28 Nov 2023
As a Ghanaian, you grapple with many financial challenges emanating from the flailing economy of Ghana. The most critical of these challenges is poverty stemming from unemployment. To counter this, you travel to developed countries like the UK to earn a living to send money to Ghana online from UK fee-free to offer financial support back home.
Ghana Embassy Berlin reported that about 1.7 million Ghanaian migrants, accounting for 7.6% of the country’s total population, live abroad to earn a living and support their families.
Matters are complicated when it comes to transferring funds online from abroad. But do you know the reasons behind the complicated matters even though money transfers are a routine practice for you as a Ghanaian migrant working in the UK?
Well, when it comes to transferring funds, you are most careful about the costs that the process is likely to incur. Aren’t you?
This cost includes fees, currency exchange rates, hidden charges, and other charges that vary from company to company. Of all the service providers, the one service provider that stands out is ACE Money Transfer, whose first step is to offer you fee-free money transfers to Ghana from the UK until December 31st, 2023.
But this is only one step!
Continue reading to ascertain the fascinating details.
Online money transfer costs are expenses that you incur each time you send money from UK to Ghana to offer financial support to your family.
With ACE Money Transfer, however, your Ghana-bound money transfers from the UK are fee-free until the end of 2023.
While many factors affect your transaction’s cost, there are different types of costs, too. Let’s take a look.
As a migrant, you know that sending money online is easy and convenient, but it is not cheap. You have to pay fees to the service provider. Apart from the direct fees, given below are the different fee types you pay on an online money transfer.
Every financial institution has its fees that they charge, and this fee varies from institution to institution. Some of the institutions divide transfer fees into two halves – sending fees and receiving fees, which again depend on whether a transfer is domestic or international.
Your money transfers with certain institutions are routed through some intermediary financial institutions that charge fees for offering services. The use of intermediary institutions is practised by banks largely, while the only link between you and your money’s beneficiary is ACE Money Transfer should you choose the firm for the purpose!
Exchange rates are not proper fees as such, but they affect the overall cost of your transaction. Considering that these rates are either fixed or flexible, you must consider whether the rates you are offered are market-competitive or not.
Given that currency exchange rates are a tricky issue, you must understand the role of currency exchange rates in your international money transfers.
Several institutions will charge you extra for offering different features within the same money transfer. These can include transaction cancellation charges, additional speed in transfers, or choosing a different payment mode.
Let’s now compare the costs of some of the famous remittance transfer service providers.
When you send money online to Ghana from UK, your transaction stands on some critically important factors which determine the overall cost of your transfer. So, while comparing costs, consider you must not only the money but the value for your money also. Take a look below.
Service Delivery Time Exchange Rate Fees Amount Received
(1 USD to Eur) (Out of 1,000 USD)
MoneyGram In 7 days 0.942753 1.99$ 940.88 EUR
Remitly In 3-5 days 0.939700 0.00$ 939.70 EUR
Wise In 2 days 0.946450 9.03$ 937.90 EUR
XE In 1 day 0.932009 0.00$ 932.01 EUR
XOOM In 1 day 0.923451 0.00$ 923.45 EUR
Remember that the waived service charges by some of the companies are fascinating features, but these alone are not enough. Several other features also matter.
Let’s now see how ACE Money Transfer stands out in the global remittance transfer services.
With fees waived on all your money transfers to Ghana from the UK until the end of 2023 and getting live and market-competitive currency exchange rates, you will find ACE Money Transfer to be the cheapest way to send money to Ghana from UK.
However, several feathers in the firm’s cap are discussed below.
While the firm offers you live and market-competitive currency exchange rates, you can still request the firm for the latest rates at the time of transfer. If you find those rates to be favourable, you can proceed with the transfer. Otherwise, you can wait till rates favor you.
You can request the firm to add a new payment method if you are not comfortable with the available payment methods and options. This allows you to find the most suitable method.
If you want to send funds to a country that is not listed with the firm or is not available in the given options, you can request the firm to add that particular country to send money.
While transferring funds through ACE Money Transfer, you will find the option of choosing the desired currency for the transaction out of the many given options.
Until the end of 2023, you can make as many fee-free transactions as possible from the UK to Ghana, and your funds will be delivered within a few hours, which is less time than the minimum time other service providers take.
Since there is no third party involved in the process, it helps save the additional costs the presence of intermediary services incurs.
Your funds are delivered in the company of several protection and safety layers, which makes it impossible for scammers to penetrate and crack the transaction.
You can not only initiate your transaction right from the middle of your comfort zone, but you can also track the transfer until its completion without moving an inch.
You can now select your recipient from the dashboard and only confirm the payment. The firm automatically fills in the recipient’s credentials.
Your transaction code is now called the ACE Transfer Number (ATN), which you need for the processing of the transaction.
The firm has added a dark mode to its smartphone app that helps you be on the screen to transfer funds without having to affect your eyesight much.
These are some of the features that set ACE Money Transfer apart from other companies.
As mentioned earlier, your focus should not be on the costs alone when you send money to Ghana from UK with ACE Money Transfer. You should also consider the value for money you pay a service provider. For example, can you quantify the value of your money with infinite fee-free transfers until 2023’s end or the firm’s eyesight-friendly dark mode to save the health of your eyes?
Online money transfer costs are the expenses that you incur while transferring funds from one country to another.
The different fee types in online money transfers include the direct fee, exchange rates, intermediary institution’s fee (if applicable), and additional costs.
The factors that determine the costs of online money transfers include the amount, destination, payment mode, speed, safety, delivery time, and whether a transfer is local or international.
While comparing costs, you should consider the value for your money, which you can get through features like speed, safety, convenience, fee, and exchange rates.
ACE Money Transfer stands out because it allows you to request live updates, add a new country and payment method, transact in multiple currencies, enjoy dark mode, transfer funds more quickly, and a lot more.