What Central African CFA franc actually arrives in the Central African CFA franc zone when someone sends Australian dollars, at the live mid-market rate. We explain the process; we never recommend a provider.
| They send (AUD) | You receive at mid-market (XAF) |
|---|---|
| 500 AUD | 204,105 XAF |
| 1,000 AUD | 408,210 XAF |
| 2,000 AUD | 816,420 XAF |
| 5,000 AUD | 2,041,050 XAF |
Mid-market equivalents, not transfer quotes - the sender’s provider deducts its margin and any fees before the money reaches you. STRUCK 11:00 AEST · TUE 13 OCT.
Six central African states share this franc, issued from Yaoundé and fixed to the euro at the same rate as its West African counterpart. Equal value does not make them interchangeable: they are distinct currencies with distinct issuers, and a transfer has to be directed at the right one.
A continent pretending to be a country - Australia is the only nation that fills an entire continent, with most of its 27 million people clinging to the coast while the red-dirt interior does its own thing.
A blue field with the Union Jack in the canton, a large white seven-pointed Commonwealth Star below it, and the five white stars of the Southern Cross at the fly. Six of the big star's points stand for the states and the seventh for the territories; the Southern Cross marks Australia's place in the southern sky.
Six countries in Central Africa use this franc, issued from Yaoundé by a separate central bank from its West African namesake. Both CFA francs carry the same euro peg and the same everyday name, yet notes from one zone are not spendable in the other, which catches travellers out regularly.
The exchange rate is set on the sending side - by the service the sender chooses in Australia - so the most useful thing a receiver can do happens before the transfer: share the live mid-market rate on this page so the sender can judge the margin in their quote. How the money arrives in the Central African CFA franc zone determines any local receiving charges - bank-to-bank transfers can pass through intermediary banks that deduct handling fees.
Sending rather than receiving? The sender’s view of this corridor covers the same rate from the other side. The AUD/XAF converter page handles any amount. Receiving money from overseas explains the process end to end.
In the Central African franc zone the provider has to be certain who is collecting, not only who sent. Reglement n° 04/18/CEMAC/UMAC/COBAC of 21 December 2018 requires that for any subscription to a bank or payment account, and for any payment operation, the payment service provider, distributor or sub-distributor carry out customer due diligence covering the certain identification of the person giving the order and of the beneficiary, knowledge of their activities, and the origin of the funds. The duty binds the agent or sub-agent at the counter, not only the institution behind them.
The same regulation makes paying somebody who has no account a licensed activity in its own right, listing funds transmission services that involve no account for either the payer or the beneficiary among the payment services it governs, and confining them to credit institutions, microfinance institutions and licensed payment institutions. On every operation the provider must immediately give the payer and, where applicable, the beneficiary its own name, the distributor's registration number, the nature of the operation, its date, time and reference number, and the identity of both parties.
What the recipient cannot choose is the currency the money sits in. Instruction n° 005/GR/2019 of 10 June 2019 prohibits resident persons from opening a foreign-currency account within the zone, permitting the central bank to authorise a legal person to do so for a renewable period capped at two years, and bars such an account from being funded by payments in CFA francs or by debiting a franc account. An individual receives into a franc account, held at an institution in one particular member state.
Sources: Reglement n° 04/18/CEMAC/UMAC/COBAC du 21 decembre 2018 relatif aux services de paiement dans la CEMAC · Banque des Etats de l'Afrique Centrale, Instruction n° 005/GR/2019 du 10 juin 2019
How much Central African CFA franc will I receive in the Central African CFA franc zone?
A little less than the mid-market figures above. The service the sender uses in Australia sets the rate and fees; local receiving banks in the Central African CFA franc zone can also apply their own charges depending on how the transfer arrives.
The sender asked for my details - what will they need?
Whatever their transfer service asks for on the receiving side - typically your full legal name and local bank account details in the Central African CFA franc zone. Give the name exactly as your bank records it; mismatches are the most common reason a transfer is delayed.
Why did I receive less than the rate on this page suggests?
A quote is the mid-market rate with the provider’s margin taken out of it. Because that margin is expressed in the rate rather than itemised, it is easy to miss and is usually the bigger half of what a transfer costs. On a bank-to-bank transfer an intermediary bank can also deduct a handling charge in transit.