Country Guides | The six nations that use the Central African Franc rely … but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash. The two currencies are backed by the Treasury in France. Save money and time by Ordering your Central African Franc online from Travelex, you get better rates and can pick Another limitation of the Central African Franc is that the member states have no control over the movement of the currency due to its fixed link to the Euro. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984. Make sure you have plenty of foreign currency to exchange for large purchases such as airline tickets. compare It replaced the Spanish peseta at par shortly after gaining independence from Spain the prior year and was later replaced, again at par, by the ekwele. { "name": "Country Guides" The currency was introduced to the previously French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. Equatorial Guinea was the first non-French speaking nation to accede to the Franc Zone. Equatorial Guinea was the first non-French speaking nation to accede to the Franc Zone. In 1975, notes denominated in ekuele replaced the peseta guineana at par. The currency was in the form of three bank note denominations and four coin denominations. The Central African nation has had several currencies in the past. The domestic currency in Equatorial Guinea is the Central African Franc. "itemListElement": USD/XAF 10 year historic rates & change to 22-Oct-2020 : 554.9685. Reviews of Banks and Popular FX Providers. All maps, graphics, flags, photos and original descriptions © 2020 worldatlas.com, 10 Interesting Facts About Equatorial Guinea. See guide: What is a closed currency? It's worth having euros or dollars in small denominations if you are unable to withdraw cash and have to pay for a taxi in foreign currency. } These were 100, 500 and 1000 pesetas. Note that many ATMs start to run dry from Thursday evenings in anticipation of the weekend. They will hoot if they're free, and if they are not going in your direction, will simply drive away. The Central African states depend on the monetary policies of the European Central Bank. The Central African CFA franc (XAF) is the currency of six independent states in Central Africa - Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. Furthermore, use of a common currency has increased trade between the Central African Nations. Learn how and when to remove this template message, Japanese government-issued Philippine Peso, https://en.wikipedia.org/w/index.php?title=Equatorial_Guinean_peseta&oldid=933101678, 1975 disestablishments in Equatorial Guinea, Articles needing additional references from December 2009, All articles needing additional references, Articles with Spanish-language sources (es), Creative Commons Attribution-ShareAlike License, This page was last edited on 30 December 2019, at 00:11. Another popular option is to The ekwele was replaced by the Central African franc (written Franco on these notes) at a rate of 1 franc = 4 bipkwele. To get a better deal you should follow these 4 simple steps : Use the above Send to Central African Franc calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - In the main building, there is a cafe, a bank that is only open during banking hours, and an ATM that often does not accept cards. It favors importers and discourages exports which are a source of income to the Central African States. In several west African states the West African CFA franc (currency code XOF) is in circulation, such as Benin - West African CFA franc. Additionally, its value matched the Spanish Peseta’s value. The traders used the Spanish Peseta introduced to the country by the colonial masters. There are tolls on all roads outside of the cities that cost CFA500 per vehicle. "@id": "https://bestexchangerates.com/country-guides/equatorial-guinea-currency/", Disclaimer: conversions are for illustration purposes only. The three letter currency code … [1], Old Equatorial Guinean 1000 pesetas banknote, 1969. } up the XAF cash locally or even on travel day at the airport. Equatorial Guinea is a part of the French Monetary Area, and the Bank of Central African States (Banque des Etats de l’Afrique Centrale) issues currency called the Communaute Financiere Africaine franc, which is abbreviated XAF or CFA. | This infobox shows the latest status before this currency was rendered obsolete. Compare International Money Transfer FX rates. Converted at USD/XAF interbank rate, Request best rate quotes. The Equatorial Guinean Peseta bore a close resemblance to the Spanish Peseta. Exchange Rate Forecasts and Market Predictions. { The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not Both XAF and XOF currencies are referred to as the CFA franc. use a Pre-paid Travel Card. You cannot withdraw cash over the counter in banks using your credit card. The West African CFA franc is of equal value to the Central African CFA franc. { Ekwele was the official currency of Equatorial Guinea until 1985 when the country joined the Franc Zone. Currency country guides for travel and transfers. Malabo International Airport lies 9km west of the city centre.. representative of all the products available in the market. "@id": "https://bestexchangerates.com/country-guides/", During the colonial period, the nation maintained strong trade ties with Spain, Germany, France, and the UK. Once your funds are received by the provider the converted XAF amount will be transfered to the recipient account you specify in Equatorial Guinea. "name": "Equatorial Guinea - Central African Franc" Usage is entirely at your own risk. "@type": "ListItem", { For card purchases if offered a choice of currencies always select to Get Daily Rate Alerts and Trends to your Inbox. Pay in Central African Franc otherwise you may get much worst exchange rates. When searching around for information on how to get a good exchange rate when sending money to Equatorial Guinea you need to start with finding out the latest Central African Franc exchange rate for foreign-transfers, which can be very different to the wholesale rate.

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