Togo - West Africa - page 979

ATMs
ATMs are found in most major West African towns and cities. In theory they accept credit and debit cards from banks
with reciprocal agreements. In almost all cases, Visa is the most widely accepted credit/debit card at most ATMs, with
MasterCard increasingly (but far from universally) possible.
For security reasons, we advise against withdrawing money from an international account from a Nigerian ATM,
while ATMs in Guinea-Bissau are yet to be integrated into international networks.
Whenever you do use an ATM, expect to be slugged with prohibitive bank fees from your bank back home (€15 to
€20 is not unusual for a CFA200,000 transaction). For this reason, always take out the maximum the ATM allows.
Black Market
It can sometimes be best to change your money through unofficial sources such as money changers, supermarkets and
other businesses, either for convenience (they keep longer hours than banks) or to get a better-than-official exchange
rate. In CFA-zone countries, exchange-rate considerations rarely apply because local currency is easily converted and
the rate is pegged to the euro, although Abidjan in Côte d'Ivoire has a thriving US-dollar black market. Unofficial
money changers are also tolerated by the authorities in some border areas, where there are rarely banks.
Although you may have no choice at a border crossing, the general rule throughout West Africa is to only change
money on the street when absolutely necessary. The chances of getting ripped off are high, and even if the money
changer is honest, you don't know who's watching from the other side of the street. Even at borders, be alert, as
changers are notorious for pulling all sorts of stunts with bad rates and folded notes.
In countries with a real black market (eg Guinea and Nigeria), where you can get considerably more for your money,
don't forget that this is against the law. What's more, dealers often work with corrupt police officers and can trap you in
a set-up where you may be 'arrested', shaken down and eventually lose all your money.
Cash & Travellers Cheques
Cash is easily the most convenient way to carry your money as it's always the easiest to change. Remember, however,
that it cannot be replaced if lost or stolen, even by insurance companies.
In CFA-zone countries, the best currency to travel with is definitely the euro. Other major international currencies
such as the US dollar and the UK pound can be changed in capital cities and tourist areas, but at less-favourable rates. In
the non-CFA countries, the best currency to travel with is US dollars, with euros and UK pounds sometimes accepted in
larger cities.
Travellers cheques are refundable if lost or stolen, but they're usually difficult to change (sometimes only one bank
will do it and sometimes only in capital cities) and almost always attract high commissions. As a result, few travellers
use them in West Africa. The best countries for travellers cheques are Cape Verde and Ghana; they're not worth the pa-
per they're printed on in Nigeria, Liberia, Guinea and Guinea-Bissau.
Well-known brands of travellers cheques are better as they're more likely to be recognised by bank staff. Amex, fol-
lowed by Visa and Thomas Cook/MasterCard, are the most widely accepted, and some banks will take only one of these
three. Most banks require you to show your original purchase receipts in order to change travellers cheques, so it's es-
sential to bring these. Carry them with you (separately from your cheques), but also leave a copy at home, as well as
elsewhere in your luggage, in case the original receipts or the cheques themselves are stolen.
For both cash and travellers cheques, take a mixture of high and low denominations. Rates are better for high denom-
inations (ie €50, €100, US$50 or US$100). Note that the USA changed the design of the US$100 bill in the mid-1990s
and old-style US$100 notes are not accepted at some places, especially those that don't have a light machine for check-
ing watermarks.
You may also need some small amounts if you're about to leave the region, or a certain country, and only need to
change a small amount. Also, a supply of small-denomination cash notes (eg US$1 and US$5 or the euro equivalent)
can come in handy for cases when change is unavailable.