The best, fastest & cheapest ways to send money to Benin

The exchange rate plays a key role in determining how much XOF your recipient in BJ will get.

For example, in the past month average rate for USD to XOF was 607.2563 XOF.

Since USD-XOF exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more XOF.

If you need to make an urgent transfer, we recommend using Revolut, which has consistently offered the best rates for CFA Franc BCEAO over the past six months.

The most cost-effective way to fund your transfer to Benin is through a Bank transfer with Revolut, which is % cheaper than the second-best service.

The way you fund your transfer to Benin impacts the cost, speed, and how much XOF the recipient will receive.

Based on our data from the last six months for a $2,000 transfer from the US to Benin, the following are your best options:

• Revolut with bank transfer deposit costs $0 and has a 0.09% markup.

• with a debit card deposit costs $0 with % markup.

• with a credit card deposit costs $0 with % added to the XOF exchange rate.

We advise against using Debit card, as they tend to be the most expensive option for XOF transfers.

Credit card transfers may incur cash advance fees and higher interest rates on XOF.

CC deposits also tend to be more expensive. For example, charges $0 for credit card deposits, while a bank transfer via Revolut costs $0.

Whenever possible, avoid transfers via the SWIFT network to BJ. SWIFT transfers to Benin are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much XOF you can send.

The amount you transfer can also affect the fees and the XOF exchange rate you receive. For instance, WorldRemit is the best choice for sending large amounts to Benin.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of XOF you can send.

This is why it’s really important to compare your options when transferring money to Benin.

The speed of sending CFA Franc BCEAO to Benin depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $2,000 transfer to Benin:

Use Paysend for fastest transfers

Of the 11 companies offering XOF transfers, Paysend consistently offers the fastest delivery times across all deposit methods, appearing 5 times in our searches over the past 6 months.

For bank account & card deposits use Remitly

Remitly offers fast and affordable CFA Franc BCEAO transfers, with fees of around $0 for bank deposits and $ for debit card deposits, plus a small 0% markup on top of the XOF rate.

For credit card transfers use

Based on our six-month search data, takes up to one day to send XOF via credit card, with a fee of $0 and % markup.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for XOF transfers. Due to intermediary banks on the way to Benin, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Benin:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as WorldRemit.

Based on our six-month analysis, WorldRemit stood out as the top money transfer company servicing Benin, appearing in 63.6% of XOF transfers in our search system.

Mobile apps and e-wallets

Most money transfer services that accept Benin offer mobile transfer apps, which often have better deals on XOF exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Benin are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring CFA Franc BCEAO as cash is almost always instant but requires the recipient to visit a nearby agent in Benin to collect the XOF.

Bank wire transfers

You can transfer CFA Franc BCEAO via your bank.

We strongly recommend not using your bank to wire XOF directly to Benin due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with OFX and send XOF from there.

There are multiple ways to receive money in Benin. Picking the right one can save you on fees and speed up the XOF transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Benin, we recommend Revolut. They appeared in 54.5% of XOF searches as the cheapest option for bank transfers to Benin.

The card transfer will also land in the recipient’s bank account in Benin. Use to deposit with a debit card at just $0 per transfer.

Cash pickup and delivery

If the recipient in Benin needs XOF urgently or doesn’t have access to a bank account in Benin, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive XOF directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Benin, CFA Franc BCEAO will arrive without any involvement from the recipient.

However, if you're sending XOF as cash or transferring large amounts to Benin, the recipient may need the following:

• Government-issued ID: A national ID of Benin, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of XOF being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Benin, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using WorldRemit to send large amounts of CFA Franc BCEAO.

There may be tax obligations and government-imposed limits or restrictions on XOF transfers/payments to BJ.

Some XOF transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain XOF transfers (especially large sums of CFA Franc BCEAO) may need to be reported to the tax authorities in Benin or in your country.

When unsure, it’s best to consult with a tax professional in Benin or your home country to ensure compliance with the regulations.