Money Transfers To Africa Today
Latest exchange rate as of today Mid-market exchange rate (from Reuters) GMT
"If you work with international clients and need to receive money from abroad consider Wise. With their multi-currency account you get free local bank account details in Ghana. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your bank."
Money transfer to all region are changing on a daily basis. Countries in African and the Caribbean are coming online all the time like Lesotho, Morocco, AUE and Angola.
Money Transfer To African Countries
There are many reasons you may want to transfer money: Buying property in the country of Ghana? Emigrating to an Africa country like Gambia? Importing from Nigeria? Exporting to Kenya or Sierra Leone? Regular payments to an African country? If you require a money transfer to an African country from US or UK, then you ought to consider some professional help from one of the many reputable money transfer brokers. You might require an international money transfer to Africa, make regular payments to an Africa country for an overseas mortgage, purchase a high value asset in Africa, or perhaps purchase a property in Africa, a foreign exchange broker will likely save you time, money and make the whole foreign exchange decision a whole lot easier.
Trusted by thousands of satisfied customers. We are five ★ star rated tirelessly we are always looking to find you the best rates. Rates as of today Wednesday 1 February 2023, 07:40 GMT.
The Facts About Overcharging Customers For Money Transfers To Africa
The money transfer industry is ripping off the African diaspora to the tune of $1.8bn a year. Money transfer companies typically charge 8-9 per cent for the service on top of often undisclosed currency exchange costs which can make up a further 3-5%. Money transfer ‘rip-off hurts world’s poorest’.
See Exchange Rates and the world bank facts.
Whatever Your Needs Are Trade At The Right Time
One common tip amongst savvy currency traders is to avoid the high street banks, as banks not only incur additional service charges and fees for your transaction, but provide very little help in the crucial aspect of timing and often give a poor currency rate. So to make a cheap money transfer to Africa from UK or send money to West Africa from USA choose a FSA regulated foreign exchange broker and get the best exchange rate possible for your currency transfer.
There are two components to the cost of an international transfer from one currency to another:
- The fee for transferring the money itself. This is generally a fixed amount and doesn't vary with the amount transferred (or at least not very much).
- The exchange rate you get and how much it differs from some kind of notional "ideal" rate. With an ideal rate you could exchange money from one currency to another and back again and not lose anything. In practice the rates will be different each way and you will lose something. This difference is often called the spread. It will generally be directly proportional to the amount transferred.
Normal banks are usually rather opaque about both fees: they transfer via SWIFT and apply some random spread they choose.
The newer services dedicated to transfers are much better. They tell you both the transfer fee and the spread up front. But you still have to get the money to and from these services.