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Ghana Money

Changing Money In Ghana

How to change money was a big problem for us when we first arrived in Ghana. There is still no easy way to do this unless you are earning the Ghana Cedi. You can do a bank transfer from your “home” bank to your Ghana account if you have one.

If you are going to do it this way I would suggest doing it just once a month so that you don’t incur too many charges. For most banks every time you do a transfer you have to pay a fee.  

Not only do you pay a fee but there is also an exchange rate which goes up and down constantly.   It can have you glued to the XE page on your phone if you don’t exercise self-control!  By transferring just once a month you will get minimal fees rather than if you transfer in bits, as and when.

Another thing to look out for when sending money from abroad is that you try to use a bank that will let you send the cedi and not the dollar or the pound.  

Often when the bank receives those currencies here they will not give you the actual currency that you send but rather the cedi equivalent.  

Usually, the bank exchange rate here is not great so if you can send the cedi to get a better return that would be best You can also withdraw money from a cash machine here.  

If you do take out money this way I strongly suggest you inform your bank first.   Some banks allow you to do this via online banking if you have it. Informing them will make things so much easier for you, otherwise, they could suspect fraud if they do not know you are out of the country and they WILL BLOCK your card.  

It happened to me! Taking money out via this method can be a tricky one.  I’ve gone to the cash machine here before to draw out a particular sum of money only to find that that particular machine doesn’t hold enough cash but the one next to it does.  

I’ve also discovered it best to withdraw money in less popular locations to make sure that there will be money in the machine. The time of day you want to withdraw can also make a difference.

 Bank charges again apply here. My bank in the UK wouldn’t even tell me the charge at the machine I had to wait until my statement came in days later. You can also bring money with you into the country.  

The last time I checked you could carry up to $10,000 as long as you declared it at the airport (please do check yourself). Sometimes this is a great way to have some cash here because you don’t have to mess around with the bank, you can simply go to a forex bureau to exchange money.

If you are bringing dollars be sure to bring bigger bills as this will give you a better exchange rate.

I’m not sure why.

An even better way to change money is to do so with friends or people you can trust as then you cut out the middle man and can get a better rate for your money. If you know of any other ways please do share!