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Benin - West African Franc - Currency Guide

 

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

     

USD/XOF 90-day view

USDXOF at 541.08 is 2.5% below its 90-DAY average, range 539.99-564.31.
đź”” USDXOF is DOWN 1.6% this 4-DAY period.
|
Alert:4-DAYâ–Ľ1.6% |
 
Recent USD to XOF 90-day trend

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

US Dollar to West African Franc - Historical Rates

USD/XOFChangePeriod
548.30
27 Nov 2020
1.3% â–Ľ1 Week
559.05
04 Nov 2020
3.2% â–Ľ30 Days
554.11
05 Sep 2020
2.4% â–Ľ90 Days
590.74
05 Dec 2019
8.4% â–Ľ1 Year
603.01
06 Dec 2015
10.3% â–Ľ5 Years
494.74
07 Dec 2010
9.4% â–˛10 Years

USD/XOF 10 year historic rates & change to 04-Dec-2020 : 541.08

 

U$10,000 USD
=
5,410,825 XOF

Converted at USD/XOF interbank rate, compare Send Money and Currency Exchange exchange rates.

US Dollar to West African Franc - Quick Conversions

USD XOF
U$ 1 541.08
U$ 5 2,705
U$ 10 5,411
U$ 20 10,822
U$ 50 27,054
U$ 100 54,108
U$ 250 135,270
U$ 500 270,540
U$ 1,000 541,080
U$ 2,000 1,082,160
U$ 5,000 2,705,400
U$ 10,000 5,410,800
U$ 50,000 27,054,000
U$ 100,000 54,108,000
More amounts
USD XOF
U$ 0.0018 1
U$ 0.0092 5
U$ 0.0185 10
U$ 0.0370 20
U$ 0.0924 50
U$ 0.1848 100
U$ 0.4620 250
U$ 0.9240 500
U$ 1.8480 1,000
U$ 3.6960 2,000
U$ 9.2400 5,000
U$ 18.48 10,000
U$ 92.40 50,000
U$ 184.80 100,000
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    Senegal,   Benin,   Burkina Faso,   Ivory Coast,   Guinea-Bissau,   Mali,   Niger 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 BĂ©nin?

In BĂ©nin 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 BĂ©nin. 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 BĂ©nin.

There is an extremely timely and reliable bus system that runs your average tour-style bus through every major city in BĂ©nin everyday, and even some in and out of BĂ©nin. 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 BĂ©nin, 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.

 

Send Money to Benin - Best Rates

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 exchange rate for foreign transfers also called International Money Transfers (IMTs), which can be very different to the wholesale rate and also to currency exchange rates.

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 in the below table.


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 the above 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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