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Foreign Exchange Guide to Equatorial Guinea

Read this currency guide to Equatorial Guinea with money transfer and travel tips.   [USD/XAF=583.0988]

 
Equatorial Guinea
Country Code:
GQ
Domestic Currency:
Central African Franc
Symbol - Code:
FCFA XAF
Telephone Prefix:
+240

This is a foreign exchange guide to Equatorial Guinea, the Central African Franc currency plus XAF transfers and travel tips.


In this Equatorial Guinea currency guide we take a look at :

  1. Central African Franc info - general info about the Central African Franc
  2. Central African Franc in the markets - recent XAF moves and predictions from the FX markets
  3. Travelling in Equatorial Guinea - currency & money saving tips
  4. Buying Central African Franc cash online - travel money for Equatorial Guinea
  5. Sending money to Equatorial Guinea - save on Central African Franc bank transfers to Equatorial Guinea
  6. Central African Franc exchange rates - latest & historic exchange rates.

Central African Franc (XAF) general currency information


What is the Central African Franc currency code and symbol?

The three letter currency code for the Central African Franc is XAF and the 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.

The Central African CFA franc is the currency of the above six independent states in Central Africa having been previously 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.

In several west African states, the West African CFA franc, which is of equal value to the Central African CFA franc, is in circulation.

A social movement is developing to demand the joint withdrawal of African nations from the CFA franc.

The CFA franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations. This counter-argument is, however, flawed: experience shows that nations like Morocco, Tunisia and Algeria, which post independence withdrew from the franc zone and mint their own currency, are stronger economically than any user of the CFA franc.

It is also claimed that the CFA franc has allowed inflation to be pegged at a rate considerably lower than the African average. For its critics, however, the counterpart of this low inflation rate is weak economic growth and the creation of fewer jobs. Not to mention that this low average inflation rate does not prevent cities like Dakar from ranking among the most ‘expensive’ in the world.

On 7 January 2017, on the initiative of ‘SOS Pan-Africa’ (‘Urgences Panafricanistes’), an NGO set up and run by the activist Kemi Séba, anti-CFA demonstrations were organised in several African and European cities, and in Haïti. The mobilisations varied in size according to country, bringing together intellectuals, pan-Africanist and anti-globalisation activists and others. SOS Pan-Africa has since issued a symbolic appeal for Africans to boycott French products. The current alternative to the CFA franc in West Africa is the joint currency planned for members of the Economic Community of West African States (ECOWAS). The new currency was due to enter circulation in 2015, but this has since been deferred until 2020.


Central African Franc (XAF) in the markets

The Central African CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 CFA francs.

The interactive chart below shows the USD to XAF exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-XAF 3 Month chart
Loading USD/XAF Chart
USDXAF currency converter

Travel, Currency and Money saving tips for Equatorial Guinea

 

The capital, Malabo, boasts fascinating colonial architecture alongside sleek oil company high-rises, yet retains its African flavour with colourful markets and a bustling port. On Bioko Island, are volcanic views, fishing villages, rainforests full of endangered primates, vibrant birdlife and shores of nesting sea turtles.

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.

 

Travel money for Equatorial Guinea

 

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.

   

Equatorial Guinea Trip Checklist    

 
  1. Compare XAF travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Equatorial Guinea
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Equatorial Guinea

When searching around for information on how to get a good exchange rate when sending money to Equatorial Guinea you need to start with finding out the latest Central African Franc foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Central African Franc amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. 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 our Send to XAF 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!

   

Bank Transfers to Equatorial Guinea

Compare Transfer Rates

 

XAF/USD - Central African Franc to United States Dollar - 10 Year History

DateExchange RatePeriod
14 Apr 20190.0017231 Week
22 Mar 20190.0017241 Month
23 Oct 20180.0017496 Months
21 Apr 20180.0018761 Year
21 Apr 20170.0016332 Years
22 Apr 20140.0021065 Years
23 Apr 20090.00198310 Years

XAF/EUR - Central African Franc to Euro - 10 Year History

DateExchange RatePeriod
14 Apr 20190.0015241 Week
22 Mar 20190.0015241 Month
23 Oct 20180.0015246 Months
21 Apr 20180.0015241 Year
21 Apr 20170.0015222 Years
22 Apr 20140.0015255 Years
23 Apr 20090.00151510 Years

XAF/GBP - Central African Franc to British Pound Sterling - 10 Year History

DateExchange RatePeriod
14 Apr 20190.0013171 Week
22 Mar 20190.0013041 Month
23 Oct 20180.0013476 Months
21 Apr 20180.0013401 Year
21 Apr 20170.0012752 Years
22 Apr 20140.0012525 Years
23 Apr 20090.00135610 Years

XAF/JPY - Central African Franc to Japanese Yen - 10 Year History

DateExchange RatePeriod
14 Apr 20190.19311 Week
22 Mar 20190.18951 Month
23 Oct 20180.19676 Months
21 Apr 20180.20201 Year
21 Apr 20170.17812 Years
22 Apr 20140.21605 Years
23 Apr 20090.194410 Years

XAF/AUD - Central African Franc to Australian Dollar - 10 Year History

DateExchange RatePeriod
14 Apr 20190.0024031 Week
22 Mar 20190.0024341 Month
23 Oct 20180.0024666 Months
21 Apr 20180.0024441 Year
21 Apr 20170.0021642 Years
22 Apr 20140.0022495 Years
23 Apr 20090.00278310 Years

XAF/CAD - Central African Franc to Canadian Dollar - 10 Year History

DateExchange RatePeriod
14 Apr 20190.0022981 Week
22 Mar 20190.0023141 Month
23 Oct 20180.0022896 Months
21 Apr 20180.0023961 Year
21 Apr 20170.0022042 Years
22 Apr 20140.0023225 Years
23 Apr 20090.00243710 Years

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