Sending money to Benin? Compare your options first to save money when you do.
Benin isn’t a common country to send money to, but there are still ways for your money transfer to find its destination.
Compare options when sending money to this West African nation to see if you can cut costs.
How much does it cost to send money to Benin? Compare your options
The table below lets you sort through money transfer options and easily compare them. Just enter your transfer amount in the space provided, and it will calculate how much it may cost with different providers.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
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Step-by-step: How to send money to Benin
Here are the directions to send money to Benin:
- Choose your transfer service here 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:
You may be able to send money to Benin through your bank, although the costs can be high.
Cash transfer services and pick-up points are widely available in Benin.
Money transfer services
There are a number of online money transfer services that combine options such as cash pick-up, bank account transfers and mobile money to deliver flexible and cost-effective transfers.
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, so you can see how much of a difference there is when sending $500 to Benin, and how much you could save by comparing options.
|Cash transfer||Money transfer service|
|Exchange rate||NZD$1 = XOF394.441||NZD$1 = XOF399.199|
|Transfer speed||Instant||Next day|
|Overall||XOF4,284 less||XOF4,284 more|
By comparing transfer services, you can save money by choosing the cheaper one. In this case, your recipient can get another XOF4,284 (about $10) simply by comparing two options.
Not only does one have lower fees, but it also has better exchange rates, allowing you to save even more on larger transfers.
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 pick-up and mobile money are usually instant, but anytime 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 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 NZD/EUR 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 will have 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 will also need to get their banking details.
What to compare to get the best deal
When sending money to Benin, look at the following factors to find the best option for your needs.
- Fees. How much are you being charged in flat fees?
- Exchange rates. How many CFA francs are you getting for your New Zealand 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 pick-up 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 NZD/XOF mid-market rates you can find online.