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What Are The Best Ways Of Sending Money Out Of Ghana?

What Are The Best Ways Of Sending Money Out Of Ghana? – that will be the topic of today’s article.

Nothing written here should be considered as financial advice, nor a solicitation to invest. 

For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com 

It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.

Introduction

Ghana is a beautiful country located in West Africa. It is known for its friendly people, stunning landscape, and rich culture. Living in Ghana as an expat can be a great experience, as there are many things to see and do in this vibrant country.

One of the best things about living in Ghana is the food. Ghanaian food is a delicious mix of African, European, and Asian influences. There are many great restaurants in Ghana that serve both traditional and international dishes. Another great thing about living in Ghana is the weather.

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The climate is tropical, so it is warm and sunny all year round. This makes it a great place to live if you enjoy spending time outdoors. There are also many beautiful beaches in Ghana that are perfect for relaxing or enjoying water sports. Well, you need to understand several ways of sending money out of Ghana.

Have you been surfing the web for “What are the best ways of sending money out of Ghana?” You may be an expatriate worker in Ghana who wants to send money back home to your family, or you may be a Ghanaian student studying abroad who needs to pay for your tuition and living expenses.

Whatever the reason, if you need to send money out of Ghana, there are a few options available to you. In this article, we will walk you through the different ways of sending money out of Ghana to choose the best choice for your needs. Continue reading to understand more!

Overview of Living in Ghana as an Expat

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Ghana is a country located in West Africa. The Ivory Coast borders it to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south. The country has over 27 million people, and its capital city is Accra.

Ghana is a relatively stable country and has a growing economy. The cost of living is relatively low, and there are many opportunities for expats to find work. The climate is tropical, and there are many beautiful beaches to enjoy.

However, it’s a place to live for expats who want to experience African culture and lifestyle. There are some safety concerns in Ghana, and it’s essential to be aware of these before moving there. Let’s quickly walk you through the pros and cons to help you decide if it’s the right place for you.

Pros

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The Weather Is Great All Year Round

This is one of the biggest reasons people move to Ghana – the weather is just perfect. Even though it rains quite a bit during the rainy season (June to September), the rest of the year is sunny and dry. And even when it is raining, it’s still warm! So you don’t have to worry about bundling up in layers of clothes or dealing with snow.

Home to Several Outdoor Activities

Ghana is a beautiful country with a lot to offer. From the bustling cities to the stunning beaches, there’s something for everyone. And if you’re looking for adventure, there are plenty of activities like hiking, zip-lining, and surfing. Also, because it’s such a popular tourist destination, there are always events and festivals.

The Food Is Amazing

If you love good food, you’ll definitely enjoy living in Ghana. There’s a huge variety of dishes to choose from, and they’re all incredibly flavorful. And because the country is located in Africa, you’ll be able to find fresh fruits and vegetables all year round. Besides, who doesn’t love a good Ghanaian seafood stew?

The People Are Friendly and Welcoming

One of the best things about Ghana is the people. They’re incredibly friendly and always willing to help. Even if you don’t speak their language, they’ll still try to communicate with you. And if you ever need anything, they’ll be more than happy to help you out.

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There Is a Strong Sense of Community

In Ghana, it’s all about community. People are always looking out for each other, and there’s a real sense of togetherness. Whether helping someone with their groceries or watching out for your neighbor’s kids, people are always willing to lend a helping hand.

The Cost Of Living Is Relatively Low

Compared to other countries, the cost of living in Ghana is quite low. Rent and groceries are relatively affordable, and you can get by on a tight budget if you need to. Plus, there are plenty of free or cheap things to do, like going to the beach or exploring the city.

Ghana Is A Safe and Stable

Ghana is a safe and stable country, which is one of the reasons why it’s such a popular destination for expats. There’s very little crime, and the political situation is stable. So you can rest assured that you’ll be safe and sound while living in Ghana. Also, the healthcare system is quite good, so you’ll be able to get the medical care you need.

Cons

Lack of Infrastructure

Ghana’s infrastructure is not well-developed, making a living here as an expat quite challenging. There are few good roads, and many homes and businesses lack reliable electricity and running water. Also, medical care is often not up to Western standards.

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Crime Rates Are High

Ghana has a high crime rate, and violent crime, such as robbery and assault, is not uncommon. Expats should take precautions to protect themselves, such as avoiding walking alone at night and keeping valuables out of sight. However, if you become a victim of crime, the police are often not very helpful in investigating or prosecuting the perpetrators.

