Make Payments in GNF - Guinean Franc
Pay in Guinean Francs (GNF)
Mondial Change allows you to make international payments in GNF (Guinean Franc) with ease. Manage your Guinean Franc beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your GNF 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 Guinean Franc (GNF)
It is currently not possible to receive payments in GNF.
Do you want to hedge your exchange risk on the Guinean Franc (GNF)? Check out our dedicated page for GNF currency hedging.
Mondial Change Answers All Your Questions About Payments in Guinean Francs (GNF)
What is the timeframe for a GNF payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Guinean Franc transfer 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 GNF 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 Guinean Franc (GNF)?
The fees applied to Guinean Franc (GNF) transfers generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual GNF exchange volume and the number of Guinean Franc payments made throughout the year.
Are there minimum or maximum amounts for payments in Guinean Franc (GNF)?
Mondial Change and its partners verify that your Guinean 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 Guinean Franc (GNF)?
For GNF payments 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
• Reason for payment
Is it possible to modify a payment in Guinean Franc (GNF) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Guinean Franc (GNF) 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 it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Guinean Franc (GNF) cannot be executed?
January 1st: New Year's Day
Variable Date: Eid al-Fitr (End of Ramadan)
Variable Date: Eid al-Adha (Feast of Sacrifice)
Variable Date: Islamic New Year (Muharram)
Variable Date: Mawlid (Birth of Prophet Muhammad)
April 3rd: Martyrs' Day
May 1st: Labor Day
May 25th: Africa Day
August 15th: Assumption
October 2nd: Independence Day
November 1st: All Saints' Day
December 25th: Christmas
History of the Guinean Franc
The Guinean Franc (GNF) has been the official currency of the Republic of Guinea since 1959, when it replaced the CFA Franc following the country's independence. Guinea has undergone several monetary reforms, notably in 1985 to address hyperinflation. The GNF is subdivided into 100 centimes, although these sub-units are no longer used today due to the currency's low value. The Guinean Franc is issued by the Central Bank of the Republic of Guinea (BCRG), which also oversees the national monetary system.
Monetary Policy of the Guinean Franc
The Central Bank of the Republic of Guinea (BCRG) is the authority responsible for the country's monetary policy. Its main objectives are price stability, regulation of the money supply, and protection of the Guinean banking system. Guinea adopts a controlled floating exchange rate regime, allowing the BCRG to intervene to mitigate excessive fluctuations of the Guinean Franc. To do this, it uses tools such as interest rates, reserve requirements, and credit policy instruments to manage liquidity in the economy.
Characteristics of the Guinean Franc
The Guinean Franc (GNF) is a strictly national currency and is not convertible on international markets. It is primarily used within Guinean territory. Its value is closely linked to local economic fluctuations, particularly to commodity prices such as bauxite. Cash payments remain predominant in the country. GNF banknotes are colorful and illustrated with cultural symbols, featuring security features like watermarks, special inks, and other visual elements to prevent counterfeiting. This specificity contributes to confidence in the Guinean currency.