Compare all the best ways to send money to Senegal

The exchange rate plays a key role in determining how much XOF your recipient in SN will get.

For example, in the past 7 days average rate for USD to XOF was 562.7528 XOF.

Since USD-XOF exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more XOF.

If you need to make an urgent transfer, we recommend using Revolut, which consistently offers the best rates for CFA Franc BCEAO transfers.

The most cost-effective way to fund your transfer to Senegal is through a bank transfer with Revolut, which is 0.65% cheaper than the second-best service.

The way you fund your transfer to Senegal impacts the cost, speed, and how much XOF the recipient will receive.

Based on our live data for a $7,000 transfer from the US to Senegal, the following are your best options:

• Revolut with bank transfer deposit costs $21 and has a 0.2% markup.

• Remitly with a debit card deposit costs $0 with 1.15% markup.

We suggest against using bank transfer, as they tend to be the most expensive option for XOF transfers.

Credit card transfers may incur cash advance fees and higher interest rates on XOF, and are usually more expensive.

Whenever possible, avoid transfers via the SWIFT network to SN. SWIFT transfers to Senegal are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much XOF you can send.

The amount you transfer can also affect the fees and the XOF exchange rate you receive. For instance, Revolut is the best choice for sending large amounts to Senegal.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of XOF you can send.

This is why it’s really important to compare your options when transferring money to Senegal.

The speed of sending CFA Franc BCEAO to Senegal depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $7,000 transfer to Senegal:

Use Paysend for fastest transfers

Of the 6 companies offering XOF transfers, Paysend consistently offers the fastest delivery times across all deposit methods.

For bank account & card deposits use Xoom

Xoom offers fast and affordable CFA Franc BCEAO transfers, with fees of around $0 for bank deposits and $0 for debit card deposits, plus a small 2.3% markup on top of the XOF rate.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for XOF transfers. Due to intermediary banks on the way to Senegal, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Senegal:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Revolut.

Based on our analysis, Revolut stood out as the top money transfer company servicing Senegal.

Mobile apps and e-wallets

Most money transfer services that accept Senegal offer mobile transfer apps, which often have better deals on XOF exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Senegal are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring CFA Franc BCEAO as cash is almost always instant but requires the recipient to visit a nearby agent in Senegal to collect the XOF.

Bank wire transfers

You can transfer CFA Franc BCEAO via your bank.

We strongly recommend not using your bank to wire XOF directly to Senegal due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Revolut and send XOF from there.

There are multiple ways to receive money in Senegal. Picking the right one can save you on fees and speed up the XOF transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Senegal, we recommend Revolut.

The card transfer will also land in the recipient’s bank account in Senegal. Use Remitly to deposit with a debit card at just $0 per transfer.

Cash pickup and delivery

If the recipient in Senegal needs XOF urgently or doesn’t have access to a bank account in Senegal, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive XOF directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Senegal, CFA Franc BCEAO will arrive without any involvement from the recipient.

However, if you're sending XOF as cash or transferring large amounts to Senegal, the recipient may need the following:

• Government-issued ID: A national ID of Senegal, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of XOF being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Senegal, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Revolut to send large amounts of CFA Franc BCEAO.

There may be tax obligations and government-imposed limits or restrictions on XOF transfers/payments to SN.

Some XOF transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain XOF transfers (especially large sums of CFA Franc BCEAO) may need to be reported to the tax authorities in Senegal or in your country.

When unsure, it’s best to consult with a tax professional in Senegal or your home country to ensure compliance with the regulations.