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Benin - West African Franc - Currency Guide

 

Foreign exchange guide to Benin and the West African Franc (XOF)

   

General Currency Info - West African Franc

The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The Central African CFA franc is of equal value to the West African franc. Both XAF and XOF currencies are referred to as the CFA franc.

   

XOF News, Forecasts and Trends

The West Africa CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 XOF. The XOF franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations.

The below interactive chart shows the USD to XOF exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to XOF 90-day trend
 
ALERTS:4-DAY1.7% | 30-DAY LOWS |
USD/XOF at 591.48 was trading 1.4% below AVG:599.86 with LO:573.21 and HI:615.33 (90 days). ALERTS: USD/XOF was DOWN 1.7% this 4-DAY period and also dropped to 30-DAY LOWS.

US Dollar to West African Franc - Historical Rates

USD/XOFPeriod to 28-MayDateRate
1.1% ▼1 Week21 May 2020599.0696
2.2% ▼30 Days28 Apr 2020605.5370
0.4% ▼90 Days28 Feb 2020594.8433
0.6% ▲1 Year29 May 2019588.9096
0.9% ▼5 Years30 May 2015597.9348
11.4% ▲10 Years31 May 2010531.6225
USD/XOF 10 year rates & changes to 28-May-2020 (592.4775)

US Dollar to West African Franc - Quick Conversions

USD XOF
U$ 1 591.25
U$ 5 2,956
U$ 10 5,913
U$ 20 11,825
U$ 50 29,563
U$ 100 59,125
U$ 250 147,813
U$ 500 295,625
U$ 1,000 591,250
U$ 2,000 1,182,500
U$ 5,000 2,956,250
U$ 10,000 5,912,500
U$ 50,000 29,562,500
U$ 100,000 59,125,000
More amounts
USD XOF
U$ 0.0017 1
U$ 0.0085 5
U$ 0.0169 10
U$ 0.0338 20
U$ 0.0846 50
U$ 0.1691 100
U$ 0.4228 250
U$ 0.8455 500
U$ 1.6910 1,000
U$ 3.3820 2,000
U$ 8.4550 5,000
U$ 16.91 10,000
U$ 84.55 50,000
U$ 169.10 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Benin?

The domestic currency in Benin is the West African Franc.

What is the West African Franc currency code and symbol?

The three letter currency code for the West African Franc is XOF.

Which countries use the West African Franc?

It is the domestic currency in    Benin,   Burkina Faso,   Ivory Coast,   Guinea-Bissau,   Mali,   Niger,   Senegal and Togo.

Is the West African Franc a closed currency?

No, the West African Franc is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Benin

The official language of Bénin is French, but there are several other indigenous languages which are spoken in various regions of the country. Bénin is the birthplace of Vodun (Voodoo) and all that goes with it—to this day Vodun remains the official religion of the country, and an important part of the life of ordinary Beninese. While more and more Bénin nationals are starting to use English, it is not yet widely accepted. But Bénin will also thrill visitors with its palm-fringed beaches of the Atlantic coast, the rugged scenery of the north and the Parc National de la Pendjari, one of the best wildlife parks in West Africa. Lions, cheetahs, leopards, elephants and hundreds of other species thrive here.

Can I use credit cards in Bénin?

In Bénin the currency is the West African CFA. Credit cards are accepted in the major centers and ATMs are available in the cities, as well. 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 Bénin. The best foreign currency to carry with you in Brenin is the euros, which are easily exchanged at banks, hotels or bureaux de change.

Getting around in Bénin.

There is an extremely timely and reliable bus system that runs your average tour-style bus through every major city in Bénin everyday, and even some in and out of Bénin. There are many major lines with a range of quality of buses. Bush Taxi is possible between most cities, every day in major cities, periodically for the more remote ones. The total price for long distances will be a little higher than by bus, and comfort and security are significantly lower. Drivers are often trying to maximize the number of people in the car so one can expect an intimate experience with the local population. Traffic is insane and the rules on the road are almost never enforced. If you are planning on driving yourself in Bénin, an International Driver's license is required. The cheapest way to travel within a city or village is by motorcycle taxi (moto, zemidjan or zem). They are cheap and the drivers usually know the city well.

There is a train route that goes halfway up the country, from Cotonou to Parakou, run by L’Organisation Commune Bénin-Niger des Chemins de Fer et Transports. While the train takes longer than a bush taxi, its a much more relaxing way of traveling.

 

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 searching around for information on how to get a good exchange rate when sending money to Benin you need to start with finding out the latest West African Franc foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


Get a better deal for foreign transfers 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 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or West African Franc amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Benin.

Use our Send to West 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 - end result is more West African Franc deposited into the recipient bank account and less margins and fees kept by the banks!


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