Report: Ghana amongst countries with high cost of remitting money

A new report published by the International Organization for Migration, IOM has shown that Ghana is amongst countries in Sub Sahara African with the highest cost of remitting money back home. 

The report which studied sending cash from cities in France, Germany, and Belgium stated that MoneyGram topped with charges for transfers up to 50 euros.

It charges up to 12% of the fee which translates into 6 euros.  This is followed by Western Union with 9.8% translating into 4.90 euros, while Cigue and Ria follow in the third and fourth positions with 9 and 8 percent, translating into 4.5 and 4 euros. 

Interestingly, as the amount increases to 200 euros, Western Union becomes the cheapest with a 3.95 percent charge followed by Cigue with 4 percent while Ria and MoneyGram charge 6 and 7 percent. 

Per this, the charge for transferring money therefore decreases slightly as the amount increases.
 
Concerning transfers from the United States of America, the report showed that MoneyGram charges the highest of almost 20 percent when a person transfers 50 dollars. 

But charges only 2.9 percent when a person sends 550 dollars.

The report further points out that aside the cost borne by the senders, accessibility to Money Transfer Operators is a major factor that affects the amount of money remitted into Ghana. 

For example, Ria has a lower charge when people send less than 50 euros, yet it does not have a wide coverage compared to Western Union and MoneyGram. 

Additionally, while Vigo and Ria have lower charges when small amounts are sent, most Ghanaians, according to the report, prefer MoneyGram and Western Union because they are accessible and reliable.
 
GNA