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Best Ways to Send Money to Cameroon

Ensure fast send times, low fees, the best exchange rates, and helpful customer support on money transfers to Cameroon.

Continue reading for reviews, expert advice, and essentials for transfers to Cameroon.

Jonathan Merry
Author 
Jonathan Merry
10 minutes
February 5th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is our recommended provider for sending money to Cameroon. This is based on having the best rates, fees and transfer times.

Fastest Option
8.2
Remitly

Remitly tends to offer fast transfer times to Cameroon for many origin countries and send amounts.

Compare rates and fees for sending money to Cameroon

There are multiple ways to easily send and receive money in Cameroon but these will largely depend on the provider you decide to use.

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.

Interbank Transfers
Online Money Transfers
Cash transfer
PayPal

What is Needed to Send Money to Cameroon

To send money to Cameroon, you will be asked to provide the following information:

  • A government-issued photo ID

  • The name of the recipient, their address and phone number

  • The recipient’s bank details if the transfer is to a bank account

  • The transfer payout method

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.

What Are the Ways of Receiving Money in Cameroon?

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
Cash Pickup
Mobile Money

What is Required to Receive Money in Cameroon?

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.

Common Reasons for Sending Money to Cameroon

Most Cameroonians living or working abroad send money home for several reasons some of which are:

Family Support

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.

Savings and Investments

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.

Education and Tuition Expenses

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.

Income Repatriation

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.

Mortgage Repayments

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.

Why Send Money with a Money Transfer Service?

Online money transfer services offer unique advantages to Cameroonians sending money from abroad. Some of the benefits include:

Exchange Rate Margin

Providers charge margins as low as 0.5 to 3.5%. This means that the recipient will receive more money per unit of the host currency.

Transfer Fees

With fees as low as $2.99 you can make your transfers to any part of Cameroon. If you are not so much in a hurry to get you to transfer across, paying via bank is the best option for lower fees.

Transfer Speed

Money sent to Cameroon gets delivered quickly. Some of the transfers are instant while others take up to 3 days to get to the recipients. Compared to traditional channels that take up to 5 days, this timely delivery is a huge plus.

Ease of Set-Up

Signing up for an online money transfer account takes about 5 minutes as long as you have all the information requested. Most providers will also ask you to verify your account, an exercise that will take only 24 hours at most and you are set to send countless transfers.

Multicurrency Support

When sending money from different countries, it helps to get money transfer solutions that support both the host and destination currencies. Money transfer providers have strong sending and disbursing network coverages that support hundreds of currency pairs. For instance, Xendpay supports up to 2968 currency pairs.

Security

Money transfer providers are regulated by bodies in the different countries they operate. Among the regulatory requirements is that they must put in place robust security measures to safeguard customer information and separate client funds from their business finances. Many of the providers have two-factor authentication systems, sever security protocols and encryption systems to ensure information transmission is secured.

Things to Consider When Sending Money to Cameroon

To ensure a smooth transfer when sending money to Cameroon, you should consider the following factors:

  • Cameroon Money Exchange Market Regulations -The Ministry of Finance issued a communique that outlaws all non-authorised money exchange operations. Only 25 institutions are recognised and authorised to engage in money exchange operations.

  • Scarcity of Foreign Currencies -Even with the favourable trade that the Central African Monetary and Economic Community (CEMAC) region enjoys, there has been some prolonged scarcity of foreign exchange. It is therefore important that when sending money, you insist on providers that will give your recipients the CFA franc.

  • Heavy Cash Dependence -Most Cameroonians prefer cash to electronic money. When making your transfer choose cash pickups because they are preferred more than bank deposits and mobile money especially when small amounts in the range of $200 to $500 are involved.

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 USD to XAF exchange rate

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Looking to Send Money Somewhere Else?

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Contributors

Jonathan Merry
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