Make Payments and Receive Payments in XOF - CFA Franc
Pay in CFA Francs (XOF)
Mondial Change allows you to make international payments in XOF (CFA Franc) with ease. Manage your CFA Franc beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your XOF 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 XOF (CFA Franc)
Mondial Change allows you to receive payments in CFA Franc (XOF). Payments in XOF are received in a pool account held by one of our partners. This XOF account is made available to you free of charge. It allows you to receive payments in XOF 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 CFA Franc (XOF) balance. These funds can be reused to make payments in XOF or they 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 CFA Francs (XOF)
What is the timeframe for a payment in XOF to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a CFA Franc transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if XOF payments are credited beyond 2 business days to the beneficiary's account.
What are the fees on a payment in CFA Franc (XOF)?
The fees applied to transfers in CFA Franc (XOF) generally vary from 0 to 10 euros depending on the agreement made with the Mondial Change trading room. The rate mainly depends on your annual XOF exchange volume and the number of CFA Franc payments made during the year.
Are there minimum or maximum amounts for payments in CFA Franc (XOF)?
Mondial Change and its partners verify that your CFA Franc flows 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 CFA Franc (XOF)?
For payments in XOF via the SWIFT network, it is sufficient to provide the following information:
• Full name of the beneficiary
• Account number
• SWIFT code
Is it possible to modify a payment in CFA Franc (XOF) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in CFA Franc (XOF) 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 CFA Franc (XOF) account provided to you a bank account and is it nominative?
The CFA Franc (XOF) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account on which all XOF transfers are received. The reconciliation of funds on your XOF balance is generally done with the reference of your client account. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep CFA Francs (XOF) on the XOF account provided to you?
You can use this CFA Franc (XOF) account to receive CFA Francs. The currencies will then be credited to your XOF balance opened in our partner's books. The funds can then be reused to make payments in CFA Franc or be converted into other currencies.
What are the public holidays when payments in CFA Franc (XOF) cannot be executed?
January 1st: New Year's Day
Variable date: Good Friday (observed in several countries)
Variable date: Easter Monday (observed in several countries)
May 1st: Labor Day
Variable date: Eid al-Fitr (Koritè – end of Ramadan, often 1 to 2 days)
Variable date: Eid al-Adha (Tabaski – Feast of Sacrifice, often 1 to 2 days)
Variable date: Islamic New Year (Hijri New Year – depending on the country)
Variable date: Mawlid (Birth of Prophet Muhammad – depending on the country)
August 15th: Assumption (observed in several countries)
November 1st: All Saints' Day (observed in several countries)
December 25th: Christmas
History of the CFA Franc (XOF)
The CFA Franc (XOF) is the official currency of eight West African countries that are members of the West African Economic and Monetary Union (WAEMU). These countries include Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The CFA Franc (XOF) is widely used in commercial, financial, and domestic transactions within the WAEMU zone. Its currency code XOF 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 XOF and be aware of current exchange rates.
Monetary Policy of the CFA Franc (XOF)
The Central Bank of West African States (BCEAO) is the institution responsible for the monetary policy of the CFA Franc XOF. Its main role is to regulate and supervise the financial and monetary system of the WAEMU zone. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these objectives, the BCEAO 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 CFA Franc XOF enjoys a reputation for stability and credibility in national and international markets.
Features of the CFA Franc (XOF)
The CFA Franc XOF has unique characteristics that distinguish it from other currencies. Firstly, it is pegged to the euro at a fixed rate, which means it has a fixed parity with the euro. This linkage provides stability and predictability during commercial and financial exchanges involving the CFA Franc XOF. Additionally, the CFA Franc XOF is widely accepted within the WAEMU zone for payments in stores, restaurants, hotels, and financial transactions. Finally, the banknotes of the CFA Franc XOF 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 WAEMU zone.