Countries that use the CDF
Currency Information on Congolese Franc- GBP to CDF currency restrictions and Congolese Franc historical and currency fluctuations for Congo. FC.
Best ways to make a money transfer
In the Dem. Rep. of Congo short for DRC, there exists a large network of companies that offer remittance services. These companies cater to both local and international markets offering receiving and sending services.
Types of options to send money
Remittance services, cash pick up remain the popular modes of transferring money in and out of DRC. Inside Congo, mobile money transfers also known as electronic money is also becoming popular for domestic transfers.
For any foreign investor that has legal establishment in the Dem Rep of Congo they can remit money through parallel market.
Restrictions on receiving and sending money
For travellers going to Congo there is a limit of $10,000 that a person can bring with them and any payment over $10,000 has to take place in the banking system.
Any transfers that are made in relation to investments have no restrictions on the amount of money. Changes in exchange regulations will increase the time period that foreigners in the country get from 30 presently to 60 days to send and receive money related to investments.
process to send money
Sending money to Democratic republic of Congo is a simple process
1. Register online with a remittance company
2. Choose beneficiary who will receive money. They can receive money either as cash pick up or in their bank account.
3. Make online payment with debit or credit cards.
Brief economic trend
According to Banque Centrale du Congo which is the central bank of Congo, CDF devalued by 0.32% to the USD between Dec 2014 - 2015. The currency has come under some pressure in 2016 with inflation rate rising to 1.57 from a previous 1.04 percent. GDRC continues to keep a strict fiscal policy through steady exchange rates hand in hand with low inflation. All recent economic signs are pointing towards slowly increasing inflation and a depreciating CDF.
Main Banks in Dem Rep of Congo
Some of the main banks are Access Bank, dba Banque PrivÃ©e Du Congo (BPC), Afriland First Bank, Advans Bank, Banque Commerciale du Congo, BGFIBank DRC, Caisse Centrale de CoopÃ©ration Ã‰conomique and Citibank.
The first franc to be used in the Congo was during the Belgian colonial rule, when the franc was equal to the Belgian franc in value. This currency was also used in Rwanda and Burundi, until they adopted their own currency in 1960, and in Katanga, who issued their own currency, the Katanga franc, between 1960 and 1963.
Congo gained independence in 1967, and introduced the Zaire at a ratio of 1,000 francs to 1 Zaire. The currently issued Congolese franc was first issued in 1997, replacing the Zaire at a rate of 100,000 Z: 1 FC. This meant that the new franc was worth 300,000,000,000,000 old francs.
Congolese franc coins have been issued, but are no longer sued, due to inflation, with the smallest note in regular circulation being the 50franc note. Although denominational banknotes are available in 1, 5, 10, 20 and 50 centimes, and 10, 20, 50, 100, 200, 500, 1,000, 5,000, 10,000 and 20, 000 francs.
Given the current crisis in my country, I was forced to move abroad to find a better financial life. I’ve been living and working in a good UK job for two years now. Although my wife and children came with me I send money to my relatives in Greece very often. Every time I do so I make sure I'm getting a good currency exchange deal by checking online how to send money abroad at the best rates.
Comment written by Kostas Skordas Architect.
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