Make Payments and Receive Payments in XAF - Central African CFA Franc
Pay in Central African CFA Francs (XAF)
Mondial Change allows you to make international payments in XAF (Central African CFA Franc) with ease. Manage your Central African CFA Franc beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your XAF 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 XAF (Central African CFA Franc)
Mondial Change allows you to receive payments in Central African CFA Franc (XAF). Payments in XAF are received in a pool account held by one of our partners. This XAF account is provided to you free of charge. It allows you to receive XAF payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Central African CFA Franc (XAF) balance. These funds can be reused to make payments in XAF or can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Mondial Change Answers All Your Questions About Payments in Central African CFA Francs (XAF)
What is the timeframe for a payment in XAF to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a transfer in Central African CFA Franc to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if XAF payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Central African CFA Franc (XAF)?
The fees applied to transfers in Central African CFA Franc (XAF) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual XAF exchange volume and the number of Central African CFA Franc payments made during the year.
Are there minimum or maximum amounts for payments in Central African CFA Franc (XAF)?
Mondial Change and its partners verify that your flows in Central African CFA Franc are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to 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 Central African CFA Franc (XAF)?
For payments in XAF via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• Account number
• SWIFT code
Is it possible to modify a payment in Central African CFA Franc (XAF) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Central African CFA Franc (XAF) 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 has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Central African CFA Franc (XAF) account provided to you a bank account, and is it nominative?
The Central African CFA Franc (XAF) account for which we provide you the details is a bank account opened in the name of one of our partners. It is a pool account where all XAF transfers are received. The reconciliation of funds on your XAF balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep Central African CFA Francs (XAF) on the XAF account provided to you?
You can use this Central African CFA Franc (XAF) account to receive Central African CFA Francs. The currencies will then be credited to your XAF balance opened in our partner's books. The funds can then be reused to issue payments in Central African CFA Franc or be converted into other currencies.
What are the public holidays when payments in Central African CFA Franc (XAF) cannot be executed?
January 1st: New Year’s Day
Variable Date: Good Friday (bank holiday in several countries in the zone)
May 1st: International Workers’ Day
Variable Date: Korité / Eid al-Fitr (end of Ramadan – several bank holidays in some countries according to official announcement)
Variable Date: Eid al-Adha (Festival of Sacrifice – several bank holidays according to official announcement)
Variable Date: Islamic New Year (Hijri New Year – observed as bank holidays depending on country and announcement)
Variable Date: Mawlid (Birth of Prophet Muhammad – observed as bank holidays depending on country and announcement)
June 5th: African Child’s Day (some CEMAC countries – possible bank holiday by decree)
August 11th: Independence Day of Gabon (in this country) – often local bank holiday
August 30th: Independence Day of Chad (in this country) – often local bank holiday
August 3rd: Independence Day of Cameroon (in this country) – often local bank holiday
October 12th: National Day of Equatorial Guinea (in this country) – often local bank holiday
December 1st: Independence Day of the Central African Republic (in this country) – often local bank holiday
December 25th: Christmas Day
History of the CFA Franc
The BEAC CFA Franc (XAF) is the official currency of six Central African countries that are members of the Central African Economic and Monetary Community (CEMAC). These countries include Cameroon, Chad, the Central African Republic, Congo-Brazzaville, Equatorial Guinea, and Gabon. The BEAC CFA Franc is widely used in commercial, financial, and domestic transactions within the CEMAC zone. Its currency code XAF is used to facilitate exchanges and international transactions involving member countries. The CFA Franc is subdivided into 100 centimes. Whether you are a resident of one of the member countries or a visitor, it is essential to understand the BEAC CFA Franc and be aware of current exchange rates.
Monetary Policy of the CFA Franc
The Bank of Central African States (BEAC) is the institution responsible for the monetary policy of the BEAC CFA Franc (XAF). Its main role is to regulate and supervise the financial and monetary system of the CEMAC zone. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these objectives, the BEAC closely monitors economic indicators such as inflation, economic growth, exchange rate, and foreign exchange reserves. It uses various instruments, such as setting interest rates and regulating the money supply, to influence the economy and maintain monetary stability. Thanks to a prudent and well-managed monetary policy, the BEAC CFA Franc enjoys a reputation for stability and credibility in national and international markets.
Features of the CFA Franc
The BEAC CFA Franc (XAF) has unique characteristics that distinguish it from other currencies. Firstly, it is pegged to the euro at a fixed rate, meaning it has a fixed parity with the euro. This peg provides stability and predictability during commercial and financial exchanges involving the BEAC CFA Franc. Additionally, the BEAC CFA Franc is widely accepted within the CEMAC zone for payments in stores, restaurants, hotels, and financial transactions. Finally, BEAC CFA Franc banknotes are equipped with advanced security features to prevent counterfeiting, such as holograms, watermarks, and special inks. This enhanced security ensures the integrity of the currency and strengthens user confidence in the financial system of the CEMAC zone.