The Central African Republic is a very difficult country to send money to. Conditions inside the country are dangerous and your money transfer options are quite limited. That being said, you have several decent options available to you.
The current exchange rate for the Central African Franc (XOF) is 604.170524 XOF per American Dollar (USD) as of the time this was written. The XOF reached a high of 605.3386 XOF per USD and a low of 600.5041 XOF per USD during the last 90 days. The average exchange rate for the last 90 days was 602.7334 XOF per USD.
The average volatility rate for the XOF against the USD was 0.25% for the last 90 days. This is a normal/typical volatility rate. The XOF has behaved similarly for some time now. You can reasonably expect low-moderate fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to the Central African Republic is through Western Union. For the sake of expedience, we recommend you use their fast option, where available. With Western Union’s fast option, your money should reach its destination in a matter of hours or even minutes. There are Western Union agents available in Bangui.
The cheapest way to send money to the Central African Republic is through MoneyGram’s slower option. MoneyGram charges small upfront fees for each transfer, but they make more of their money through hidden currency conversion markups. Regardless, when both of these factors are considered, you save when you use MoneyGram to send money to the Central African Republic.
The easiest way to send money to the Central African Republic is through Payoneer. With Payoneer, you can choose between one of several money transfer methods to suit your needs. We recommend you use Payoneer to send money to the recipient’s debit card, which offers greater convenience and security when compared to other methods. With this method, the recipient can withdraw the money right away upon the transfer’s completion. You can also opt to send your Payoneer balance to the recipient’s bank account if that suits you better. Keep in mind that Payoneer is a diverse and adaptable method for holding money and sending it abroad. Feel free to find out more about the services they offer and how they may suit your needs.
For the sake of simplicity, Western Union is the overall best way to send money to the Central African Republic. Western Union is a tried and tested company that delivers money across the globe. Using Western Union to send money to the Central African Republic is easy for both yourself and the recipient.
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