Currency in Gabon XAF - Things to know
Foreign exchange guide to Gabon and the Central African franc
What's in this Gabon currency guide?
What currency is used in Gabon?
The official currency of Gabon (country code: GA) is the Central African franc, with symbol FCFA and currency code XAF.
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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 Gabon
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 Gabon
Gabon is a country located on the west coast of Central Africa, known for its diverse wildlife and natural beauty. The country has 13 national parks and reserves, which are home to a wide variety of wildlife, including gorillas, chimpanzees, elephants, and many bird species.
Tourists can enjoy activities such as wildlife safaris, birdwatching, and hiking in the national parks and reserves. The beaches of Gabon also offer opportunities for swimming, snorkeling, and fishing.
Gabon also has a rich culture, with a variety of ethnic groups and traditional customs. Visitors can learn about the culture by visiting local villages and markets, or by attending traditional festivals and ceremonies.
The tourism infrastructure in Gabon is not well developed and the country has a small tourism industry. Accommodation options are limited, mainly small hotels and guesthouses, and transportation can be challenging.
It is important to note that Gabon is a relatively safe country to visit, but crime can be a problem in certain areas, especially in the capital city of Libreville. It's recommended to take basic safety precautions and to consult the local authorities or your embassy for specific safety advice.
Overall, Gabon is a destination for travelers seeking a unique and off-the-beaten-path experience, with stunning natural beauty and rich culture, with a sense of adventure and a remote atmosphere.
USD/XAF Market Data
The below interactive chart displays the USD/XAF change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Gabon?
The domestic currency in Gabon 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?
Here are some popular conversion amounts for USD to XAF (US dollar to Central African franc)*.
| USD | XAF |
|---|---|
| $ 1,000 | FCFA 598,810 |
| $ 5,000 | FCFA 2,994,050 |
| $ 20,000 | FCFA 11,976,200 |
| $ 100,000 | FCFA 59,881,000 |
| USD | XAF |
|---|---|
| $ 1.6700 | FCFA 1,000 |
| $ 8.3500 | FCFA 5,000 |
| $ 33.40 | FCFA 20,000 |
| $ 167.00 | FCFA 100,000 |
More amounts
*Converted at the current USDXAF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Gabon - Best Rates
To get a good (and fair) exchange rate when sending money to Gabon 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 Gabon
When sending money to Gabon 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 Gabon.
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 Gabon
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 Gabon.
Living in Gabon as an expat
Living in Gabon as an expat can be challenging, as the country has a small expat community and a lack of infrastructure. The country is relatively isolated and the cost of living can be high, especially for imported goods.
One of the biggest challenges for expats in Gabon is the language barrier, as French is the official language and many people do not speak English well. It's recommended to learn some basic French to make it easier to navigate daily life.
Another challenge for expats in Gabon is the lack of infrastructure and services. The country has a limited number of schools and healthcare facilities, which can make it difficult for expats with children or special needs.
Additionally, the country has a relatively high crime rate, especially in the capital city of Libreville, and it's important to take basic safety precautions and to consult the local authorities or your embassy for specific safety advice.
However, Gabon also has its benefits, such as the natural beauty, the wildlife and the culture that can be discovered. The country also has a growing oil and mining industry, which can offer job opportunities for expats with relevant skills and experience.
Expat communities can be found in the main cities and towns, and joining one can be a great way to meet people and get support during the transition period.
Overall, living in Gabon as an expat can be challenging, but with patience and persistence, it is possible to make a home in Gabon and enjoy the unique experiences that this country has to offer. It's important to be well informed and prepared before making the move.
Managing your finances in Gabon
Here we list some key points for expats and businesses to consider when managing financial dealings in Gabon:
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 Gabon. 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 Gabon. 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 Gabon. 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 Gabon, 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.