The Ghanaian cedi (GHS) is the official of currency of Ghana. The first cedi was introduced in 1965, and it was replaced by the second cedi in 1967. The third cedi has been in use since July 2007. One cedi is divided into 100 pesewas.
If you plan to send money to a Ghanaian bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some of the top banks in Ghana.
|Ghana Commercial Bank (GCB)||Accra||GHCBGHACXXX|
|Barclays Bank of Ghana||Accra||BARCGHACXXX|
Emanuel had to move from Ghana to the UK because of work. However, his parents and younger sister stayed back in Ghana. After getting to the UK, Emanuel was to start sending some money back home to his parents. Using the bank he banked with in the UK was an option, but he decided to compare his alternatives. This is what he found after running a comparison.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = GHS 5.7632||GBP 1 = GHS 6.0070|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 1,500||GHS 8,471.90||GHS 9,010.50|
|Transfer time||3 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||GHS 538.60|
Emmanuel decided to go with the money transfer company instead of the bank because it resulted in his parents receiving a little extra money, and the company offered a quicker turnaround time too. In addition, it gave Emanuel the ability to schedule transfers according to his needs.
If sending money to Ghana in a hurry is your top priority, consider using the services of a company that has cash pickup centers in the country. Some of your options include Western Union, MoneyGram, WorldRemit, Ria, and Azimo.
|WESTERN UNION IN GHANA|
|Accra Katamanto Branch Tarzan Building, Katamanto Ac Accra||Airport Square Plot 21, Airport City Accrra|
|Kumasi Best Point Suame, Suame Water Works Kumase||First Allied Sandl Sokoban, Sokoban Wood Village, Adum Kumasi, Kumasi|
|MONEYGRAM IN GHANA|
|Accra The Royal Bank - Accra - Abeka Branch, Adjacent Aryton Drugs, Accra||FBN Bank Ghana - Kaneshie Atico Junction, Accra|
|Kumasi Ecobank Ghana Ltd, Pampaso Kejetia PMB GPO Kumasi||Ecobank Ghana Ltd - Ashtown PMB GPO St. Anne's Anglican Church Building Kumasi|
If you plan to collect a large sum of money from a cash pickup center, consider taking someone you trust along. Petty crimes such as bag snatching and pickpocketing are common, as are attacks by motorbike-borne criminals. If you are at the receiving end of an armed robbery, do not resist as it can lead to disastrous consequences.
Avoid walking alone, especially after dark. Thefts have been reported from hotel rooms so keep your valuables with care.
The information you need to carry out a money transfer to Ghana depends on how you want the recipient to receive the transferred funds.
The Ghanaian cedi is a fully convertible free flowing currency so you may trade in it easily. While the country imposed strict transfer regulations in 2014, most have been lifted because of the resultant burden caused to different financial institutions. The Bank of Ghana is responsible for overseeing the country’s payment and financial systems.
The maximum you may carry out of the country as cash is U.S. $5,000 or its equivalent in another currency. The maximum limit for over-the-counter foreign currency withdrawal is set at U.S. $10,000 or its equivalent in another currency.