The official currency of Senegal is the West African CFA franc (XOF) and has been since 1945. When Senegal was granted independence from France in 1960 the African countries using CFA currency was split into the “Financial Community of Africa” – this covered 9 West African countries including Senegal and the “Financial Community of Central Africa” which included 6 Central African countries. At the time of writing, Senegal is one of the 14 African countries belonging to the Franc Zone.
Geographically, Senegal is located at the westernmost point of Africa and covers 196,712 km². Bordering the North Atlantic Ocean to the west, Senegal is served by multiple air and maritime travel routes making it a prime location for sea and air freight industries. The nation’s most important import and export industries are food production, chemicals and textiles.
When considering how to send money Senegal from Austria there are some key aspects of the transfer to consider.
The cheapest provider we found is WorldRemit at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when transferring EUR to XOF.
This means that by using WorldRemit for online money transfers to Senegal from Austria, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our comparison engine has found VertoFX and PayPal also to be very good options when sending EUR – XOF.
This recommendation was updated one minute ago.
In order to avoid high fees, you should consider the cheapest way to send from Austria to Senegal.
WorldRemit has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from Austria to Senegal, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, WorldRemit is the fastest way to send EUR – XOF.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to Senegal.
With WorldRemit you can send money online to Senegal using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Senegal as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Senegal. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Senegal.
When sending money to Senegal from Austria using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit, VertoFX and PayPal.
Before sending money to Senegal from Austria, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send EUR to XOF.
After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Senegal. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Senegal, then they will usually need the following:
However, the amount of XOF you can receive from Austria will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of XOF that can be received in Senegal or sent from Austria before making your transfer.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.