How to send money to Chad: Where to get the best rates | finder.com

How to send money to Chad

Sending cash is the fastest way to get money to your recipient.

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Chad has started attracting more investments in recent years and more money has started entering the country, opening up transfer options. While cash is the fastest option, you may be able to get a better deal with an online transfer.

How much does it cost to send money to Chad? Compare your options

Enter the amount of your transfer into the table to find the best deal.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Within an hour USD 0.00 592.758 XAF 2,963,790 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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Step by step: How to send money to Chad

  1. Compare the available transfer services that can send your dollars to Central African CFA francs.
  2. Choose the one that’s best for you and go to its website.
  3. Enter the details of your transfer in the space provided.
  4. Confirm the details and make your payment.

What’s the best way to send money to Chad?

There are several ways of sending money to Chad. The main options are:

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Banks

Several banks will facilitate money transfers to Chad, although these are usually more expensive than other options.

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Cash transfers

Cash is one of the more popular choices for everyday money transfers, as your recipient won’t need a bank account to receive the money and can instead just pick it up at a location.

Blue icon representing money transfers Image: Infogram

Money transfer services

Some money transfer services will let you choose whether you want to send money as a bank transfer, as mobile money or for cash pickup. These are often the most flexible and cost-effective choices.

Let’s crunch the numbers: Sending $1,000 to Chad

The table below shows how much it costs to send money to Chad with two different services. Both offer cash pickup, but the first service requires sending cash from an agent location and the second service lets you pay online.

Cash transfer Money transfer service
Fee $7 $13.99
Exchange rate 1 USD = 526.0969 XAF 1 USD = 560.3899 XAF
Transfer speed Within minutes Within minutes
Amount received XAF522,414.22 XAF552,550.05
Overall XAF30,135.83 less XAF30,135.83 more

While the second company charges a higher fee, the better exchange rate means your recipient will get XAF30,135.83 more, or about US$54.

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How long will it take to send money to Chad?

Your funds can be available to pick up in Chad almost immediately with cash pickup services.

It will typically be slower with banks though, as well as money transfer services you’re either paying with a bank deposit or are delivering money to the recipient’s bank account.

Emergency cash transfer

Services such as Western Union or MoneyGram can get funds to the recipient in just minutes, although these high-speed transfers will also generally be more expensive than other options.

How to send money to Chad without a bank account

If you don’t have a bank account you can still send money to Chad by paying in person at a local agent location. If the recipient doesn’t have a bank account, they can still pick up cash or may also be able to collect funds with mobile money.

What to watch out for

Cash transfers are one of the more popular ways of sending money to Chad, despite the large landmass and largely rural country.

Mobile money services haven’t taken off to the same extent in Chad as neighboring countries, so this may not be a popular option for everyone.

Documentation you’ll need to send money to Chad

If you’re sending money to Chad, you may be asked to provide:

  • Identification. Your personal ID and details such as your name, address and contact details.
  • Transfer amount. How much you want to send in XAF.
  • Recipient’s details. Who the recipient is, how they should receive the money and their contact details.
  • Reason for sending the money. You may be asked why you’re sending the money and, in some cases, may be required to verify this reason with additional documentation.

What to compare to get the best deal

To find the option that’s best for you, look at:

  • Fees. How much you’re being charged in flat fees for the transfer.
  • Exchange rates. How much margin you’re paying on the exchange rate, as a percentage of the transfer.
  • Transfer speed. How long it will take the funds to arrive.
  • Payment options. The different ways of paying for a transfer. For example, with credit card, cash in hand or via bank transfer.
  • Delivery methods. This is whether you want the funds delivered as cash, sent to a mobile wallet or put into the recipient’s bank account.
  • Customer service. Does the transfer service offer 24/7 support or just during business hours?

Foreign exchange rates explained

Exchange rates are how much of one currency you get for the other. In this case, the other currency will be XAF or Central African CFA francs.

XAF is pegged to the euro, so your exchange rates will fluctuate based on how the euro is doing. Look at the mid-market rates (below) and compare that to an exchange rate quoted by a transfer service to see how much you’re paying on exchange rate margins.

Today’s exchange rate USD to XAF

Cash pickup locations in Chad

Bottom line

Central African CFA francs are not one of the world’s most popular currencies, which means you won’t have as many options to choose from. But there are still options available for online transfers and cash transfers. To get the best deal, compare money transfer companies before getting started.

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Image source: Getty Images

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