Top Three FinTech Apps To Send Money from US to Ghana
Sending funds over to Ghana is easier than ever today with more fintech options available at our fingertips. Keep reading to learn more about three of my favorite fintech companies I have used personally to transfer funds from the the US to Ghana- where to find them, pros and cons!
Send money to friends, family and even yourself to access cash when traveling to Ghana.
- Western Union
The oldie, but goodie
Western Union is the OG-been-around-the-block-handy-dandy money transfer company.
Sending money through Western Union is quick, secure and easy to do. The sender can use a bank or debit card to send funds both online or in person designated vendor. The receiver in Ghana will have to accept the funds in person usually at a bank in Ghana and must have a valid form of ID to do so. When I was first getting started with sending funds over the pond this is where I started.
Pros:
Western Union has a strong brand that most people have heard of making it a good place to start for anyone weary of trying new companies less familiar.
Western Union has a website and mobile app (find it here on the App Store and Google Play Store) to facilitate the transfer of funds. In person transactions are also available at a variety of locations such as CVS, RiteAid and gas stations.
Cons:
-Lower exchange rate 1 USD = 4.95 GH¢ (Ghana cedis)
-Higher fees!
-Banks in Ghana will also take a small fee for the transfer. This is an expensive option to send money over!
-Decrease in popularity due to unfair “flagging” of fraudulent transactions- they ban people for no good reason.
I have heard of Western Union flagging money transfers as “fraudulent” when transferring funds to Ghana *for no good reason* when sending money back to their loved ones. I’m going to flag them- Western Union may have some prejudice/discriminatory practices in their policies towards Ghana/West Africa where they ban people out of no where. I have seen this affect people in long distance relationships on multiple occasions. No clue what the policy is but if this happens don’t fret- there are other options to send money to Ghana.
Pro Tip 1: Send money to yourself when you are in Ghana for an easy cash pick up option from any bank. This will be accessible in most cities you visit and a straight forward familiar banking experience for any American to follow.
Pro Tip 2: The receiver in Ghana will be better off going to the same bank in Ghana to pick up their money for the sake of consistency. Also for the long distance lovers, when filling out the form to pick up the funds saying the sender is their husband/wife will also make things easier and avoid unnecessary scrutiny.
2. Sendwave
The light weight, mobile money tech disrupter
I have to admit finding out about Sendwave was a game changer for me in terms of sending money to Ghana. I was sending money in advance for my next trip and needed to transfer ~$1000 to get a better cash deal on booking hotels. Sendwave is a money transfer app that will convert funds sent by a debit card to the receiver’s mobile money account. With an instant transfer, better exchange rate, no fees and higher sending limits, Sendwave is the awesome for mobile money transfers. Available in a mobile app only- find it in the App Store or Google Play store)
Upon signing up I was prompted by Sendwave to “prove” that I knew the person in Ghana I was sending money to. For me this was my fiancé at the time- I had to submit a passport stamp showing I had traveled to Ghana, answer a questionnaire and submit a photo of us! It was a bit intrusive but after my Western Union experience I could understand the need to address fraud proactively. After completing the verification process, I have not had any issues with my transfers being flagged. To date I have used Sendwave to transfer ~$15,000 USD to Ghana — I can sent up to $3000 USD a day and $15000 USD a month.
Pros:
No Fees! The company makes a little bit of money on every transaction from a small difference on the exchange rate.
Easy to use simple UI — you can view the exchange rate and the amount converted into GH¢ to know exactly how much you are sending.
Once your account has been approved to send money to Ghana- you can send money to anyone with a MTN or Airteltigo number.
Cons:
Sendwave is not available as an option for someone who has not visited Ghana or can not prove strong ties to the country
Money transfers outside of the traditional banking system- This may be an issue if you are needing to establish a relationship with a bank in Ghana which can help with obtaining loans or official business in Ghana.
Receiver in Ghana needs a bank account needed to withdraw more than $500 USD a day. This is recommended for anyone looking to do larger withdraws- not needed if sending smaller amounts of money to the receiver.
ProTip 1: The receiver in Ghana will be charged a small fee by the mobile money agent when withdrawing the mobile money funds. An estimation of this fee is 1 GH¢ for every 50 GH¢ (.17 for every $9). This still ends up being a cheaper option because of the higher exchange rate- just make sure you send a little extra to target your desired amount for the receiver.
ProTip 2: It’s always a nice gift surprised a friend or loved one with some mobile money. Even just $5 USD can be a nice gift that goes a long way just be sure to have the persons full name and phone number.*Remember if there is +233 you don’t need the 0 to start the number!
3. World Remit
The one who came to rule them all
Last but not least is World Remit the fintech company that puts customer delight at the forefront of their financial services. Available in a web portal and mobile app (find it here in the App Store or Google Play Store). World Remit sets themselves apart with providing bank to bank transfers, a mobile wallet and mobile money transfers all in one stop.
I found out about World Remit from a Nigerian friend who regularly sends money to his bank account in Nigeria to build up his own personal nest egg. This app is perfect for adulting properly — a great option for anyone who has moved abroad looking to send money home, an expat still banking in the US or anyone sending larger ($500 USD+) amounts to Ghana on a regular basis. Just started using this to send larger deposits for future land, house and car purchases in Ghana. Note: This is NOT a 2 way transfer: I call it agressive saving since it is not possible to send that money back to the US without going to the bank in person for a withdrawal!
Pros:
-Once the transfer has been initiated there is a progress bar to track the transfer
-WhatsApp messaging support
-Fixed daily sending limits
Cons:
-Slightly higher fees on the mobile money transfer.
-World Remit uses a third party company called UnityBank to move the funds into the bank account in Ghana. This might cause confusion if the Bank is not used to this kind of transfer.
ProTip 1: Be sure to Sign up HERE if you decide to make a World Remit account. Transfer at least $100 USD and we will both receive a $20 USD Voucher to save on fees in the future!
Pro Tip 2: Before completing the first bank transfer through World Remit be sure to call your bank (in Ghana) and make sure they are aware you will be making external transfers. Also- be sure to have an active bank account with deposits and withdrawals. Talk to your bank in case the first transfer through World Remit gets flagged.
