Navigating Currency Exchange and Banking for Travelers in Ghana
When traveling abroad never rely on only one means of money, it just doesn’t work. Just in case you lose your card or money, you will want to have other means of accessing your money. Also knowing how to manage your money is very important when traveling. As you prepare for your journey to Ghana, it's essential to understand the ins and outs of currency exchange and banking to ensure a seamless and stress-free travel experience. You need to understand the local currency, exchange rates, where to change your money and even when to use your credit cards. Let’s delve into everything you need to know about managing your money while exploring the vibrant sights and sounds of Ghana.
Cash in Ghana
The first thing to know is that in Ghana, Cash is King. It is the easiest and most convenient mode of transaction when traveling to Ghana.
The official currency of Ghana is the Ghanaian Cedi (GHS), abbreviated as GH₵. Familiarize yourself with the current exchange rate to ensure you get the most value for your money. Always make sure you always have a little bit of cash on you, especially if you are traveling out of the city. Other modes of transaction and payment can fail you but cash never will. Always have a mixture of large and small bills on you as depending on the situation, it might be easier to use one or the other. For example, if you are making a payment of GH₵3,000, it will be better to pay in large denominations but if you are buying a bottle of water for GH₵5, then it will be more convenient to pay with a smaller denomination bill.
You can ask for assistance from a local expert to get more information on currency exchange rates, allowing you to make informed decisions when exchanging your currency.
What are the Options to get some Local Currency in Ghana?
When it comes to exchanging currency in Ghana, you have several options available. While banks and authorized exchange bureaus are the most common choices, you can also exchange currency at hotels, airports, and some larger businesses. I recommend using reputable exchange services to avoid scams or counterfeit currency. You can find an exchange bureau at the airport. You can change some money there as they usually have good exchange rates. Another option is to cash out some local Cedis at ATMs. ATMs are very easy to come by especially if you are in the city. Smaller towns and villages have limited options so I will recommend you prepare before visiting these places.
Using Forex Bureaus to Exchange Foreign Currency to Ghana Cedis
Many travelers travel with currency from their home country to exchange for Ghana cedis when they arrive in Ghana. But you need to know that not all currencies are accepted as a means of exchange in Ghana. Only a few currencies will be accepted as a means of exchange and these are usually currencies that have trading power on the international market like the US Dollar or currencies from countries Ghana has a strong trading relationship with like the Chinese yuan.
These are some of the Currencies I would recommend bringing along to Ghana if you are looking to exchange them for some Ghana Cedis.
1. US Dollar
2. Euros
3. British Pounds
4. CFA Franc
5. Chinese Yuan
6. South African Rand
7. Japanese Yen
8. Canadian Dollars
Even though several currencies are accepted as a means of exchange here in Ghana, I will still strongly advise you to bring along any of the first 3 options (USD, Euros and British Pounds) with USD being the best option overall. The way money exchange works in Ghana is a little bit confusing sometimes. Usually, apart from the first 4 currency options listed above, you end up not getting a favorable exchange rate if you are using any other currency. This is mostly because other currencies are not desirable for trading and hence hold less value here in Ghana.
Think about it this way, imagine going to Switzerland with Ghana cedis and wanting to exchange your Ghana cedis for Swiss Franc. That will be very difficult to do because Ghana Cedis is not used as any form of exchange in Switzerland and hence holds less value in their country. And even if you manage to get someone to change it for you, you probably wouldn't get a good rate because, in Switzerland, Ghana Cedi has very little value there.
Tips for Exchanging Currencies in Ghana
You can't travel to Ghana with more than the value of $10,000 in cash. If you have more than the equivalent of $10,000 in cash, then it would be best to deposit it in your bank account and cash it here when you arrive.
If you are traveling with US Dollars, bring along large denominations of the US Dollars like the $50 and $100 notes. Also, bring along bills no older than Series 2009 and even newer if possible.
Keep in mind Google’s rate is only a guide to give you an idea of what the current exchange rate value is like. The exchange rate is usually a little bit less than what Google's rate is.
There are two exchange rates you will come across when changing currencies, the selling rate and the buying rate. There is a difference between a selling rate and a buying rate. The selling rate applies when you are changing a foreign currency to Ghana Cedis (consider it as selling your foreign currency to a local exchange vendor). The buying rate applies when you are exchanging Ghana Cedis for a foreign currency (consider it as using Ghana Cedi to buy a foreign currency). Most money exchange bureaus have a board with all the exchange rates listed so it shouldn't be that difficult to figure it out.
When leaving Ghana, make sure you have changed any cedis you have left back to USD or the currency it was originally in because chances are that the Ghana Cedis will most probably hold no value in your home country. I once accidentally returned to Ghana from a trip to Egypt with over 6,000 Egyptian pounds (equivalent to about $100). Boy oh boy, when I eventually managed to get someone to change it to Cedis for me here in Ghana, I ended up with just a little bit over what was equivalent to $50. Almost 50% of its value was lost to the exchange rate because the Egyptian Pound holds little value here in Ghana.
