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

The exchange rate determines how much XOF the recipient will receive.

For instance, in the past 7 days average exchange rate between the US Dollar and the CFA Franc BCEAO was 564.8185 XOF.

Since USD - XOF exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more XOF for your recipient.

If you urgently need the money in Togo, we recommend using Revolut, which offers the best XOF exchange rates.

The cheapest way to fund your transfer to Togo is by using a bank transfer with Revolut, which is 1.49% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of XOF received.

Based on a $7,000 transfer to Togo using our live data, the options you have are:

• A bank transfer with Revolut will cost you $21 in fees and a 0.2% markup

• Debit card transfer with Paysend costs $0 with 2% markup

We recommend not using bank transfer when sending money to Togo, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on XOF.

Whenever possible, avoid sending XOF over the SWIFT network. Despite the name, XOF transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much XOF you can send.

Often, the amount will also impact the fees and the XOF rate you get.

For example, we found Revolut to be the best option for sending large amounts to Togo.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Togo.

The speed of transferring XOF to Togo depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your XOF, the more it will cost you in fees.

For example, consider a transfer of $7,000 from the US to Togo:

• Fastest provider: Among 5 companies servicing Togo, Paysend consistently offers the quickest delivery times across all deposit methods.

• Bank or debit card deposits: Services like Xoom for bank account deposits and Paysend for card deposits provide almost instant and cost-effective XOF transfers. Fees are approximately $0 for bank deposits and $0 for debit card deposits, with a minimal 2% markup.

• Credit card deposits are another option, but be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making XOF transfers over SWIFT

SWIFT is slower for XOF transfers due to the involvement of intermediary banks in Togo, so it’s best to avoid it if speed is your priority.

For XOF transfers, you have the following options:

Money transfer companies

You can send CFA Franc BCEAO via an FX broker (a managed service) or via an online-only company (self-managed).

According to our analysis, we found that Revolut is the overall best way to transfer money to Togo.

App

Most money transfer services to Togo offer mobile apps, which often provide better XOF exchange rates.

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

In-person

Cash transfers to Togo can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect XOF.

Bank transfers

We suggest you not to use your bank to wire money to TG because of the fees but rather use it to fund your XOF transfer.

There are several ways to receive money in Togo, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Togo, we recommend using Revolut.

• Cash pickup: if you need immediate access to cash in Togo, consider using cash pickup, but check availability.

• Mobile wallets: you can receive XOF directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Revolut.

In most cases, XOF will arrive without any involvement from the recipient.

However, if you’re sending CFA Franc BCEAO as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of XOF to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger CFA Franc BCEAO transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Togo, we recommend using Revolut.

There might be tax implications and government-imposed limits when sending CFA Franc BCEAO to Togo.

Some XOF transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain XOF transfers need to be reported to the tax authorities in Togo.

When in doubt, please contact a tax professional in Togo or in your country.