Benin - Foreign Exchange ControlsBenin - Foreign Exchange
The local currency (CFA Franc) is pegged to the Euro at CFA 655.937 for €1.00. Transactions requiring foreign exchange must be duly documented and approved by exchange control authorizations. Exceptions include foreign travel, foreign education, or medical expenses within prescribed limits. Expatriates can remit their salaries outside Benin. Transfers within the UEMOA zone are not subject to foreign exchange controls.
Implications for U.S. business: All investments by a foreign investor in Beninese companies must be declared to the Ministry of Economy and Finance.
All loans given by U.S. individuals or companies to a Beninese borrower must also be declared to the Ministry of Economy and Finance to facilitate the transfer of repayments of principal and interest.
Foreign transfers executed through the BCEAO must include the following information:
i) instructing party,
(ii) the amount in CFA Francs,
iii) amount in foreign currency,
(iv) name and the address of the beneficiary,
v) account number and banking domicile of the beneficiary, and
(vi) the purpose of the transfer and supporting documents. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Implications for U.S. business: All investments by a foreign investor in Beninese companies must be declared to the Ministry of Economy and Finance.
All loans given by U.S. individuals or companies to a Beninese borrower must also be declared to the Ministry of Economy and Finance to facilitate the transfer of repayments of principal and interest.
Foreign transfers executed through the BCEAO must include the following information:
i) instructing party,
(ii) the amount in CFA Francs,
iii) amount in foreign currency,
(iv) name and the address of the beneficiary,
v) account number and banking domicile of the beneficiary, and
(vi) the purpose of the transfer and supporting documents. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.