Highest remittance rate for converting 1 CAD to GHS = 4.57
there are over twenty ways of sending money from Canada to Ghana and with each option comes a cost. If you are interested in finding the cheapest way to send money from Canada to Ghana, for example, options like XE Money and XendPay will be the most convenient. That is because they offer free cash transfer services. However, the transaction may take a couple of days to clear. At ERIQ, we give you full insight into some of the best ways to send money from Canada to Ghana.
Many people are stuck between options when it comes to sending money from Canada to Ghana because of the many available and confusing options. Thanks to Exchange Rate IQ however, you can quickly select a suitable money transfer service and learn how services like XE Money can make life easier for you.
The relationship between Canada and Ghana dates back to 1957 when Canada offered development assistance to Ghana. According to History, Ghana was the first African country to receive that kind of assistance from Canada. To date, the number of Ghanaian in Canada has been rising constantly. That means, there is a dire need for excellent money transfer services to help the migrants send money back to Ghana. Nevertheless, there are also a good number of online workers in Ghana who have been hired by Canadian companies to work remotely.
Money transfer between Canada and Ghana has changed a lot. Today, there are three sure ways of getting your money to Ghana without spending a fortune. They include;
Money transfer apps: money transfer apps are today popular because they are the modern solution to international money transfer. Using your smartphone, you are able to initiate cross-border money transfer at your comfort. The best part is, you can access money in your bank account, debit, or credit card. With several online money transfer apps emerging by the day, many people who want to send money from Canada to Ghana still find it hard to complete their transfer. That is because fake apps also exist and many people have lost money. At Exchange Rate IQ, we help you to avoid such uncertainties by pointing you to some of the approved international money transfer services around. Some of the top choices according to users include; Remitly, Xoom, WorldRemit, and, TransferWise.
Bank transfers: banks are a reliable way of sending money from Canada to Ghana since they have been handling the transfers for a while. With the introduction of mobile banking, your transfer bank transfer can be easier. One factor that you will want to consider when transferring money via a bank or any other medium is the exchange rate. A good bank will offer you updated and competitive rates so that you spend even less on transfer costs. Bank transfers to Ghana can take up to five days but the service can take a shorter time depending on the involved banks.
Cash delivery services: you can opt to send money to be delivered in cash using services like Western Union and Travelex. When transferring money from Canada to Ghana using these services, you will enjoy an instant transfer. The only disadvantage is that the services are more costly compared to cash apps. While cash delivery services seem to be the fastest way to send money from Canada to Ghana, it is good to know that there are some apps that can provide you with the same speed of service as well. Thanks to improvements in this sector like the Western Union App, you can enjoy transferring your money without giving up your commitments.
To successfully send money from Canada to Ghana, the following factors must be taken into account;
Cost of service: You have to know what you are comfortable to spend in terms of service costs. That way, you will know what is available for you by comparing services within your budget range. It is also helpful to know that there are some international money transfer agents that implement hidden charges.
Duration: knowing how long your money will take should help you to know when to send your money. For example, if you decide to use the cheapest way to send money from Canada to Ghana which is likely to take longer, you need to time your transfer so that money reaches Ghana in time.
Exchange rates: Exchange rates simply means the value of a currency once it has been converted. By knowing what the current exchange rate is, you can easily know which money transfer agent is updated and which one is offering the wrong values. That way, you can be able to take advantage of the high rates and spend less on your transfer.