Tuesday, 20 April 2010

GHANA: New trend in money transfers

Some Ghanaians living abroad have found other means of remitting money to their relations and friends back home without using the traditional money transfer agencies.

They have resorted to the use of electronic cards to remit because they find it more economical.

For instance, the money transfer agencies charge averagely US$10 to transfer funds between US$100 and US$500 to Ghana, while US$17 is charged for a transfer of above US$500.

However, it costs only US$2.0 to effect a transaction by using the electronic visa card, which is cheaper compared to the use of money transfer agency.

Private inward remittances to individuals in the country have been dropping over the last three years, which some financial analysts have attributed to the global financial crisis. Read more


  1. Nice resource for whom, who wants to understand about money transfers . You can do here international foreign exchange yourself and have your money exchange in a reasonable money exchange rates.