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Send money to Benin

A cash transfer is the fastest option — but not the cheapest.

Compare money transfer services to Benin

Our table lets you compare the services you can use to send XOF abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send to Benin.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
WorldRemit
Within an hour
From $1.99

View details
New customers send USD 20 to Lebanon and use code ADD10 for a USD 10 discount. Valid till 7 November 2021. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Ria
Within an hour
From $1.00

View details
Ria lets you send money to 130+ countries with cash pick-up at 240,000 locations.
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Compare up to 4 providers

Online money transfer companies typically offer the lowest fees and the most competitive exchange rates to send money to Benin — often beating your local bank by a longshot. Converting US dollars to XOF doesn’t have to be pricey, keep the process simple by comparing your money transfer options.

Best ways to send money to Benin

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Benin. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.

1. Digital money transfer services

Companies like OFX and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to Benin. Most offer transfers directly to your recipient's bank account in Benin, often in as little as a day or two.
  • Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.

2. Cash transfers

Services like WorldRemit and Remitly allow you to transfer cash for pickup at a local branch in Benin— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
  • Why? Picking up cash is more expensive because more people are involved.

3. Banks

The West African CFA franc may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Benin.
  • Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.

Let's crunch the numbers: Sending $1,000 to Benin

Let's say you need to send $1,000 to family in Benin. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 562.940 XOF.
Digital money transfer serviceCash transferBank transfer
Fee$0$4$25 + additional correspondent bank fees
Exchange rate1 USD = 561.251 XOF1 USD = 560.125 XOF1 USD = 534.793 XOF
Transfer speed1-2 daysMinutes2-5 days
Amount receivedXOF$561,251XOF$557,890XOF$521,423
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Benin. A digital transfer sends the most, which is XOF$39,828 more than the bank. For speed, a cash transfer can typically have your transfer to Benin in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.

How to send money to Benin online

Sign up and send money to Benin with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in Benin.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Benin. Some money transfer providers send a text or email when your transfer is complete.

Get the most out of your money transfer to Benin

Weigh costs and fees against convenience to best compare money transfer providers that send to Benin. Consider:

  • Exchange rates. The USD–XOF relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the West African CFA franc rises against the US dollar.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–XOF exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of West African CFA francs you're sending to Benin.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Benin.
  • Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
  • Transfer methods. Whether you want money sent to a bank account in Benin or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

How to send money to Benin without a bank account

If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up West African CFA francs without a bank account.

Emergency cash transfer

When urgency trumps cost to get your money to Benin quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

Benin's exchange rates explained

Banks and money transfer companies use exchange rate to calculate how much Benin's currency is worth when converted to USD. The USD-XOF relationship can change daily based on global economic stability, interest rates, inflation and more.

Today's exchange rate USD to XOF

1
0
Updated: 21 Oct 2021 12:43:32 UTC

What to watch out for

Sending money to relatives or family members in Benin may be subject to taxes on the money transfer and certain documents may be required.

Taxes on transfers to Benin

In general, any large transfers being sent from the US to Benin should be filed with the IRS to avoid any penalties.

Required information

Receiving money in Benin:

  • Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
  • Sender's information. Take along your sender's full name, the sending country and their address, if known.

Sending to Benin from the US:

  • Proof of identification like a government-issued ID or your SSN number.
  • Recipient information like their name, address and bank account information in Benin.

Bottom line

Sending your hard-earned money to Benin shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.

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