Traffic Congestion

The traffic in Ghana’s cities can be very congested, and it can be difficult to get around. This is even worse because there are few sidewalks or other public spaces for pedestrians, so walking is often not an option. Moreover, the lack of public transportation can make it challenging to get to work or appointments on time.

Poor Air Quality

Ghana’s cities often have inferior air quality due to the high pollution levels. This can cause respiratory problems, and it is advised that expats with asthma or other respiratory conditions avoid living in Ghana’s urban areas. In fact, air pollution is one of the leading causes of death in Ghana.

Limited Work Opportunity for Expats

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Although Ghana is a growing economy, there are still few opportunities for expats to find work. Most jobs are in the public sector or with multinational companies, and many require fluent Twi, the local language. Moreover, working conditions are often poor, and salaries are low by Western standards.

Top 10 International Banks in Ghana

There are several international banks in Ghana that provide excellent services to both local and foreign customers. These banks offer a wide range of products and services that meet the needs of their customer base. The top 10 international banks in Ghana are:

Barclays Bank Ghana

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This is one of the oldest and most established banks in Ghana, with a long history of serving both local and international customers. Barclays offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more.

Standard Chartered Bank Ghana

This is another sizeable international bank operating in Ghana for many years. Standard Chartered offers a wide range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. Also, this bank has a strong focus on corporate and institutional banking, providing a wide range of services to large businesses.

Ecobank Ghana

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This is a leading pan-African bank that has a strong presence in Ghana. Ecobank also offers banking products and services, including credit cards, personal loans, home loans, and investment products just like the Standard Chartered bank. The bank also has a strong focus on corporate and investment banking, providing a wide range of services to businesses.

Ghana Commercial Bank

This is the largest indigenous bank in Ghana and one of the most well-known banks in the country. GCB offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. Also, the bank has a strong focus on SME banking, providing a wide range of services to small and medium-sized businesses.

Zenith Bank Ghana

This is another large indigenous bank well known for its excellent customer service. Zenith Bank offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and many others to mention a few.

United Bank for Africa Ghana

This is a large pan-African bank that has a strong presence in Ghana. UBA offers a wide range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. The bank also has a strong focus on corporate and investment banking, providing a wide range of services to businesses.

Access Bank Ghana

This large indigenous bank is well known for its excellent customer service. Access Bank offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. More so, the bank has a focus on digital banking, providing a wide range of online and mobile banking services.

Fidelity Bank Ghana

This is another large indigenous bank well known for its excellent customer service. Fidelity Bank offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. Also, the bank has a strong focus on SME banking, providing a wide range of services to small and medium-sized businesses.

CalBank Ghana

This is an indigenous bank known for its innovative products and services. CalBank offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. Also, the bank has a strong focus on retail banking, providing a wide range of services to individual customers.

HFC Bank Ghana

This is another indigenous bank that is known for its excellent customer service. HFC Bank offers a full range of banking products and services, including credit cards, personal loans, home loans, investment products, and more. Also, the bank focuses on housing finance, providing a wide range of services to individuals and businesses.

Best Ways of Sending Money Out Of Ghana

Sending money out of Ghana can be tricky since there are restrictions on how much money can be sent out of the country. However, there are still a few ways to send money abroad, whether for business or personal purposes. Here are the best ways to send money out of Ghana.

a)    Inter-Bank Transfer Method

The first way to send money out of Ghana is through an Inter-Bank Transfer. This method can be used if you have a bank account in Ghana and another bank account in the country where you wish to send the money.

All you need to do is go to your local bank and request an Inter-Bank Transfer form. Once the form is completed, the money will be transferred from your bank account in Ghana to your bank account in the other country.

b)    Money Transfer Services

Several money transfer services can be used to send money out of Ghana. These services usually have agents located in different parts of the country, so you can simply visit an agent and request a money transfer.

The agent will then give you a reference number, which you will need to provide to the recipient of the money. Once the money is sent, the recipient can go to any agent’s location and collect the money.

c)    Money Orders Option

Another way to send money out of Ghana is through a Money Order. This option can be used if you do not have a bank account or do not want to use a money transfer service. To send a Money Order, you will need to go to a post office and request a Money Order form. Once the form is completed, you will need to pay the required fee, and the money will be sent to the recipient.

d)    Courier Services

Courier services can also be used to send money out of Ghana. This option is usually more expensive than the other options, but it is also much faster. To use this service, you will need to contact a courier service and request a quote. Once you have chosen a service, you must provide the required information and pay the required fee. The courier service will then deliver the money to the recipient.

e)    Payoneer Method

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Another way to send money out of Ghana is through Payoneer. This method can be used if you have a Payoneer account. With this account, you can withdraw money from your bank account and use it to make purchases online.

