Cameroon CMT Currencies
The local currency in use is the CFA (Central African Francs). It is relatively stable since it is tied to the Euro. As an open currency, you can buy it outside Cameroon.
Best Way to Make a Money Transfer
There are several ways you can make a money transfer. You could transfer through transfer through bank accounts or pick/up and delivery stations using world remit. You could also transfer through credit card via western union, money gram, and even World Remit. Another option is to use Small world. Small world is an online platform that works similar to World Remit. There are pickup/delivery stations where you can drop off and pick up your cash.
The best way to make a money transfer depends on who you're transferring the money to. Since ATMs are only available in the larger towns and banks, your best bet would be to use a transfer service with a pickup/delivery station like World Remit or Small World.
Types of Options Available for Sending Money
The two available options for sending money is through a wire transfer (bank to bank transfer). With the wire transfer option, you're sure that who you're sending the money to will receive it safely and securely. The CFA is paid directly to the beneficiaries account in Cameroon.
The other option is through online transfer using your credit card. There are several platforms available for making online transfers to Cameroon. Each of these platforms typically has several pay out options.
Restrictions on Receiving Money
Before you can receive money from any payout station, you are required to provide a valid means of identification. The recipient must also present the correct money transfer control number. The maximum amount you can receive from a pay out station is 2,000,000 CFA.
Restrictions on Sending Money
The maximum amount you can send is 4,000,000 CFA per person, per transaction and per day. The sent money is also subject to a 0.375% tax on principal and an 18.7% tax charge.
Process of Sending Money
You'll need the location of the receiver, provide a valid means of identification, and the money you're transferring. Once you've filled the appropriate forms, you'll be given a receipt with the money transfer control number which you'll need to send to the recipient.
Major Banks in Cameroon
There are several commercial banks in Cameroon. Some of them include; African Development Bank Group, Banque Atlantique, CitiBank, Credit Lyonnais, Commercial Bank of Cameroon, Ecobank and much more
Think about the exchange rate for Cameroon? One thing that causes a lot of people lose money without realising is exchanging their currency for Cameroon's currency, the Communaute Financiere Africaine Franc (CFA) when the exchange rate is poor. Like any other currency the Communaute Financiere Africaine Francs rate of exchange will go up or down on a daily basis, so it makes sense to exchange when you can get more francs for your money. So take a look at the currency rate Cameroon currency is being traded for.
Dont have your recipient pay any fees for Cameroon
To avoid your recipient paying any fees at their end you should arrange a simple money transfer to Cameroon. By doing this you recipient will be able to have access to their money quickly and they will not have to pay any receiver's fees. So to help your recipient avoid these fees transfer money to Cameroon directly online.
Swift transfers with low fees for Cameroon
Anyone who arranges an online currency transfer to Cameroon will find that the fees they pay are minimal. This is one of the reasons that this form of transfer is so popular. So think about this whenever you need to get money to someone in Cameroon.