How to send money to Benin
Find out how to make a money transfer to Benin with the best providers with these 4 steps
1. Make sure the XOF exchange rate is in your favor
Even though the evolution of the exchange rate is unpredictable, it never hurts to follow it to optimize how many the recipient of your transfer will receive. Track the CFA franc rate and validate your transaction when the mid-market rate is close to its highest level of the last few days.
2. Compare the 9 providers available for transfers to Benin to find the best deal.
There are 9 providers to make money transfers to Benin, such as TransferWise, Western Union, MoneyGram, OFX, Xendpay. Save money by comparing all your options to find the best option for your money transfer.
3. Pick the best money transfer company for your transfer
Which criteria is the most important for you? Total cost, speed, user ratings? Evaluate the pros and cons before making your decision.
It is also important to have a look at the pay-in and pay-out methods. You often have the choice to pay for your transfer by sending the money from your e-banking or by cards (credit or debit). On the recipient's side in Benin, look at different options if you need the amount in XOF to be deposited on a local bank account or available for pick-up in cash at an agent location.
4. Sign up and get started wih your transfer to Benin with the provider you selected
Now, simply sign up on the money transfer provider's online portal - be ready to provide an offical ID and/or a proof of adress - and configure your transfer.