Foreign exchange guide to Ivory Coast and the West African franc
What's in this Ivory Coast currency guide?
The official currency of Ivory Coast (country code: CI) is the West African franc, with symbol and currency code XOF.
In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The Central African CFA franc is of equal value to the West African franc. Both XAF and XOF currencies are referred to as the CFA franc.
Save money and time by Ordering your West African franc online from Travelex, you get better rates and can pick up the XOF 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 West African franc otherwise you may get much worst exchange rates.
Ivory Coast, officially known as Côte d'Ivoire, is a country located in West Africa. It is known for its lush tropical landscapes, rich culture, and friendly people. It has a diverse range of ethnic groups and has had a history of ethnic, religious and political conflicts, which have affected the country for many years.
For travelers, Ivory Coast offers a diverse range of experiences. Visitors can explore the country's tropical beaches, national parks, and reserves. It's also known for its rich cultural heritage, such as the annual Fêtes des Masques in Danané, which is a celebration of traditional masks and costumes. The country also has a vibrant art scene, and visitors can find a range of traditional crafts, including basketry, textiles, and woodcarvings.
However, the travel advisory must be consulted before traveling. Some regions of the country have been affected by recent conflicts and political instability, and it's important to be aware of potential risks and to check the security situation in the area you plan to visit before your trip.
Overall, Ivory Coast is an interesting destination with a lot to offer, but it's important to be aware of the potential security risks and to plan accordingly.
The domestic currency in Ivory Coast is the West African franc.
The three letter currency code for the West African franc is XOF.
No, the West African franc is freely available and convertible. See guide: What is a closed currency?
To get a good (and fair) exchange rate when sending money to Ivory Coast 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.
When sending money to Ivory Coast 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 :
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 West African franc deposited into the recipient bank account and less margins and fees kept by the banks!
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 Ivory Coast.
For expats, Ivory Coast is an attractive destination due to its friendly and welcoming people, its rich culture, and its natural beauty. However, it's worth noting that the country's infrastructure and public services can be underdeveloped and unreliable in certain areas.
There's also a lack of affordable housing in certain areas, particularly in the capital city Abidjan, which can make it difficult for expats to find suitable accommodation.
Living costs in Ivory Coast can be relatively low compared to other countries in the region, but it can also be variable depending on the city, area, and the type of accommodation you are looking for. It's also worth noting that the country has a strong French influence due to its colonial past, and French is widely spoken, so speaking the language could help to make the transition easier. However, many locals also speak local languages, so it could be helpful and fun to learn some basic phrases in one of the local languages as well.
Here we list some key points for expats and businesses to consider when managing financial dealings in Ivory Coast:
Understand West 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 XOF 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 West African franc bank account: A local XOF bank account can make it easier for you to manage your finances and pay bills while you are in Ivory Coast. It may also be more convenient to use a local XOF 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 Ivory Coast. 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 Ivory Coast. 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 Ivory Coast, 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.