Make Payments in RWF - Rwandan Franc
Pay in Rwandan Francs (RWF)
Mondial Change allows you to make international payments in RWF (Rwandan Franc) with ease. Manage your Rwandan Franc beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commission on your RWF operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Rwandan Franc (RWF)
It is currently not possible to receive payments in RWF.
Do you want to hedge your exchange risk on the Rwandan Franc (RWF)? Check out our dedicated page for RWF currency hedging.
Mondial Change Answers All Your Questions About Payments in Rwandan Francs (RWF)
What is the timeframe for a payment in RWF to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a transfer in Rwandan Franc to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if RWF 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 significantly impact the payment receipt timeframes.
What are the fees for a payment in Rwandan Franc (RWF)?
The fees applied to transfers in Rwandan Franc (RWF) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading desk. The rate primarily depends on your annual RWF exchange volume and the number of Rwandan Franc payments made during the year.
Are there minimum or maximum amounts for payments in Rwandan Franc (RWF)?
Mondial Change and its partners verify that your Rwandan 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 Rwandan Franc (RWF)?
For RWF payments via the SWIFT network, at least the following information must be provided:
• 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 Rwandan Franc (RWF) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Rwandan Franc (RWF) 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 Rwandan Franc (RWF) 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: Mawlid (Birth of Prophet Muhammad)
Variable date: Good Friday
Variable date: Easter Monday
April 7th: Genocide against the Tutsi Commemoration Day (Kwibuka)
May 1st: Labor Day
July 1st: Independence Day
July 4th: Liberation Day
August 15th: Assumption
December 25th: Christmas
History of the Rwandan Franc
The Rwandan Franc (RWF) has been the official currency of Rwanda since 1964, replacing the Congolese Franc after the country's independence. It is issued by the National Bank of Rwanda. The Rwandan Franc is divided into 100 centimes, although these are rarely used. Over the decades, the RWF has accompanied the country's economic recovery, notably after the events of 1994. It plays a central role in domestic and regional trade, strengthening Rwanda's economic identity.
Monetary Policy of the Rwandan Franc
The National Bank of Rwanda (BNR) is responsible for monetary policy. Its main objective is to ensure price stability while supporting economic development. Rwanda follows a managed floating exchange rate regime, and the central bank uses instruments such as the policy rate, refinancing facilities, and market operations to achieve its objectives. It emphasizes digitalization, transparency, and financial inclusion, thereby supporting monetary stability and confidence in the financial system.
Characteristics of the Rwandan Franc
The Rwandan Franc is widely used in daily transactions in Rwanda. Although the dollar and euro are sometimes used for certain international contracts, the RWF remains dominant. The banknotes in circulation incorporate modern security features and bear symbols of national unity. The country focuses on financial innovation, with mobile payment services and fintechs supported by the BNR. This modernization promotes the domestic use of the RWF and contributes to its anchoring in the national economy.