Best Bitcoin Exchange for Togo
Togo is not a typical tourist destination, although the country offers many facets in its landscape and culture. A trip to Togo should include a visit to a national park where you can experience the nature and wildlife of Africa at its best. African culture can be found in the land of Batammariba, which has been declared a UNESCO World Heritage Site. Here the locals live in tower-like loam buildings and lead a life according to the old traditions. On the other hand, the capital Lomé is much more modern and lively.
On one of the many and colourful markets, you can find everything from spices and carpets to souvenirs for those who stayed at home. So that the travel cash does not come to an end after the shopping experience at the market, one should know where one can withdraw money in Togo. Which means of payment are generally recommendable to take along and further information around the topic of foreign exchange can be found in the following article.
CFA-Franc BCEAO (XOF) – the local currency of Togo
Overview Banknotes CFA franc TogoAs in some other countries, the CFA franc, which is available in coins and banknotes, is the national currency and thus the official means of payment of Togo.
The following table shows the denominations:
- Coins: 1, 5, 10, 25, 50, 100, 200, 250, 500 CFA francs
- Notes: 1000, 2000, 5000, 10,000 CFA francs
All currencies with a value of 1,000,000 CFA francs or more should be declared upon entry. Currencies up to the equivalent of 500,000 CFA francs may be executed without proof.
Change money in Togo
Although an exchange into the local currency is possible both in banks and exchange offices, it is advisable to go to a bank for the exchange of money. There are exchange facilities in the country’s major cities. Foreign exchange should only be exchanged as needed, as a return outside countries where the CFA franc is not the local currency is only possible with a high exchange loss.
Banks in Togo are open on weekdays from 07:30 to 12:00 and 14:30 to 17:00.
Cashing traveller’s cheques in Togo
The carrying of traveller’s cheques in the travel fund is an alternative to the regular means of payment. In the event of loss, these will be replaced immediately. However, the disadvantage here is that the exchange rates are lower than with an exchange of cash. In addition, traveller’s cheques are returned worldwide, which is why they should only be taken along as a supplement in the travel cash register.
Cashless payment in Togo
In Togo, cash payment is the main method of payment. Some hotels in the higher price segment accept credit cards as cashless means of payment. The larger shops are also increasingly accepting credit cards. Experience shows that Mastercard is rarely accepted. The Visa Card enjoys the greatest acceptance in Togo.
If you use your credit card for cashless payments, you should know that the credit card institute charges between 1 and 4 % as a foreign service fee. To avoid this fee for the foreign assignment, it is advisable to pay all bills in cash and use the credit card to withdraw money in Togo.
Withdrawing money in Togo with an EC card
Withdrawing money with an EC card is not possible in Togo. EC cards bearing the Maestro symbol are not accepted by ATMs. V-Pay cards do not generally work for withdrawing money outside countries that do not have the euro as their national currency. In order to ensure cash supply during the trip and to have an alternative means of payment in Togo, it is essential that you take a credit card with you in your travel fund. Exceptions are so-called travel credit cards, which can also be used to pay abroad free of charge. We will talk about this card format later.
Withdraw money in Togo by credit card
In banks, money can easily be withdrawn with a credit card. Most banks are located in the country’s major cities. When travelling to the more rural regions, you should make sure that you have enough cash in your travel money. In these parts of Togo there is no possibility to withdraw money. It is worth knowing that most credit card companies charge a foreign assignment fee for withdrawing money in Togo. The calculation is based on the withdrawal amount, to which between 1 and 4% is added. That doesn’t sound like much at first, but the costs can quickly add up in the course of the holiday the more often a bank is visited to withdraw money in Togo.
If you want to avoid the fee for the foreign assignment, you should take a closer look at the offers of the banks via the following list. These few banks offer a free credit card with which you can withdraw money free of charge in Togo. Such a credit card is also worth a purchase for future travel, as it can be used to withdraw money worldwide free of charge. It only takes a few minutes to complete the application online, which then only needs to be printed out. The easiest and quickest way is to go directly to a post office and use the Postident procedure to identify your credit card. All you need is a valid passport or identity card.
It may take up to two weeks after the application has been sent until the credit card you have applied for is in your mailbox. The PIN will be sent in a separate envelope. As soon as both card and PIN are available, the credit card can be used to withdraw money free of charge, also at German third-party ATMs.
Security when withdrawing money in Togo
When withdrawing money in Togo, you should pay particular attention to a hidden PIN entry so that it cannot be spied out. If there is no privacy screen over the keypad, you can also hold your hand over it to protect it. It is also advisable for those who carry their secret code with them not to store it together with their credit card. In the event of theft of the travel fund, at least the PIN will not be given away. Especially in the capital Lomé, there are many thefts, which is why one should be especially careful here.
However, if an EC or credit card is stolen or lost, you should have the cards blocked immediately. To do this, you should contact the blocking emergency call, which was specially set up for this purpose. The number can be reached via the following link. The emergency number can be reached 24 hours a day and blocks the affected card immediately. In order to protect yourself from major financial damage, it is important to act immediately.