Send money to Gabon | How to get the best rates | finder.com

How to send money to Gabon

Use an online transfer provider to get the best rates.

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Gabon has boomed in recent years and there are now a number of different ways to send money there. This means you have more options to compare, which can make it easier to find a better deal.

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Within an hour USD 0.00 593.013 XAF 2,965,063 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 Gabon

  1. Compare your transfer services here and find the one that’s best for you.
  2. Sign up for an account. You may have to verify your identity.
  3. Put the details of your money transfer into the space provided, including the amount and the recipient.
  4. Double check the details, confirm your payment and then send your money.

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

There are several different ways of sending money to Gabon. The main options include:

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Banks

There are a range of banking connections in Gabon, although you’ll need to ask your bank if they send there. It can be convenient, but will also generally be one of the more expensive options.

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Cash transfers

Cash transfer services are popular, especially if you or your recipient doesn’t have a bank account.

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Money transfer services

These transfer services are often online-only, but will still deliver funds to the recipient in different ways, and may offer you the choice of cash pickup, mobile money delivery or bank account delivery.

Crunching the numbers: Sending $1,000 to Gabon

The table below shows how much it costs to send $1,000 to Gabon with different options for cash pickup. The first option is dropping off cash at an agent location in the US, and the second option is paying online.

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

Both transfer services get money to your recipient quickly and in cash. But while the second option has higher fees, its better exchange rate leaves your recipient with over XAF30,000 more, or about US$54.

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How long will it take to send money to Gabon?

How long it takes to send money to Gabon depends largely on whether there’s a bank transfer involved. If you’re paying with cash and the recipient is picking up cash, the money might be available immediately.

This will often be more expensive than other options though.

How to send money to Gabon without a bank account

You can send money to Gabon without a bank account by looking for options that let you pay with cash. Some transfer services have agents in countries around the world to help facilitate this.

If your recipient doesn’t have a bank account, cash can help there too. You can also send money directly to the recipient’s mobile money account.

What to watch out for

Gabon’s tax laws may change over time and certain payments into or out of the country may be subject to additional taxes. Make sure you understand the taxes involved properly you may want to contact a tax expert.

Gabon’s mobile money scene has grown rapidly in recent years. Over 45% of the population in Sub-Saharan Africa has access to some kind of mobile money account, and Gabon has enjoyed a high level of uptake. If possible, mobile money payments may be a suitable option for smaller transfers.

Documentation you’ll need to send money to Gabon

You’ll be required to provide a range of information for your money transfer, and some documentation.

This includes:

  • Identification to verify the personal details you provide, like a driver’s license.
  • How much you’re sending and which currencies you’re converting it to and from.
  • Who’s receiving the money and some of their details such as name and contact information.
  • The reason for the transfer and potentially also some evidence to support your reason.

What to compare to get the best deal

There are a range of things to consider when comparing international money transfers.

  • Fees. Look at how much you’re being charged for the overall transfer.
  • Exchange rates. Consider the quoted exchange rate and how much of one currency you’re getting for the other.
  • Transfer speed. If the money needs to get there in a hurry, you may want to pay extra attention to the transfer speed.
  • Payment options. Consider the options for delivering money to the recipient.
  • Delivery methods. How does the customer want to receive the money?
  • Customer service. If something goes wrong you want to know you can get in touch with the transfer service’s customer support team.

Exchange rates explained

Foreign exchange rates can make up one of the biggest costs of any money transfer service, and are just as important to consider as the fees.

To find out how much you’re paying in exchange rates, look at the mid-market rates for the currency you want to convert to, and then compare that to the exchange rate quoted by a transfer service.

Today’s exchange rate USD to XAF

Cash pickup locations in Gabon

Bottom line

Gabon is becoming a more popular transfer destination, but there are still a limited number of providers who are currently able to send money there. To get the best deal, compare transfer providers before getting started.

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Image source: Getty Images

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