Foreign Exchange Guide to Benin
In this guide we review :
- West African franc info - general info about the West African franc
- Travelling in Benin - currency & money saving tips
- Buying West African franc cash online - travel money for Benin
- Sending money to Benin - save on West African franc bank transfers to Benin
- West African franc exchange rates - latest info & charts.
West African franc (XOF) general currency information
Benin currency and money saving tipsIn Benin the currency is the West African CFA. You can generally change Euros, US dollars and the British pound in Cotonou. ATMs in Cotonou are also widespread (though mostly visa only) and you'll also find Western Union in operation in Benin.
Benin Trip Checklist
Travel money for Benin
Save money and time by Ordering your West African franc online from Travelex, you get better rates and can pick up the XOF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in West African franc otherwise you may get much worst exchange rates.
Sending money to Benin
When sending money to Benin it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or West African franc amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Benin.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more West African franc deposited into the recipient bank account in Benin and less margins and fees kept by the banks!