Read more about the Complete Breakdown of How Much a Trip to Ghana Costs
Banking Services and ATMs
Ghana has a well-established banking system with numerous banks and ATMs located throughout the country. Before your trip, notify your bank of your travel plans to avoid any issues with using your debit or credit cards abroad. I have seen many travelers have their cards blocked because the banks thought their cards had been compromised as they didn't recognize the country the transaction had been made. I like using ABSA and Stanbic Bank's ATMs because they are reputable banks and also usually dispense out large Cedi denominations.
Get a list of banks and ATM locations in major cities and tourist areas to ensure convenient access to banking services. The airport has a variety of ATMs from various banks. I will recommend using any of them before leaving the airport.
If you are going to be staying in Ghana for a long time especially if you will be working here, then it will be better to have a local bank account from a bank located in Ghana. This will make your banking life easier. When opening a bank account, you will be required to show an ID card from your country of citizenship. You may also be required to submit other documents and your biometric data so make sure you do your research and get the requirement from the bank you want to open the account with.
Tips for using ATMs in Ghana
ATMs only dispense the local currency which is the Ghana Cedis (GHC). If you want a foreign currency in Cash while in Ghana, then it would be best to talk to a bank or a Forex Bureaus Exchange Vendor.
Always read the notice on the ATM before you insert your card. Some ATMs might be out of service and your card can get stuck if you insert it in an ATM that is out of service.
Many ATMs don't give out small denominations below GHC 10 so make sure you input an amount that is always a multiple of 10 unless otherwise stated.
If you are a tourist, cash out as much as you think you will need for the first 3 days so you won't have too much money you don't need at the end of your trip.
Exchange rates and transaction fees are applied by your bank when you use your Credit card to make payments or cash out money so always check with them if you aren't sure. If you are not careful, these fees can put a dent in your spending especially if you are on a budget.
If possible, I recommend using ATMs located in Banks, Hotels and Airports.
If the ATM issues a transaction receipt for your withdrawal, make sure you take it before you leave. You don’t want to leave any information about you there, including how much is in your account.
Using Debit and Credit Cards
While debit and credit cards are widely accepted in larger cities and tourist areas, it's essential to carry cash for transactions in more remote or rural areas. Be aware of any foreign transaction fees or ATM withdrawal fees that may apply when using your cards abroad. I advise carrying a mix of cash and cards for maximum flexibility.
Tips for using Credit/Debit Cards
Again, remember to inform your bank of your trip so your card is not blocked by them because they are not familiar with the country the transaction is coming from.
Use your card to make payment for large transactions like payment of hotel stay so you don't have to carry too much money for that.
Always have more than one card prepared for your trip. When I travel I usually travel with at least 2 to 3 cards.
Always keep your cards in different locations. For instance, I keep one card in my money belt, one card in my purse and one card in my theft protection case or at the hotel.
Get the customer care contact (email or phone number) of your bank preferably one that responds 24/7 before traveling. This will be very helpful especially if you run into any challenges and need their assistance.
Also try to have one main card you will use often when traveling. By using only one card you are developing a pattern and whether it’s your bank card or your credit card your card company can see where you are and how much you are usually withdrawing. This is just a little more protection in case your card gets stolen or compromised.
Know the limit on your card so you can always spend within the limit. Exceeding this limit may result in a frozen account.
Safety Tips for Handling Money
When traveling in Ghana, it's important to take precautions to protect your money and valuables. Make a digital copy of your cards and store it safely as this can be a lifesaver in case you lose your card. If for any reason you have to cancel your card, having a digital copy can speed up the process.
Avoid carrying large sums of cash and use a money belt or hidden pouch to store your money and important documents securely.
Be vigilant when using ATMs and avoid displaying cash in public to minimize the risk of theft.
Always count and verify the amount that is dispensed to you at an ATM or by Forex Bureau Exchange Vendor.
Set a bank notification so you can always receive one anytime your card is used for any transaction. This helps you know immediately if any fraudulent activity occurs with your card.
Conclusion
By understanding the currency exchange and banking options available in Ghana and following these essential tips, you can ensure a smooth and hassle-free travel experience. I am here to assist you make the best travel decisions by providing valuable information and assistance to help you make the most of your journey. Plan ahead, stay informed, and enjoy your adventure in this captivating West African destination with confidence.
Share any travel tips you have on managing your money when traveling.
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Hello, fellow adventurers! I'm Rashida, your not-so-typical travel guide. Join me for laughs, mishaps, and perhaps a questionable decision or two (because let's face it, those always make for the best stories). Learn More
