Sending money to Cameroon has never been more convenient with lots of options available today more than any point in history. Cameroon receives about $300 million in remittances, 68.7% of which comes France, the United States, Gabon, Nigeria and Belgium.
According to WorldRemit, Cameroonians in the diaspora make an average of 2 to 3 transactions per month. Some of the transfers are via the bank others through online money transfers and other channels. With proper planning and choice of money transfer provider, you can save anywhere from 4 to $9 per transaction. Cumulatively, this could amount to $300+ in a year.
The government of Cameroon estimates that 5 million Cameroonians equivalent to 21% of the total population live in other countries. Their remittances play a critical role in family support and economic growth in the country.
Whether you live in the UK, Germany, Canada, France or the United States, you need an affordable, faster, and more reliable way to send money to your family and friends in Cameroon. 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.
|Bank Transfer||3-5 Days|
|Debit Card||3-5 Days|
|Bank Transfer||3-5 Days|
|Debit Card||3-5 Days|
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 sending and receiving money.
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:
Some providers such as World Remit and Xoom allow you to top up the recipient mobile phones with airtime straight from their platforms. Xoom can reload MTN and Orange mobile phones.
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.
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.
The fastest way to send funds to Cameroon is through the fast option offered by Western Union. With Western Union’s fast option, your money will get to Cameroon in a matter of minutes. Western Union is also a more common money transfer service that keeps the process simple.
The only real downside to Western Union’s fast option is that it is expensive. You can expect to pay more than average with any of Western Union’s services.
MoneyGram is the cheapest way to transfer funds to Cameroon. With MoneyGram, you can expect to pay a small upfront stated fee. You will also pay a small amount in hidden currency conversion costs. When you do the math, MoneyGram ends up being significantly cheaper than most of the competition.
The easiest way to transfer funds to Cameroon is through Payoneer. Payoneer makes sending money very convenient and easy. Payoneer is also one of the few payment services that are available in almost every country. The recipient of a Payoneer transfer can have the money sent directly to their debit card, at which point it can be withdrawn from an ATM immediately.
Payoneer also offers another option which allows the recipient to receive the money directly into their bank account.
The current exchange rate for the Central African Franc (XAF) is 590.2583 XAF per American Dollar (USD) as of the time this was written. The XAF reached a high of 596.7857 XAF per USD and a low of 584.0957 XAF per USD during the last 90 days. The average exchange rate for the XAF over the last 90 days was 590.9355 XAF per USD.
The average volatility rate for the XAF against the USD was 0.28% over the last 90 days. This is a normal volatility rate, although the XAF has gone through some long-term fluctuations. Going forward, you can reasonably expect only moderate fluctuations to continue, barring any unforeseen circumstances.
The overall best way to send money online to Cameroon is through Payoneer. If you do some research on the topic, many of the leading (best) online money transfer services are not available in Cameroon. Payoneer is both available and especially good for sending money to Cameroon. They make sending and receiving money easy, while also offering the most well-rounded option for Cameroon.
What do we mean by the top provider?
The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.
How do we choose providers to display?
We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table.All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews.We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free - the commercial agreements we have.
How do we order our comparisons?
We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.If you have any questions about our listings, please don’t hesitate to email us at email@example.com
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.