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.
Before exploring strategies, familiarise yourself with the cost landscape stated below:
Often, traditional banks have high fixed fees and less competitive exchange rates.
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 have gained popularity, but extensive charges and network reach require deeper research.
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.
Beware of additional fees like intermediary bank charges or processing fees that can add up.
Here are strategies to minimize transfer fees:
Utilise comparison websites or research individual providers. Consider services with transparent fee structures and competitive exchange rates.
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.
Many providers offer promotions for new customers or frequent senders. Take advantage of these opportunities while you send money to Ghana from Germany.
Consider licensed and secure P2P platforms for potentially lower fees, but carefully assess risks and regulations.
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.
Beyond fees, consider these strategies:
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.
Keep your beneficiaries informed about the expected arrival time and amount to avoid confusion and ensure transparency.
Explore options like direct bank transfers or international debit cards, which can offer lower fees in certain situations.
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.
Avoid services with significant markups on exchange rates.
Cash pickup might be cheaper than bank transfers in some areas. Research options offered by different providers.
Consider sending money during off-peak hours or weekdays when exchange rates might be more favorable.
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.
Following are some of the additional considerations to bear in mind while making remittances.
Ensure the chosen service complies with financial regulations in Germany and Ghana.
Verify the provider employs robust security measures and offers clear communication about fees and terms.
Opt for a readily available and responsive customer support provider to address any concerns.
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.
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.
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.
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.
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.
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.