You can also use the Payoneer account to send money to other countries. To use this method, you will need to go to the Payoneer website and request a quote. Once you have chosen a service, you will need to provide the required information and pay the required fee. The money will then be sent to the recipient.

f)     Bitcoin Method

Another way to send money out of Ghana is through Bitcoin. This method can be used if you have a Bitcoin account. With this account, you can withdraw money from your bank account and use it to make purchases online. You can also use the Bitcoin account to send money to other countries.

To use this method, you will need to go to the Bitcoin website and request a quote. Once you have chosen a service, you will need to provide the required information and pay the required fee. The money will then be sent to the recipient.

g)    Western Union Method

The last way to send money out of Ghana is through Western Union. This method can be used if you have a bank account. With this account, you can withdraw money from your bank account and use it to make purchases online.

You can also use the Western Union account to send money to other countries. To use this method, you will need to go to the Western Union website and request a quote. Once you have chosen a service, you must provide the required information and pay the necessary fee. The money will then be sent to the recipient.

Top 7 Places Suitable for Expats in Ghana

As an expat, it can be quite overwhelming to find a suitable place to live in a new country. This is especially true if you’re not familiar with the local language and culture. However, we’ve compiled a list of the top 7 places in Ghana perfect for expats!

1.    Accra

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Ghana’s capital city is a great place for expats to live and work. There are many international organizations based here, as well as a large number of embassies. Accra is also home to many restaurants, bars, and clubs, making it a great place to socialize.

2.    Kumasi

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Street Markets of Kumasi

Kumasi is Ghana’s second-largest city and is located in the country’s Ashanti Region. It is a traditional city with a rich cultural heritage. There are several tourist attractions in Kumasi, including the Manhyia Palace and the Asante Heritage Centre. Also, Kumasi is home to one of Ghana’s most prominent universities, Kwame Nkrumah University of Science and Technology.

3.    Takoradi

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Takoradi is a port city located in Ghana’s Western Region. It is a significant economic hub with several industries, including fishing, timber, and minerals. Takoradi is also home to several beaches, making it a popular tourist destination. Moreover, the city is home to the University of Ghana’s campus in Takoradi.

4.    Tamale

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Village near Tamale

Tamale is the capital of Ghana’s Northern Region. It is a rapidly growing city with a population of over 500,000. Tamale is a significant economic hub for northern Ghana, with several industries, including agriculture, trade, and tourism. The city is also home to the Tamale Institute of Cross-Cultural Studies.

5.    Cape Coast

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Cape Coast is a city located in Ghana’s Central Region. It is the capital of the Central Region and is a significant tourist destination. Cape Coast is home to a number of historical sites, including Cape Coast Castle and Fort St. Jago. The city is also home to the University of Cape Coast.

6.    Obuasi

Obuasi is a city located in Ghana’s Ashanti Region. It is best known for its gold mines, which have been in operation for over a century. Obuasi is also home to the Obuasi Gold Mine Museum, which provides insight into the city’s rich history. Also, Obuasi is home to the Obuasi Golf Club, one of Ghana’s oldest and most prestigious golf clubs.

7.    Ho

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Ho is the capital of Ghana’s Volta Region. It is a significant economic hub for the region, with several industries, including agriculture, fishing, and trade. Ho is also home to tourist attractions, including the Ho-La Cathedral and the Wli Waterfalls. The city is also home to the University of Ghana’s campus in Ho.

How Do I Open A Bank Account In Ghana?

This can be done by visiting any bank of your choice with the required documents. The documents include a completed application form, two passport-sized photographs, proof of identity (e.g., national ID card, driver’s license, or passport), and proof of address (utility bill, bank statement).

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Is Ghana Banking System Safe?

The Ghana banking system is safe and regulated by the Bank of Ghana, the country’s central bank. Several measures are in place to protect customers’ money, such as deposit insurance and laws against money laundering.

Final Verdict

When it comes to sending money out of Ghana, there are a few different ways. You can either use a bank transfer, a money transfer service, or even a prepaid debit card. Choose your preferred method above to get started.

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