Compare your options for sending pesos to XAF and choose the one that’s best for you.
Go to the service’s website and create an account.
Enter the details of your transfer and make your payment.
What’s the best way to send money to Cameroon?
You can look at different services depending on whether you want it fast, cheap or convenient.
You may be able to go to your bank to send money to Cameroon. It’s convenient, but it will also be slow and expensive and you may not be able to get the desired currency.
Some services let you send money to Cameroon for a cash pick-up. It’s fast but expensive.
Money transfer services
An online money transfer with a specialist service is usually the best value for money, but it can be a bit slower.
What’s the fastest way to send money to Cameroon?
If you want to send money to Cameroon as fast as possible, cash transfer services can get it there within minutes.
If you’re in a hurry, but also want to save money, you can look for a high-speed online transfer option.
Emergency cash transfer
Emergency cash transfers are offered by services including Western Union and MoneyGram and can get your money to Cameroon in just a few minutes, although these are usually more expensive than bank transfers.
The recipient will have to pick it up from a specified location though, and it will usually have to be within business hours for the agent at the destination.
How to send money to Cameroon without a bank account
Neither you nor the recipient needs a bank account for you to send money to Cameroon.
You can pay with cash at MoneyGram or Western Union agents in the Philippines if you don’t have a bank account.
If your recipient doesn’t have a bank account, you can request a cash pick-up or choose other options such as a mobile airtime top-up, where you can remotely top up airtime on MTN and Orange phones.
You can also look for a money transfer that takes one to two days instead by checking how long different online transfer services say it will take for the money to arrive.
What to watch out for
With the aim of making foreign investment easier, Cameroon enjoys a highly developed banking sector on top of its mobile money network and numerous cash pick-up agents.
Keep in mind that Cameroon’s currency is pegged to the euro at a rate of 1 EUR = 655.957 XAF. This means that factors that affect the euro affect the Central African CFA franc (XAF) as well.
Documentation you’ll need to send money to Cameroon
You will need to provide documentation to send money to Cameroon. This may include the following:
Identification. You will need to have documents such as a driver’s licence to show who you are.
Transfer amount. You need to say how much you want to transfer and in which currencies.
Recipient’s details. You will also need to provide the recipient’s details, such as their name.
Reason for sending the money. In some situations, you will be required to say why you’re sending the money.
What to compare to get the best deal
If you’re having trouble deciding which money transfer service to use, here are some aspects to consider:
Fees. How much does the service cost in upfront fees?
Exchange rates. What kind of exchange rates are you getting? Better rates can save a lot of money.
Transfer speed. How long will the transfer take to arrive? If you’re in a hurry, you may want to look for a faster option.
Payment options. Consider the different options for making your payment, such as by bank transfer or in cash, and make sure it works for you.
Delivery methods. Does the recipient want a cash pick-up? A bank transfer? Mobile airtime top-up?
Customer service. Where do you turn if something goes wrong, and are they able to help?
Foreign exchange rates explained
The foreign exchange rate is how much one currency is officially worth in another currency.
By knowing the mid-market foreign exchange rate for your destination country’s currency, you get a benchmark to consider when comparing quotes from different money transfer services.
Here are the current mid-market rates for Cameroon. See how close you can get with a money transfer service to find the best rates.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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