The best, fastest & cheapest ways to send money to Mali

Pay attention to XOF exchange rates, as it determines how much XOF your recipient will receive.

For instance, today’s average USD to XOF rate is 560.4949 but the highest rate over the past 7 days was 564.1015 XOF/USD.

Your aim is to transfer when XOF reaches a higher value so waiting a few days could result in a better rate, hence more XOF received.

For urgent CFA Franc BCEAO transfers, we recommend Revolut. It consistently provides the best XOF rates.

How you fund your transfer affects the cost, speed, and the amount of CFA Franc BCEAO the recipient will receive.

The cheapest way to fund your transfer to Mali is with a bank transfer via Revolut, which is 1.81% cheaper than the next cheapest service.

Based on our analysis of a $7,000 transfer from to Mali, here are the top options:

• Revolut (bank transfer): Costs $21 + 0.2% markup on top of the XOF mid-market rate.

• Remitly (debit card): Costs $0 + 3.12% markup.

credit card is the most expensive deposit method for CFA Franc BCEAO transfers, so we recommend avoiding it to maximize the amount of XOF received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Mali.

Avoid sending XOF over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for XOF transfers.

Money transfer companies often have minimum and maximum limits on how much XOF you can transfer.

The amount of XOF you send can impact the fees and exchange rate. Some services such as Revolut may offer a better exchange rate for large XOF transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much XOF you can send.

To ensure your money transfer to Mali goes smoothly, especially if moving large amounts of CFA Franc BCEAO, use our comparison tool to find the service that best fits your needs.

The speed of sending CFA Franc BCEAO to Mali depends on factors like the amount of XOF sent, the chosen deposit and withdrawal methods, and when you send XOF.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer $7,000 to Mali, here are your options:

• For the fastest transfers, use Xoom - Out of 4 companies serving Mali.

• For bank and card deposits, use Xoom - Xoom provides fast and affordable XOF transfers, with fees around $0 for bank account deposits and $0 for debit/prepaid card deposits, with a small 2.3% markup on the ‘real’ XOF exchange rate.

• For credit card transfers, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need CFA Franc BCEAO to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Mali.

Avoid using the SWIFT network for XOF transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For XOF transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Revolut. Based on our analysis, Revolut ranked as the top provider for sending money to Mali, appearing in 1 comparisons involving XOF.

2. Mobile apps and digital wallets - Many services available in Mali offer mobile apps, often giving transfer offers on XOF rates.

3. Cash transfers - You can send cash to Mali through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Mali to collect the CFA Franc BCEAO.

4. Wire transfers - While you can wire money to Mali through your bank, we suggest against it. Banks can charge up to $60 per transfer to Mali and add 5% - 6% to the XOF exchange rate. Instead, use bank transfer to deposit money to Revolut and send XOF from there.

There are several ways to receive money in Mali, and choosing the right one will help the recipient get the most XOF. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Mali, we recommend Revolut. XOF will arrive directly to the recipient's bank account in Mali.

• Deposit to digital or mobile wallet - XOF can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Revolut. Recipients in Mali will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs XOF urgently or doesn't have access to a bank account in Mali, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Mali. This will require the recipient to visit a nearby agent in Mali.

When making large XOF transfers or sending CFA Franc BCEAO for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Mali.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in XOF.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Mali from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. CFA Franc BCEAO will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Revolut for transferring large amounts of CFA Franc BCEAO.

There may be tax implications and government-imposed limits on CFA Franc BCEAO transfers.

Some CFA Franc BCEAO transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger XOF transfers may need to be reported to tax authorities in Mali or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Mali or your home country to ensure compliance with relevant regulations and tax laws.