French Guinea Currency Guide: Explore with the Euro
A Comprehensive Resource for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in French Guinea with the Euro
What's in this French Guinea currency guide?
What currency is used in French Guinea?
The official currency of French Guinea (country code: GF) is the Euro, with symbol € and currency code EUR.
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Frequently Asked Questions
What currency should I use in French Guinea?
The domestic currency in French Guinea is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
What doe the Euro look like?
Here is an example Euro banknote:
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Here are some popular conversion amounts for USD to EUR (US dollar to Euro)*.
*Converted at the current USDEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Euro
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel money for French Guinea
Using Wise for Euro 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 Euro otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Euro cash before departure, you can save money by ordering online. You generally get better rates and can pick up the EUR cash locally or even on travel day at the airport.
French Guinea, also known as Guinea, was a French colonial possession in West Africa that existed from 1891 to 1958. It was located on the Gulf of Guinea and bordered present-day Guinea, Sierra Leone, and Liberia. The colony was established as a protectorate of the French Third Republic, but later became an overseas territory. French Guinea was dissolved in 1958, when it gained independence and became the modern-day country of Guinea.
French Guinea travel tips and things to see
we would recommend visitors check the current information about travel to the modern-day Guinea, which can be different from what it was during the colonial period.
However, if you were to visit Guinea today, here are a few things to keep in mind:
- Guinea is a relatively safe country to visit, but it is still a developing country, and travelers should exercise caution.
- Make sure to bring cash, as credit cards are not widely accepted.
- Guinea has a tropical climate, so be prepared for high temperatures and humidity.
- Guinea is known for its rich culture and history, including the traditional music of the griot, and it is home to several UNESCO World Heritage sites.
- The capital city, Conakry, is a good starting point for a visit to Guinea. It has a vibrant market, several museums, and the Grand Mosque, which is one of the largest in West Africa.
- The Fouta Djalon, a mountainous region in the center of the country, is also a popular destination. It offers beautiful landscapes, traditional villages, and hiking opportunities.
- The coast of Guinea is also worth visiting, with several beaches and the island of Loos.
Please note that the information provided here may not be current and that you should check with the Guinean authorities for the most updated information before planning a trip.
It's also important to note that Guinea is a country with high levels of poverty and a low development index, which is why it is important to be respectful of the local culture and customs while visiting, and to be mindful of the impact of tourism on the local communities.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to French Guinea - Best Rates
To get a good (and fair) exchange rate when sending money to French 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 French Guinea
When sending money to French 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 Euro 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 EUR amount will be transfered to the recipient account you specify in French 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 Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in French 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 Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR 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 Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in French Guinea. It may also be more convenient to use a local EUR 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 French 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 French 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 French 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 French Guinea.
French Guinea economy and doing business
The economy of French Guinea, during the time it was a colony, was primarily based on agriculture, mining, and forestry. The main crops grown were coffee, cocoa, and palm oil, and the colony also had significant reserves of bauxite, gold, and diamonds. The French government invested heavily in infrastructure, including roads and ports, to support the economy.
In terms of doing business, French Guinea was primarily dependent on trade with France, and French companies had significant investments in the colony. There were also opportunities for foreign investment, particularly in the mining and agricultural sectors. However, the colony's economy was not as developed as some other French colonies in Africa, and it was affected by the global economic downturns of the 20th century.
After French Guinea gaining its independence, the economy of the new nation of Guinea has been based primarily on agriculture, mining, and forestry. The country has abundant natural resources, including bauxite, iron ore, gold, and diamonds, but it has struggled to develop its economy due to poor infrastructure, corruption, and political instability. The country remains one of the poorest in the world, with a GDP per capita of around $800.
