Find the best ways to transfer money from United States to Guinea-Bissau

The exchange rate determines the price you will pay when buying CFA Franc BCEAO in the United States. A better exchange rate means more US Dollars being sent to Guinea-Bissau.

The current rate between the US Dollar and CFA Franc BCEAO is 619.5022.

The USD-XOF exchange rate is always changing. Understanding the average, and then waiting a day or two can help you get more XOF for the same amount of US Dollars - but you might end up worse off.

A safer option if you want to get a particular rate is to use a forward contract. This allows you to lock in an agreed exchange rate between the United States and Guinea-Bissau.

Sending via a Bank transfer is the payment method that will get you the best price on a transfer from the United States to Guinea-Bissau.

OFX is the company offering the best price currently on this.

Using OFX for a Bank transfer to Guinea-Bissau from the United States is 1% cheaper than the next-best option in the market.

United States and Guinea-Bissau have different financial regulations to be aware of. Ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for money transfers between United States and Guinea-Bissau.

Companies offering money transfers between the United States and Guinea-Bissau will have minimum or maximum thresholds on how much you can send or receive across set timeframes.

Exchange rates and fees for different transfer amounts could change and sending regularly could mean losing out.

That’s why it’s best to compare USD-XOF rates for your specific transfer amount.

For regular transfers to Guinea-Bissau to the United States, shopping around each time can make a huge difference.

For sending large amounts of USD to Guinea-Bissau without hitting a threshold, we’d recommended OFX. They offer a combination of rates and fees when sending from the United States to Guinea-Bissau that is the most competitive, even at larger amounts.

Be sure to check with the recipient and understand any declarations needed on large amounts of money entering Guinea-Bissau from the United States.

Options for receiving CFA Franc BCEAO in Guinea-Bissau include direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all of the 8 providers offering transfers from the United States to Guinea-Bissau will support every method for incoming CFA Franc BCEAO, so it’s best to check ahead of time.

The most common option is to send directly from the United States to a bank account in Guinea-Bissau. For most part, this is convenient but does have receiving fees to potentially be aware of.

OFX is the best company for bank transfers between United States and Guinea-Bissau.

Cash pickup is popular in some parts of Guinea-Bissau, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like MoneyGram.

When sending CFA Franc BCEAOs to Guinea-Bissau, through a money transfer company, you will need to verify your ID when signing up.

The documents you need can vary and in some cases you might need a couple of options.

Generally, government issued ID such as a passport or driver's license are accepted in the United States. If the recipient needs an ID to collect money in Guinea-Bissau, the same applies there. You may also be able use other ID formats, where these aren’t available.

Large transactions between United States and Guinea-Bissau can be subject to additional checks such as proof of funds for anti-money laundering purposes. This may also require additional ID checks.

One of the reasons OFX as scored so highly for transfers to Guinea-Bissau is their easy sign up process in the United States.

As well as proof of funds, when sending large amounts of money between the United States and Guinea-Bissau there will be tax declarations to consider. This is also potentially due to regular transactions.

Some transfers into CFA Franc BCEAO may need to be reported to tax authorities in Guinea-Bissau and the United States, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances do change in Guinea-Bissau based on age, income and a few other elements. Everyone’s tax obligations are unique - when in doubt, please contact a tax professional in the United States or Guinea-Bissau.