Ghana FX in forex market.
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In case of larger amounts, negotiating rates is advisable. See the Editor's Note at the end of the page about sending out or receiving in Ghana large amounts. Surprisingly for a currency used in all countries surrounding Ghana and more , it is one that is difficult to buy at many Forex bureaus as they are often out of it. Not a real issue as you will be able to buy CFA at all land borders or airports but make sure you have checked the exchange rate beforehand so you will not be taken advantage of.
Use caution at the land borders with numerous individuals propose to change money and check all and each bill carefully before handing out your money so no smaller bills are hidden in the pack.
Although you might need CFA to pay for your Togo visa on arrival 10, - 15 euro equivalent - valid one week and therefore will need to have that amount, it is advised to change on the Togo side, just after Immigration where the taxi-motos are waiting for customers. Foreign Exchange — Credit cards. Note that there is an area at Accra Mall next to the north food court entrance which has ATM's from eight major banks.
Many of these banks have branches on the right of the south entrance of the mall as well. If the charges are high, then find a balance between frequency of withdrawals and amount of cash in hand your access to a safe place to store cash must be considered.
Withdraw cash for free in Ghana. Note for Bank of America card holders: Payment with credit cards. Most shops only accept cash, other than a few supermarkets and a limited number of hotels and restaurants that accept credit cards.
Sad to say, credit card fraud abounds in Ghana. For example, airlines won't let you pay online if they dete ct that your IP address is from a computer located in Ghana: For security reasons, do not use your credit card except in a limited number of high-end establishments in Accra.
Employ all precautions using you credit cards, such as not letting your card away from your sight and do not have a third party sent a fax for you which includes your credit card number. Lost or Stolen Credit Cards. Get the number for you home country from the issuing bank, the documents that came with your card or the relevant website. There might be a limit to how much you can cash per day equivalent of Pounds. As the Central Bank, the Bank of Ghana has the responsibility of implementating monetary policies.
Till the end of last century, banking in Ghana was dominated by state-owned institutions and showed few signs of competition. One of the first things we advise to do on arrival is to put your cash in a bank after changing it. You will anyway probably need an account at some point during your posting. Easy, safe and convenient. The documents required for opening an account at any bank generally are your passport, another ID an International Driving License is accepted and proof of residence.
Some banks will open an account before you have your residence or work permit if you provide a six-month statement from your bank at home. Ask your expat colleagues and your company's finance manager. As far as fees, know what you will mainly use your account for and study fixed and transaction-based costs before choosing a bank and an account type. For information on corporate accounts, kindly write to services accraexpat.
For emergencies, Western Union services are available from the Ghana Post Office for immediate transfer of money to or out of Ghana. We heard that Western Union cannot be used to send money out of Ghana anymore. Commercial banks open from 8. With this service, you will almost never wait in line at a bank anymore.
The monthly fee is GHS See the Editor's Blog post " Inflation and monetary policy contradictions in Ghana with notes on GDP, public debt and exchange rates ". More information on banks in Ghana on the website of the Ghana Association of Bankers. You may also visit the website of the Bank of Ghana. For transfers, you will find Ghana banks' swift and sort codes here. The government charges a 15 percent Value-Added-Tax plus a 2. For large amounts, ask to see the VAT certificate of the business you are dealing with.
They must have it and willingly show it. Sellers must also be able to provide you with an official VAT invoice upon request. The issue is the fees: As an example, sending 18, euros to a euro account in Europe ended up costing euros in total fees.
There are two solutions to avoid bank fees: Take along the receipt from the money changer, whether the forex bureau or your bank, to show at destination if requested.
Although not as good as the transfer exchange rate, note that the cash rate your bank will offer you for purchasing foreign currency from Cedis in your account might be better than a negotiated rate in the best forex bureau. Should you buy currency at your bank, they often will give you a receipt with the numbers of all bank notes given.
In general, the persons needing the Cedis in Ghana are expatriates receiving their salaries at home and this avoids costs linked to sending money to Ghana. Forex is a product that appeals to anyone who is not afraid to take an opportunity, regardless of their background.
African universities are full of potential Ghana FX customers. Converting these from practice to live account customers will happen naturally, as they become employed and explore the opportunity to trade. We continue to build awareness of the forex market, and the opportunities within our universities. While we are an online brokerage, in Ghana many of our potential customers walk into our offices without an appointment, just to find out more about forex trading, which is thought of as the African way.
As a continent Africa has been sold so many scams over the years. Many customers based locally are sceptical when confronted with forex trading for the first time.
We encourage unsolicited visits, where every potential customer is treated equally. We are based at the Movenpick Office Complex, a well-known central location in the capital Accra.
Understanding traders in Africa, we make it simple for our customers to fund via methods accessible to them. Local bank deposits, electronic transfers or mobile money are very popular in our jurisdictions. Local bank deposits are very interesting, as credit and debit cards are finally being adopted in some African jurisdictions — but are not widely used.
We generally set up accounts with banks with a large branch network, which enables customers to walk in and deposit in their local currency.
Mobile trading We take care of converting those funds into their trading base currency, and we ensure we do that fairly. The convenience of this process is beneficial for both customers and the company. We still offer the standard funding via credit and debit cards. The inconvenience and expense of transferring monies to other jurisdictions makes Ghana FX a good choice.
With an exponential growth of data consumption via smartphones in all parts of Africa, our ability to deliver the Ghana FX Metatrader 4 platform right onto the mobile device is very beneficial. More and more customers are now trading on the go.
Available to all As we have been able to build a forex business in Africa, we cannot see why other companies do not do the same. We have a growing white label partner department, and we work with financial institutions and entrepreneurs to set up their own forex business in the form of a white label.
Many of these white labels can reach customers we just cannot. We work with them to fully understand the business, and work with them to set up seminars and training programmes.
We know what works and what does not in these jurisdictions, and we pass on the best practice to those partners. Our processes are designed for the African customer. We have a unique list of African currency pairs, from compliance requirements to education and delivery of trading platforms on the most popular interfaces, and our convenient funding options allow us to be a strong choice for the African trader.
Our longevity as a company we believe, is directly related to our integrity and continual transparency. There cannot be, and is no other compromise. Ghana FX in forex market While the African continent has been rich in natural resources, not everyone has been able to benefit from its profit.
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In recent times there have been collaborations between Ghanaian and Nigerian crew and cast and a number of productions turned out. What was recently discovered was that one of our customers, whom we had trained and was now successfully trading, was also a tro tro driver.
We work with them to fully understand the business, and work with them to set up seminars and training programmes.