industry by following resources like the World Bank's Migration and Development Brief. It can also be done by subscribing to newsletters from reputable services like ACE Money Transfer.

Additional Considerations

Following are some of the additional considerations to bear in mind while making remittances. 

Compliance with Regulations

Ensure the chosen service complies with financial regulations in Germany and Ghana.

Security and Transparency

Verify the provider employs robust security measures and offers clear communication about fees and terms.

Customer Support

Opt for a readily available and responsive customer support provider to address any concerns.


Euros to Cedis: Cost-Effective Remittance Service for Ghanaians in Germany

Sending money home doesn't have to break the bank. By implementing these cost-effective strategies and choosing reliable providers like ACE Money Transfer, you can maximise the value your family receives in Ghana.

ACE's recent app update offers even more features and functionalities, and the process to send money online to Ghana from Germany has become a breeze. Remember, informed choices and strategic planning ensure your euros go further, strengthening your financial connection with loved ones back home.  


What are the biggest challenges Ghanaians in Germany face when sending money home?

Common barriers include high fees, fluctuating exchange rates, limited reach in rural areas, and hidden charges. Understanding cost factors and choosing the right provider are crucial.

How can I find the cheapest way to send money from Germany to Ghana?

Compare fees, exchange rates, and hidden charges across different providers - banks, money transfer operators, and mobile money platforms. Consider services like ACE Money Transfer with competitive rates and transparency.  

Are online money transfer services safe for sending money to Ghana?

With proper licensing and security measures, reputable online platforms like Azimo or WorldRemit offer secure and convenient options. Ensure both German and Ghanaian authorities regulate them.   

What are the benefits of using mobile money for remittances to Ghana?

Wider reach in rural areas, faster transactions, and potential cost savings are advantages. Choose secure and interoperable platforms like MTN Mobile Money partnered with ACE Money Transfer.   

How can I stay informed about how to send money from Germany to Ghana?

Monitor exchange rates, compare service offerings, and follow resources like the World Bank's Migration and Development Brief. You can also subscribe to updates from reliable providers like ACE Money Transfer for industry trends and promotions.

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