TRAVEL MONEY

Cameroon is one of a group of nations in West Africa using the CFA franc. For official purposes in Cameroon, the exchange rate is CFA 500 to the USD. However since 1995, the exchange rate has ranged from 560/620, as the currency is pegged to the French Franc. The currency is not usable outside the country. Each country in the FCFA union prints its own notes. The Cameroon CFA is fixed to Euro through an arrangement where France originally maintained parity with the French Franc to support the CFA.

Currency*:

Cameroon has a cash economy. The use of credit cards is very limited, and care must be taken to have adequate cash/traveler cheque resources. There are only a couple of ATM's, and these are exclusively linked to a local bank. The difficulty with the use of credit cards is that there is no electronic authorisation process, and transactions must be cleared by phone through Paris.

Euro travelers' cheques, from Visa/Mastercard are the most widely used and strongly recommended. Most of the main banks will exchange these, however service is slow, and ample time needs to be allowed for service. Whilst some banks are open on Saturdays, this does not include foreign exchange services. Banks close at 3:00pm Monday to Friday
Exchange rates for USD or other currencies can be 25% below real exchange rates. A commission of 22% is not uncommon on USD or Sterling.

It is not possible to draw cash against credit cards at banks or hotels.

The most acceptable credit card is Visa, then Mastercard, and AMEX.

The quickest way to transfer money in an emergency is by Western Union, which has offices in Douala, and Yaounde.

*** Remember to keep CFA 10,000 or US$20 for departure tax at the airport.
Departure tax on internal flights is CFA500, or US$1.00.
Due to the exchange rate, it is cheaper to pay in CFA.

For business accounts, Standard Chartered Bank is established in Douala, and Yaounde. Minimum account balances apply.

In July 1998, Citibank opened in Douala, Cameroon.