Just landed - wondering what gives the better rate in Benin: ATM withdrawal or airport exchange counter?
The better rate is definitely with an ATM withdrawal, hands down. Airport exchange services take a cut with a poor rate and often have hidden fees. I always bring a card that has low or no foreign transaction fees and use it at a local bank ATM. It's a safe and efficient way to get CFA Francs (XOF) at a fair rate. Don't be fooled by the convenience of the airport exchange counter.
Forget the airport exchange. It's a rip-off. You'll get a much better rate by withdrawing cash from an ATM. My strategy is to withdraw a decent amount of cash from a bank ATM in the city, not at the airport, to minimize fees. The exchange rate on your card will almost always be better than what you get from a currency exchange counter. Just make sure to check if your bank charges foreign transaction fees.
As a frequent traveler, I've learned that ATM withdrawal is almost always better than airport exchange. The airport counters take a huge chunk in fees and give a terrible rate. When I arrived in Cotonou, I found an ATM at the airport, which gave me a much better rate for my CFA Francs (XOF) than the currency counter. Plus, you get the actual currency you need for taxis and small vendors right away.
Just landed in Benin? Go for the ATM withdrawal. Airport exchange counters are notorious for having terrible rates and high fees. With an ATM, you'll get a rate much closer to the official interbank rate. I always use a bank ATM, like those from Ecobank or Bank of Africa in Cotonou, rather than a standalone machine. Just remember to always choose to be charged in the local currency, CFA Franc (XOF), to avoid dynamic currency conversion and its poor exchange rates.