Dollar to Cedi Rate in Ghana Today 2023: How to Get the Best Rate
The Ghanaian cedi (XCD) is the official currency of Ghana and one of the main reserve currencies in Africa. The dollar to cedi rate has seen quite a bit of fluctuation in recent years, primarily due to the fall in commodity prices and the subsequent economic downturns across the continent. That said, the USD/XCD remains one of the most stable pairs in Africa and can be exchanged using several resources listed below. Find out more about how to get the best USD/XCD rate on your next trip to Ghana below!
The Key Currency
When trying to exchange your dollars for cedis, it’s important to keep an eye on more than just bank rates. Even if a bank offers you a good rate, that doesn’t mean all is safe and sound with your cedis. To make sure you get a good deal, there are two other players you need to watch out for (in addition to forex dealers): merchant banks and bureau de change dealers. Merchant banks take business from customers of their parent company’s financial service subsidiaries (they do not provide any financial services themselves). For example, Ecobank Togo’s merchant bank takes business from its parent Ecobank Ghana .
Avoid Getting Scammed by Banks and Money Changers
To avoid getting ripped off, you should know where each currency will get its highest exchange rate. Currency exchange rates are dependent on a variety of factors, including political and economic events that affect large numbers of people. If you want to make sure you are getting a fair deal, it’s best to stick with banks that have a well-established presence in your destination country. That said, some banks will give you a better deal than others. The best advice for money changers is pretty similar – stay away from them if possible; but if you can’t, choose one at an airport or bank that has multiple locations within your destination city (or near your location). It helps decrease the chances of fraud and allows customers more access points for complaints and recourse should things go awry.
Independent Forex Companies (IFX) – The Best Option
There are many forex companies out there, both online and offline. While each of them is trying to get your business, only one company can provide you with a good product and service. To find that company, it is best to look for independent forex companies (IFX) because they have no affiliation with any currency or bank—they simply broker exchanges between buyers and sellers around the world. The biggest benefit of working with an IFX is that they have no conflict of interest—that means their best interests are your interests as well. You won’t be charged inflated rates or fees, which are some major advantages of using an IFX.
Where Can You Exchange Dollars To Cedis Rate Today?
There are two main places that ex-pats can exchange dollars for Cedis in Accra, at a bank or an unofficial exchange house. Banks will generally give you a better rate than exchange houses, but they may charge higher fees and commissions. On top of that, it’s common for banks to enforce limits on how much foreign currency you can buy per day and what your monthly limit is (the maximum amount of US dollars you can hold), so keep an eye out for those restrictions. While getting money at an unofficial exchange house may be cheaper, some have been known to cheat customers by swapping American bills with counterfeit money.
Dollar To Cedi Exchange Rate At Various Banks For Today
Ghana Commercial Bank Rate is GHS9.50 and the sell rate is GHS11.50.
Stanbic Bank, dollar buying rate is GHS9.50, and the sell rate at GHS11.50
ABSA, dollar buying rate is GHS10.00, and sells at the rate of GHS12.00
When Should You Consider Changing Currencies?
The dollar-cedi rate is always changing, so it’s best to be aware of these fluctuations and plan accordingly. You might find a better rate by paying attention. Here are some signs that you should consider changing your currency
What are your thoughts on where the dollar to cedi rate stands right now? Do you think it will stay low for a long time? What do you think is driving its current level? Let us know by commenting below.