Innovative Ways to Reduce Costs on Finland–Ghana Remittances

Many Ghanaians want to send money from Finland to Ghana to support their families. In 2024 alone, Ghana received over $4.7 billion in remittances, showing how vital these money transfers are. However, hidden fees, poor exchange rates, and high transfer costs can affect the amount your loved ones receive.

The good news? There are smart, effective ways to save money on every transfer. Here’s how you can cut costs and get the best value while sending remittances.

1. Compare the Remittance Platforms

Not all money transfer providers offer the same exchange rates and fees. Some banks charge up to 10% in fees, making them a costly option. Instead, look for services that provide:

• Competitive exchange rates for better value.
• Low or zero fees on specific transfer methods.
• Fast processing times to avoid delays.

2. Use Online Transfer Services

Traditional bank transfers often come with high service charges and longer processing times. Instead, opt for an online money transfer from Finland to Ghana, which offers:

• Lower fees compared to banks.
• Instant or same-day transfers for quicker access.
• Multiple payment methods, including bank deposits and mobile wallets.

Online services eliminate unnecessary costs while ensuring that more money reaches your recipient. ACE Money Transfer is a great option that provides secure and affordable transactions with competitive rates.

3. Send When the Exchange Rate is High

Exchange rates fluctuate daily, impacting the final amount your recipient receives. To get the best deal:

• Monitor exchange rate trends before sending money.
• Use alerts from money transfer services to know the best time to transfer.
• Avoid sending money on weekends or holidays, as rates are often less favorable.

A small increase in the Ghanaian cedi’s exchange rate can mean extra cash for your loved ones.

For real-time exchange rates between the Euro (EUR) and the Ghanaian Cedi (GHS), you can check exchange rates before making any transactions.

4. Send Larger Amounts Less Frequently

Sending small amounts frequently adds up to fees. Instead, combine transfers and send larger amounts less often.

Example:

• Sending €50 five times may cost more than sending €250 once due to repeated fees.

Plan your transfers to reduce transaction costs and maximize your savings.

5. Choose the Right Payment Method

Some payment options come with hidden fees. When sending money, consider:

• Bank-to-bank transfers (lower fees but slower).
• Mobile wallets (fast and low-cost).
• Cash pickups (slightly higher fees but useful for those without bank accounts).

Sending directly to a mobile wallet in Ghana is often the cheapest and most convenient option.

6. Take Advantage of Discounts and Promotions

Many money transfer services offer first-time user discounts, referral bonuses, and seasonal promotions. For example, ACE Money Transfer charges zero fee on the first transfer. 

How to benefit?

• Use first-time discounts for a lower fee on your first transfer.
• Refer friends and earn rewards for future transactions.
• Look out for special promotions during holidays or festive seasons.

By staying updated on ongoing deals, you can save money on every transfer.

7. Avoid Unnecessary Fees

Some providers charge hidden fees that can significantly increase costs. To avoid these:

• Read the fine print before selecting a service.
• Compare transfer fees and choose transparent providers.
• Opt for services that offer a real exchange rate, not one adjusted to cover fees.

A little research can help you save big on making a money transfer from Finland to Ghana.

8. Remit Money to Mobile Wallets Instead of Bank Accounts

Bank transfers in Ghana may come with higher receiving fees. Instead, opt for MTN Mobile Money, Vodafone Cash, or AirtelTigo.

Why choose mobile wallets?

• Lower transaction fees compared to bank transfers.
• Instant access to funds for recipients.
• No need for a bank account.

This method is fast, affordable, and widely used across Ghana.

9. Consider Transfer Timing to Reduce Costs

Sending money at peak hours or on weekends can sometimes increase fees. Instead:

• Send money on weekdays for lower rates.
• Avoid last-minute transfers that may come with express fees.
• Plan ahead so you’re not forced to send money at an expensive time.

Being strategic about when you transfer can lead to significant savings over time.

10. Choose a Secure and Trusted Service

The most important factor in reducing costs is ensuring that your money reaches its destination safely and without extra charges.

A reliable service like ACE Money Transfer provides:

• Low-cost international transfers with no hidden fees.
• Fast delivery times to Ghana.
• Multiple payout options, including bank accounts, mobile wallets, and cash pickups.

A trusted platform ensures safe transfers and the best rates on global transactions. 

More Money, Less Fees: Smart Transfers to Ghana!

Reducing costs on Finland–Ghana money transfers is easier than you think. By choosing the right transfer service, monitoring exchange rates, avoiding unnecessary fees, and taking advantage of discounts, you can save money on every transaction. For a fast, secure, and cost-effective transfer, sign up for ACE Money Transfer today and keep more money in your family's hands.

FAQs

Can I cancel a money transfer after sending it?

It depends on the provider. Some online money transfer services allow cancellations before the recipient collects the funds, while others do not. Always check the cancellation policy before sending money.

What documents do I need to send money from Finland to Ghana?

Most providers require a valid ID (passport, residence permit, or driver’s license), proof of address, and payment details. Some may also ask for the recipient’s identification.

Are there limits on how much money I can transfer to Ghana?

Yes, transfer limits depend on the provider, payment method, and regulations. Online platforms often have daily, weekly, or monthly limits for security and compliance reasons.

Do I need a Finnish bank account to send money to Ghana?

No, many services allow transfers using debit/credit cards, mobile wallets, or cash deposits without needing a Finnish bank account.

How do exchange rate fluctuations affect my transfer?

Exchange rates change daily, impacting the amount your recipient receives. To avoid losses, use services that offer rate locks or alerts to send money at the best time.