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How to send money to Benin
A cash transfer is the fastest option — but not the cheapest.
Compare your options to send money to Benin based on fees, exchange rates and transfer times.
Compare transfer providers for Benin
Enter your transfer amount in the space provided to estimate your transfer cost with different providers.
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Step-by-step: How to send money to Benin
- Choose your transfer service and go to its website.
- Create or sign into an account with that service.
- Enter the details of your transfer, including the recipient and the amount.
- Confirm the details and make your payment.
What’s the best way to send money to Benin?
The best way to send money to Benin depends on your situation. The main options include the following:
Money transfer services
There are a number of online money transfer services that combine options such as cash pickup, bank account transfers and mobile money to deliver flexible and cost-effective transfers.
Cash transfer services and pickup points are widely available in Benin.
You may be able to send money to Benin through your bank, although the costs can be high.
Let’s crunch the numbers: Sending $500 to Benin
The table below shows how much it can cost to send money to Benin with different transfer services.
|Transfer company A||Transfer company B|
|Exchange rate||1 USD = 565.3383 XOF||1 USD = 553.4175 XOF|
|Transfer speed||Next day||Next day|
|Overall||XOF818.01 less||XOF818.01 more|
In this situation, the two transfer companies are pretty close, coming within less than US$2 of each other. But if you needed your transfer to get there even faster, you could also pay a little more to get a cash pickup.
How long will it take to send money to Benin?
How long it takes to send money to Benin depends on which transfer method you use.
Cash pickup and mobile money are usually instant, but any time there’s a bank transfer involved, it can take several days longer.
Emergency cash transfer
If you want to send money in a hurry, you can send money to be picked up at locations around Benin with services such as WorldRemit, Western Union or MoneyGram.
How to send money to Benin without a bank account
It’s often cheaper to have money sent to your recipient’s bank account with a money transfer service, but if your recipient doesn’t have one, you can still send a cash transfer or a mobile money delivery.
If you don’t have a bank account, you can still pay with cash at a money transfer agent location or send money through your own mobile money app.
What to watch out for
The West African CFA franc (XOF) used in Benin is pegged to the euro at a fixed rate. As such, the exchange rates you get will vary depending on what the USD/EUR exchange rate is doing.
Documentation you’ll need to send money to Benin
When sending money to Benin, you’ll need to provide the following information:
- Personal details and identification. You’ll need to give your name, address and proof of identity.
- Transfer details and why you’re sending the money. You will typically be required to enter the reason for transferring the money, among other details such as the amount and the currencies.
- Recipient’s details. You will have to provide the recipient’s details so the money can find its way to the right person. If you want it delivered to the recipient’s bank account, you’ll also need to get their banking details.
What to compare to get the best deal
When sending money to Benin, compare:
- Fees. How much are you being charged in flat fees?
- Exchange rates. How many CFA francs are you getting for your US dollars?
- Transfer speed. How long will the transfer take?
- Payment options. Can you pay by cash or card? Do you have to make a bank transfer?
- Delivery methods. How can the recipient get their money? Options include mobile money, cash pickup and bank transfer.
- Customer service. Can the money transfer service help out in case something goes wrong?
Foreign exchange rates explained
The exchange rates are how much of one currency you get for another and different transfer services will charge very different amounts through varying exchange rates.
To find out how good your quoted exchange rates are, compare them to the USD/XOF mid-market rates you can find online.
Cash pickup locations in Benin
Using an online transfer provider to deposit money directly into your recipient’s account is usually the cheapest option, but if you need the money to arrive instantly you can order a cash pickup for a little more. To get the best deal on your next overseas transfer, compare money transfer providers before getting started.
Image source: Getty Images
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