Currency in Central African Republic XAF - Things to know
Foreign exchange guide to Central African Republic and the Central African franc
What's in this Central African Republic currency guide?
What currency is used in Central African Republic?
The official currency of Central African Republic (country code: CF) is the Central African franc, with symbol FCFA and currency code XAF.
Things to know about the Central African franc
Here are some things you might want to know about the Central African CFA franc:
- The Central African CFA franc (XAF) is the currency of six independent states in Central Africa - Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.
- It is represented by the symbol "FCFA" and is abbreviated as XAF.
- The CFA franc was introduced in 1945, replacing the French Equatorial African franc. It is pegged to the euro at a fixed exchange rate of 1 euro = 655.957 CFA francs.
- The value of the CFA franc is guaranteed by the Central Bank of Central African States, which is responsible for issuing and managing the currency.
- The physical currency consists of coins and banknotes. The coins come in denominations of 1, 2, 5, 10, 25, 50, 100, and 500 CFA francs. The banknotes come in denominations of 500, 1,000, 2,000, 5,000, and 10,000 CFA francs.
- The banknotes feature images of famous historical figures, such as King Béhanzin and King Njoya. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
- The currency was introduced to the previously French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984.
- Both XAF and XOF currencies are referred to as the CFA franc.
Travel money for Central African Republic
Save money and time by Ordering your Central African franc online from Travelex, you get better rates and can pick up the XAF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Central African franc otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Central African Republic
The Central African Republic (CAR) is a landlocked country located in Central Africa. It is bordered by Chad to the north, Sudan to the northeast, South Sudan to the east, the Democratic Republic of Congo to the south, the Republic of Congo to the southwest, and Cameroon to the west.
The country has a population of around 4.8 million people and is one of the least developed countries in the world, with a GDP per capita of around $300. The majority of the population is engaged in subsistence agriculture, and the country has limited natural resources and a poorly developed infrastructure.
CAR has a long history of political instability and violence, with multiple coups and armed conflicts having occurred in recent decades. This has greatly hindered the country's economic and social development. The CAR is also affected by religious and ethnic conflict, it has been in a state of civil war since 2013 and the United Nations has maintained a peacekeeping mission in the country since 2014. The conflicts have resulted in a humanitarian crisis, with a large number of people being internally displaced or fleeing as refugees.
USD/XAF Market Data
The below interactive chart displays the USD/XAF trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Central African Republic?
The domestic currency in Central African Republic is the Central African franc.
What is the Central African franc currency code and symbol?
The three letter currency code for the Central African franc is XAF — symbol is FCFA.
Which countries use the Central African franc?
It is the domestic currency in Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon.
Is the Central African franc a closed currency?
No, the Central African franc is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and XAF?
| USD | XAF |
|---|---|
| $ 1,000 | FCFA 602,940 |
| $ 5,000 | FCFA 3,014,700 |
| $ 20,000 | FCFA 12,058,800 |
| $ 100,000 | FCFA 60,294,000 |
| USD | XAF |
|---|---|
| $ 1.6590 | FCFA 1,000 |
| $ 8.2950 | FCFA 5,000 |
| $ 33.18 | FCFA 20,000 |
| $ 165.90 | FCFA 100,000 |
More amounts
Converted at USD/XAF interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Central African Republic - Best Rates
To get a good (and fair) exchange rate when sending money to Central African Republic you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Central African Republic
When sending money to Central African Republic it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Central African franc amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted XAF amount will be transfered to the recipient account you specify in Central African Republic.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Central African franc deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Central African Republic
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Central African Republic.
The CAR's economy is based mainly on agriculture, forestry, and mining. The country has a diverse range of natural resources, including diamonds, gold, timber, and oil, but these resources have not been fully exploited due to lack of investment, poor infrastructure and lack of governance.
CAR is also affected by poverty, and the majority of the population lives below the poverty line. The UN, the EU and other international organizations, along with some countries, are providing assistance to the CAR to improve the situation, but progress is slow due to the ongoing instability and insecurity.
Managing your finances in Central African Republic
Here we list some key points for expats and businesses to consider when managing financial dealings in Central African Republic:
Understand Central African franc currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the XAF exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Central African franc bank account: A local XAF bank account can make it easier for you to manage your finances and pay bills while you are in Central African Republic. It may also be more convenient to use a local XAF bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Central African Republic. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Central African Republic. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Central African Republic, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
