This review looks at the various ways you can send money to Cameroon, what the recipients need to get the money, some considerations to make when transferring and other aspects you should look at.
Sending money to Cameroon is simple and easy. Follow these steps to get started.
There are multiple ways to easily send and receive money in Cameroon but these will largely depend on the provider you decide to use. Below you will find everything you need to know about best ways to send money to Cameroon.
Every week, thousands of people and businesses send money to Cameroon. All of them aggressively search and compare the options available for the best rates and fees before sending. You also need to do that and to start you off, check below for the best ways to send money to Cameroon.
You can send money from your bank in the host country to a bank in Cameroon through wire transfer. Traditionally, banks have been trusted for their reliability and solid financials. For instance, when sending money from France to Cameroon, you can use banks such as Credit Agricole, BNP Paribas, La Banque Postale, and others.
When sending from the US, banks like Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup are some of the prominent banks you can use. Many banks have online options you can transfer money to beneficiaries, but they require that the recipients have bank accounts as well.
Cameroonians with no access to banks in their host countries may find it difficult to use interbank transfers to send funds to their families back home. The fees banks charge for international transfers vary, but most of them charge up to $40 per transfer. The delivery times differ from 3 to 5 days.
The advancement in technology has seen lots of money transfer operators venturing into the Cameroon transfer corridor. Providers such as WorldRemit, Azimo, Softeller, Monisnap, and PayTop are some of the frequently used in the France Cameroon route.
These money transfer providers require that you open an account with them, have it verified and funded before you can send to your recipients. The fees they charge vary from one provider to another. For instance, WorldRemit charges $6.99 to transfer $100 to Cameroon. For the same transfer, Xoom charges $4.99 to a cash pickup point.
The type of transfers you can make with online money transfers include:
Paying for your transfers is simple as all you need is to add your bank account, credit card or debit card onto the platform to enable you to pay. Cash pickups and mobile money take minutes to be delivered, but bank transfers can take anywhere from the same day to 3 days to be delivered.
The exchange rate markup these providers charge range from 0.5 to 3.5%. This is a much better deal than banks that charge upwards of 5%. Most providers have mobile apps you can download from Google Play or Play Store to help you send money and track your transfers on the go.
Money transfer providers like Western Union, MoneyGram, Xpress Money, Moneyglobe, and Dahabshiil offer agent-based transfers. This means you have to walk to an agent, deposit the money, and let them send to your designated recipient.
Western Union and MoneyGram offer both internet-based and agent-based money transfer platforms. In fact, you can begin your transfer online and complete it at an agent. For the online services, the providers will require that you sign up for an account.
MoneyGram allows senders from the UK to pay for their transfers using debit or credit card, Sofort, or cash at the location. The payout option available is cash pickup and the money is available in minutes. The maximum you can send from the UK is 6,000 GBP.
When sending money through Western Union from the UK, you can pay for your transfer in cash, using a bank transfer, online bank transfer, or credit/debit card. The recipient can only get the money in cash and the maximum you can send is 4,485 GBP. Delivery time is in minutes.
Save for MoneyGram and Western Union, the other providers do not have mobile apps hence the inconvenience of having to locate a physical store to do your transfer.
If the recipient has a PayPal account, you can transfer money directly to their account. However, the recipient won’t be able to withdraw the money to a local bank, but they can use the PayPal balance to pay for products and services online.
To send money to Cameroon, you will be asked to provide the following information:
When signing up for an online money transfer account, most of this information will be requested and verified. Once that is done, you won’t need most of it for your subsequent transfers.
There are various ways your beneficiary can choose to receive transfers made to them. Depending on the provider, some payout options may not be available. The common ways to receive money in Cameroon include:
Bank Deposit- The recipient can choose to have money deposited directly into their account. One thing to note is that some banks may charge intermediary fees, landing fees, and other processing fees.
Cash Pickup- Online money transfer providers have expanded their disbursing network coverage in Cameroon through strategic partnerships with local operators. For instance, World Remit entered into a new partnership with Express Exchange to allow Cameroonians living abroad to access money in new 300+ pickup locations in the country.
When sending money using Xoom, you can have the recipient collect it from 1298 locations across Cameroon.
Mobile Money – In January 2019, WorldRemit and Express Union launched an international mobile money transfer service where WorldRemit customers can transfer funds directly to their recipients through the EU mobile money wallet. Other providers offering mobile money transfer to Cameroon include Small World, Transfast, Ria, Money Express, Tempo Money Transfer, CashXpress among others.
For you to receive your transfer in Cameroon you’ve got to provide the following documentation and support information.
• Your national identity card or passport
• The transaction number -This code is automatically generated when the sender initiates the transfer. It could either be sent to you by the provider or the sender.
Depending on the provider you are picking the funds from, you may be asked to identify the sender and the reason for the transfer.
Most Cameroonians living or working abroad send money home for several reasons some of which are:
Families, especially in rural Cameroon, are heavily dependent on aid and external support because of their economic marginalisation. Cameroonians in the diaspora who come from these areas often send money to support their families.
Cameroon’s gross domestic savings as a percentage of GDP is about 17%. Part of the savings are inflows from the diaspora into savings vehicles in the country. The diaspora money is also targeting investments in real estate and financial assets.
School enrolments in Cameroon have always been below the 50% mark. While many factors contribute to this, the lack of finances has been key among them. Diaspora Cameroonians have been sending money to keep their siblings and even relatives in school.
Cameroonians working and doing business abroad periodically repatriate their profits and incomes into the country. Geopolitical events also push some of them to find a safe haven for their hard-earned cash back at home.
It is common for diaspora Cameroonians to have loan facilities either directly or through their families back home. Depending on the loan covenants and terms of repayment, part of the money that gets sent is used to repay the loans advanced.
Online money transfer services offer unique advantages to Cameroonians sending money from abroad. Some of the benefits include:
To ensure a smooth transfer when sending money to Cameroon, you should consider the following factors:
When armed with the right information, sending money to Cameroon is simple. You just need to ensure that the provider you use is reliable and has good network coverage in the area you are making the transfer to.
Sending money anywhere else in the world is as easy as sending money to Cameroon. If you’re looking to send money to another country, here is the list of the most popular destinations.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com