The best ways to send money to your Benin relatives is through UKForex, HiFX, Global WebPay, Adam and Company Bank, Industrial and Commercial Bank of China. These companies apart from Global WebPay are FCA regulated and offer you the best money conversion rates. With a margin of only 1% UKForex is the most suitable.
Types of options to send money
When sending money to Benin, you have two options. You can either make a single transfer or recurring transfers. A single transfer (also known as spot deal) is the ideal option when you want to send money swiftly and securely to lock-in on a current exchange rate. Recurring transfers on the other hand are good when you want to make monthly payments such as mortgage payments or school fees payment.
Restrictions on receiving money
The only restriction when you receive money in Benin is the duration you would have to wait before the money lands in your hands. The length of time it takes before you get the globally sent money will depend on public holidays, weekends and the company that was used to send in the money.
Restrictions on sending money
As the money sender to Benin, all that you need to be wary of this the fluctuating exchange rate. You would need to check the current exchange rates so that what you want sent safely gets into the hands of the recipient.
Process to send money
To send money internationally to Benin, you would need to register with either UKForex, HiFX, Global WebPay, Adam and Company Bank or Industrial and Commercial Bank of China. Once you register with one of them, you can go right ahead to login into the account and get the live exchange rate. Enter the recipientâ€™s bank account details and the amount you would want sent to them. Specify how long the sending should take and you can relax waiting for the money to get to Benin.
Brief economic trend
Benin prides as being France number one source of agricultural imports. Despite that, the country is still underdeveloped with a high percentage of her populace depending on subsistence farming.
The main banks in Benin include Diamond bank, Africa Investment bank, Benin Regional Solidarity Bank, BGFIBank Benin and Bank of Africa Benin. Before sending the money to Benin, you need to ask the recipient where best to send the money for easy access.
Help with family emergencies. Many people will want to get money to a relative in Benin because they are having a family emergency. Maybe a house needs a vital repair or maybe a relatives car has broken down and they need it for work, so it needs to be fixed. Whatever the reason it is good to know that you can arrange a currency transfer to Benin in just a few minutes.
Send money for a wedding
Weddings are always costly and you might be helping out a relative by paying for part of their wedding. To make sure you get the most for your money during the exchange you should take a look at the currency rate Benin money, the Communaute Financiere Africaine franc is being traded at. The symbol of this currency is XOF, so look out for this when you are setting up your transfer.
Money as a gift
Money has also traditionally been sent to family members as a gift for birthdays or anniversaries or other special occasions. Maybe one of your relatives in Benin has a birthday coming up and you would like to surprise them with the gift of money. If so your straight ahead and arrange your money transfer to Benin today. Your relative will then have their money virtually instantly and will be able to spend it on a birthday gift for themselves at their leisure. What could be easier?