If you're wanting to send money to Burkina Faso, it should be easy and affordable. This means comparing options to find the lowest fees and the best exchange rates for your next transfer, so you can be confident that you're finding the best deal with the least amount of hassle.
We'll go through what options are available and what to watch out for.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Compare money transfer services to find the one that's best for sending your dollars to XAF.
Once you've chosen one, create an account for it.
Enter the details of your transfer, including the recipient and the amount you want to send.
Confirm the transfer details and make your payment to the transfer service.
What's the best way to send money to Burkina Faso?
There are three different options you can use, each with its own benefits and downsides.
Banks
You can send money to Burkina Faso through bank transfers, but it will often be slower and more expensive than other options.
Cash transfers
You can send money for the recipient to pick up as cash from a local agent.
Money transfer services
Some online money transfer services will deliver funds to the recipient's bank account, as cash or to mobile wallets as needed. These will often be more cost-effective than other options.
Let's crunch the numbers: Sending $1,000 to Burkina Faso
Here's how much it would cost to send $1,000 to Burkina Faso with two different services, to give a sense of how much costs can vary and why it pays to compare.
Cash transfer
Money transfer service
Fee
$25
$14.99
Exchange rate
1 AUD = 394.8678 XOF
1 AUD = 400.8374 XOF
Transfer speed
Within minutes
1-3 days
Amount of West African CFA francs received
XOF384,996.10
XOF394,828.85
Overall
XOF9,832.75 less
XOF9,832.75 more
One service has both lower fees and better exchange rates, resulting in your recipient getting XOF9,832.75 (around $25) more than they would with the other service, although the transfer will be slower.
How long will it take to send money to Burkina Faso?
How long it takes to send money to Burkina Faso depends mostly on which type of transfer you send. Generally, it will be slowest whenever you either have to have money deposited into a recipient's bank account or when you're making a payment from a bank account.
To find the fastest transfer, you'll generally want to look at cash transfers and mobile money payments.
Emergency cash transfer
Certain services can quickly send money to Burkina Faso to be picked up as cash at an agent's location.
However, you will need to bear in mind that the agent locations will have their own business hours, and that your recipient will need to be able to get to the agent quickly if you're in a hurry.
Where possible, mobile money transfers with services such as Orange Money can also facilitate fast money transfers.
How to send money to Burkina Faso without a bank account
If you don't have a bank account, you can still pay with cash at the agent location closest to you. You'll be able to find the address on the money service's website.
At the other end of the transfer, if your recipient doesn't have a bank account, they can still pick up cash. If they have a mobile money account, you can also look at services that deliver directly to mobile in Burkina Faso.
Faster transfers are often more expensive. So if you're not in a rush, it will typically be more cost-effective to take your time and look for slower transfers.
You might find options that are considerably cheaper but can still send money within 1-3 days.
What to watch out for
Although they only arrived relatively recently, Burkina Faso's mobile money services are growing quickly. Orange Money and Mobicash now have thousands of agent locations around the country.
Within the country, mobile money services are becoming the primary payment network.
Due to the popularity of these services, you may want to look for a money transfer service that can deliver to mobile if you want to make things more convenient for the recipient.
Documentation you'll need to send money to Burkina Faso
You will need to provide some information when you send money overseas and you'll also need to have some documentation handy.
Identification. You will typically need to show some form of identification – such as a driver's licence or passport – when setting up a transfer.
Transfer amount. This includes the amount you want to send and the receiving currency.
Recipient's details. You'll also have to provide recipient information such as their name, and their bank details if you're sending money to a bank account, or their mobile number if you're sending money to their phone.
Reason for sending the money. You will often be required to specify a reason for sending the money, such as whether it's a gift, a remittance or a business expense.
What to compare to get the best deal
The best money transfer for your needs depends on what you're looking for. If you want a faster transfer it might be worth paying a bit more. Or if you're looking for the most cost-effective transfer you should consider both the fees and the exchange rates.
Fees. Look at how much you're being charged in transfer fees.
Exchange rates. Look at how much of one currency you're getting for the other. This will often make even more of a difference to the overall costs than the fees will.
Transfer speed. How long will it take for the money to arrive in Burkina Faso?
Payment options. Your options may vary depending on whether you want to pay with card, cash or bank transfer.
Delivery methods. How does the recipient want to get the money? Are they happy to pick up cash, or do they want it delivered to their phone or bank account?
Customer service. How good is the service's customer support? Will you be able to contact it if something goes wrong?
Foreign exchange rates explained
The exchange rates are how much two currencies are worth relative to each other. They're changing constantly, which means the amount of money the recipient gets will vary depending on when you send the money.
The West African CFA franc (XOF) used in Burkina Faso is pegged to the euro at 1 EUR = 655.957 XOF. This means that whenever the euro changes, the West African CFA franc does too.
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Updated: 28 Feb 2020 21:26:36 UTC
Cash pick-up locations in Burkina Faso
Western Union
BATG NADEL 01 Bp 482 Bobo Dioulasso 01 Avenue De La Nation Secteur 01 Bobo Dioulasso, Houet +226-20-980708 Mon-Sun 8am to 7pm
SAES BOBO DIOULASSO Bobo A Cote De Marina Market Bobo Dioulasso, Houet +226-74202047 Mon-Fri 7.30am to 7pm, Sat 8am to 7pm, Sun 8am to 5pm
WorldRemit
CORIS BANK - AGENCE BOBO MARCHÉ 2220 Avenue du Gouverneur William Ponty +226 2098 2011 Mon-Fri 7am to 7pm, Sat 8am to 2pm
CORIS BANK - AGENCE BOBO PRESTIGE En face de l'Onatel +226 2098 2011 Mon-Fri 7am to 7pm, Sat-Sun 8am to 2pm
MoneyGram
BOA - BOBO-DIOULASSO - BOBO DIOULASSO MA Avenue. Andre Aubaret 01 BP 1319 20975114 Mon-Fri 7.45am to 3.45pm, Sat 8am to 12pm
VIVO ENERGY BURKINA - BOBO-DIOULASSO Shell Boulevard 25327600 Mon-Sun 6.30am to 6pm
Western Union
BANK OF AFRICA Africa Voyage Ouagadougou, Kadiogo 11 BP 1637 +226-50-470003 Mon-Fri 7.30am to 6.30pm
WAFACASH AG BV FRANCE AFRIQUE Boulevard De L Insurrection Populaire Ouagadougou, Ouagadougou +226-70217210 Mon-Fri 8am to 5pm, Sat 12am to 1pm
WorldRemit
CORIS BANK - AGENCE BONHEUR VILLE A 200 Mde La Cour Du 75Eme Anniversaire De L''Eglise Des Assemblees De Dieu +22625491000 Mon-Fri 7am to 7pm, Sat-Sun 8am to 2pm
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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