Currency in Equatorial Guinea: XAF Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Equatorial Guinea with the Central African franc.
What's in this Equatorial Guinea currency guide?
What currency is used in Equatorial Guinea?
The official currency of Equatorial Guinea (country code: GQ) is the Central African franc, with symbol FCFA and currency code XAF.
What is a good Central African franc exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Good 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.
For more XAF information check out our selection of Central African franc news and guides.
Frequently Asked Questions
What currency should I use in Equatorial Guinea?
The domestic currency in Equatorial Guinea 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.
What does the Central African franc look like?
Here is an example Central African franc banknote:
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 PHP and XAF?
Here are some popular conversion amounts for PHP to XAF (Philippine peso to Central African franc)*.
| PHP | XAF |
|---|---|
| ₱ 101.20 | FCFA 1,000 |
| ₱ 506.00 | FCFA 5,000 |
| ₱ 2,024 | FCFA 20,000 |
| ₱ 10,120 | FCFA 100,000 |
More amounts
*Converted at the current PHPXAF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Equatorial Guinea
Using Wise for Central African franc travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Central African franc otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Central African franc cash before departure, you can save money by ordering online. You generally get better rates and can pick up the XAF cash locally or even on travel day at the airport.
Equatorial Guinea: Travel Guide
Traveling to Equatorial Guinea requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Equatorial Guinea is a small country located in Central Africa, known for its diverse culture and natural beauty. However, it's not a very popular tourist destination and it's not recommended for travelers because of the lack of infrastructure and political instability.
The country has a tropical climate and a diverse landscape, with rainforests, beaches, and mountains. It's also home to a variety of wildlife, including gorillas, chimpanzees, and elephants.
Equatorial Guinea has a rich culture, with a mix of African, Spanish, and Portuguese influences. Visitors can experience the local music, dance, and art, and can also learn about the country's history and traditional way of life.
However, the country has a poor infrastructure, and it can be difficult for travelers to get around. The tourism industry is not well-developed, and there are limited options for accommodation and transportation.
What currency should I use in Equatorial Guinea?
Cash is king in Equatorial Guinea. Make sure you have plenty of foreign currency to exchange for large purchases such as airline tickets. Equatorial Guinea is a part of the French Monetary Area, and the Bank of Central African States (Banque des Etats de l’Afrique Centrale) issues currency called the Communaute Financiere Africaine franc, which is abbreviated XAF or CFA.
ATMs can be found at all banks in Malabo and Bata, but not elsewhere. They often don't work, only take Visa cards and only give small amounts (usually no more than CFA100,000 per day), meaning frequent trips to the bank. Note that many ATMs start to run dry from Thursday evenings in anticipation of the weekend. This is particularly noticeable towards the end of the month. You can change euros or US dollars at banks in most towns or bureaux de change such as Pecunia Express that has branches in both Malabo and Bata.
Credit cards can only be used in top-end hotels and restaurants. Local airlines and car-hire agencies do not generally accept credit cards. You cannot withdraw cash over the counter in banks using your credit card.
Getting around in Equatorial Guinea.
Malabo International Airport lies 9km west of the city centre.. In the main building, there is a cafe, a bank that is only open during banking hours, and an ATM that often does not accept cards. It's worth having euros or dollars in small denominations if you are unable to withdraw cash and have to pay for a taxi in foreign currency.
Roads are excellent in Equatorial Guinea. There are tolls on all roads outside of the cities that cost CFA500 per vehicle. Car hire is expensive: expect to pay at least CFA70,000 per day, and there's a hefty deposit of around CFA250,000.In towns and cities, there are plenty of shared taxis to hail for short journeys. They are usually white with a coloured stripe along the side. They will hoot if they're free, and if they are not going in your direction, will simply drive away. There is no railway in Equatorial Guinea.
Everyday Costs in in Equatorial Guinea
How much does it really cost to live, work, or travel in Equatorial Guinea? Here's what to expect for daily expenses and expat living.
Currency Guide for Equatorial Guinea (ISO Code: GQ)
Traveling to Equatorial Guinea offers an exotic experience, but planning your budget wisely is essential. For a mid-range 1-week stay, a traveler should consider bringing around 800,000 to 1,200,000 Central African CFA francs (XAF), which is roughly equivalent to $1,400 to $2,000 USD. Here's a quick overview of typical daily expenses you can expect:
- 🍽️ Meal at a local restaurant: 5,000 – 10,000 XAF
- ☕ Coffee: 1,500 – 2,500 XAF
- 🚍 Public transport fare: 300 – 1,000 XAF
- 📶 Prepaid SIM card: 5,000 – 10,000 XAF
- 🏨 Budget hotel or Airbnb: 20,000 – 40,000 XAF
In general, Equatorial Guinea can be considered an average country to visit financially, especially compared to the United States where food and accommodation prices can be significantly higher. For instance, a similar stay in Canada or Australia would likely cost up to 25% more, with dining at mid-range restaurants costing around $20-$30 CAD or AUD.
Insights for Expats Living in Equatorial Guinea
For expats settling in Equatorial Guinea, understanding the cost of living is crucial. Generally, typical monthly expenses can average around 1,500,000 – 2,500,000 XAF (approximately $2,600 to $4,300 USD), which would include rent, utilities, groceries, and transportation. To navigate banking efficiently, it's advisable to maintain a local account for easier access to local funds while also keeping an international account for larger transactions or savings. Credit and debit cards are accepted in some urban areas, but cash is still king in many establishments, so always have some local currency on hand.
When it comes to exchanging money, expats may find it beneficial to utilize a mix of local exchanges and online transfer services like Wise or OFX. These online platforms often provide better exchange rates and lower fees than traditional banks, making them a reliable option for both sending and receiving money. However, it's essential to gauge local conversion rates periodically, as conditions may fluctuate.
USD/XAF Market Data
The below interactive chart displays the USD/XAF change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Central African franc Market News
The Central African CFA franc has a fixed rate of exchange with the euro, set at 1 euro = 655.957 CFA francs, so the EURCFA exchange rate should not fluctuate very much.
For more XAF information read our News and guides to the Central African franc.
Send Money to Equatorial Guinea - Best Rates
To get a good (and fair) exchange rate when sending money to Equatorial Guinea 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 Equatorial Guinea
When sending money to Equatorial Guinea 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 Equatorial Guinea.
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!
Managing money while living and working in Equatorial Guinea
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.
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 money transfer specialist 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 Equatorial Guinea. 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 Equatorial Guinea. 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 Equatorial Guinea. 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 Equatorial Guinea, 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.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Equatorial Guinea.
Equatorial Guinea for expats
Equatorial Guinea has a small expat community, mostly made up of people working in the oil and gas industry. The country has a high cost of living, and it can be difficult for expats to find affordable housing and goods. Additionally, the country is considered to be one of the most corrupt in the world, and expats may face challenges related to bureaucracy, corruption and lack of transparency.
It's important to be aware of the current security situation and to follow any safety guidelines or advice provided by local authorities. Overall, Equatorial Guinea is not a recommended destination for travelers or expats due to the lack of infrastructure, political instability, and high cost of living.