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Finance Expert  2012
Finance Expert 2012, Chartered Accountant (CA)
Category: Finance
Satisfied Customers: 965
Experience:  ACA with over 10 years & financial & tax advisor MCSI, Msc Finance, CFA
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Regarding the Bank of Africa in the Republic of Benin--is it

Customer Question

Regarding the Bank of Africa in the Republic of Benin--is it possible to receive a bank transaction in foreign currency in the USA without having to pay an exchange rate until it reaches a USA bank?More to the point--my friend has been awarded a court decided settlement for a wrongful death.Much money has already been sent to cover various foreign taxes and fees to complete the transaction.It seems that this is the final fee to receive the transaction.Can it legally be sent without paying the exchange rate?Or are there other options?There is a deadline to meet to pay the fee or the transaction will be voided.Is that possible?

Submitted: 3 years ago.
Category: Finance
Expert:  Finance Expert 2012 replied 3 years ago.

MamaTax :

Thanks for the question.

MamaTax :

If the funds that are in Benin are in local currency the Communaute Financiere Africaine franc (XOF), you the bank converts this to USD before sending it to you unless the funds are already in hard currency like British GBP, EUROs etc.

Usually banks give the sender an option to deduct exchange rate fees and other charges from the money being sent or to pay an extra over the money being sent. You can make this arrangements by contacting the bank here:

Avenue Jean-Paul II
08 B.P. 0879 - Cotonou - Bénin
Tél. : (229) 21 31 32 28
Fax : (229) 21 31 31 17

MamaTax :

Alternatively you can use Moneygram services at branches of Banque International Du Benin in Benin and there are several other branches in the country. Moneygram has those options listed above. However if the funds are in local currency there is no way you can have it send overseas before converting to USD since its not hard currency. I bet you wont find any bank in US will take the local Benin currency due to the above reasons.

MamaTax :

Hope this helps.

MamaTax :

Let me know if you are fully answered now. If sorted, could you please rate the question before you go. Thanks very much.