Tuesday, 20 April 2010
GHANA: New trend in money transfers
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