Make Payments in BIF - Burundian Franc
Pay in Burundian Francs (BIF)
Mondial Change allows you to make international payments in BIF (Burundian Franc) with ease. Manage your Burundian Franc beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your BIF operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Burundian Franc (BIF)
It is currently not possible to receive payments in BIF.
Mondial Change Answers All Your Questions About Payments in Burundian Francs (BIF)
What is the timeframe for a BIF payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Burundian Franc transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if BIF payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Burundian Franc (BIF)?
The fees applied to transfers in Burundian Franc (BIF) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading desk. The rate primarily depends on your annual BIF exchange volume and the number of Burundian Franc payments made during the year.
Are there minimum or maximum amounts for payments in Burundian Franc (BIF)?
Mondial Change and its partners verify that your Burundian Franc flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Burundian Franc (BIF)?
For payments in BIF via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Burundian Franc (BIF) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Burundian Franc (BIF) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then such amendments are not possible, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Burundian Franc (BIF) cannot be executed?
January 1st: New Year's Day
February 5th: Unity Day
April 6th: Ntaryamira Day
Variable date: Eid al-Fitr (end of Ramadan)
May 1st: Labour Day
Variable date: Ascension
May 9th: European Union Day (observed)
June 1st: Independence and Democracy Day
Variable date: Eid al-Adha (Feast of Sacrifice)
August 15th: Assumption
October 13th: Prince Louis Rwagasore Day
October 21st: President Ndadaye Day
November 1st: All Saints' Day
December 25th: Christmas Day
History of the Burundian Franc
The Burundian Franc (BIF) has been the official currency of Burundi since 1964, replacing the African Financial Community Franc (CFA) used during the colonial period. It is issued by the Bank of the Republic of Burundi (BRB) and is subdivided into 100 centimes, although these are no longer used in practice. The BIF has gone through several periods of instability but remains today the reference for internal economic exchanges in the country.
Monetary Policy of the Burundian Franc
The Bank of the Republic of Burundi (BRB) is the institution responsible for monetary policy. It aims to maintain price stability, control inflation, and ensure the balance of the foreign exchange market. Due to inflationary pressures and the challenging economic context, the BIF operates under a managed exchange rate regime. The BRB primarily uses key interest rates, mandatory reserves, and foreign exchange market interventions to manage fluctuations in the Burundian Franc and promote a stable macroeconomic environment.
Particularities of the Burundian Franc
The Burundian Franc (BIF) is not a freely convertible currency on international markets. Its use remains localized to the Burundian territory, necessitating the use of specialized partners like Mondial Change for cross-border operations. BIF banknotes feature Burundian cultural symbols and are equipped with security features such as watermarks and special inks. Cash payments dominate the local economy, although initiatives towards banking and digital payments are beginning to emerge.