How to Handle Cash and Banking in Uganda: A Guide for Expats

If you are planning to work or live in Uganda, you may have some questions about how to deal with money in this country. Here are some useful tips and advice to help you out.

Currency and exchange:

Uganda uses the Ugandan Shilling (UGX) as its official currency. The exchange rate fluctuates, but as of November 2023, one US dollar is worth about 3,700 UGX. You can check the current rate on the Bank of Uganda website. You will need to get used to handling large numbers (i.e., thousands), as most transactions are done in cash. You can exchange your foreign currency or traveler’s checks at various places, such as banks, hotels, or forex bureaus. However, not all of them offer the same rates. Some of the best ones are Shumuk at the Grand Imperial Hotel and Crane Forex on Kampala Road, and my favourites are the ones on King Fahd Plaza, also along Kampala Road. You should also know that you will get better rates for newer and larger bills ($50 and above) in USD or other major currencies.

ATMs and cards:

You can also withdraw money from your home bank account using a Visa ATM card. There are many ATMs in Uganda, especially in Kampala and other major towns. You can find them at the airport, shopping malls, hotels, and banks. Some of the most common banks with ATMs are Stanbic, Barclays, Standard Chartered, and Centenary. You should check with your home bank to see if they have any partnerships with any of these banks, as you may be able to avoid some fees. For example, Bank of America customers can use Barclays ATMs for free. You should also inform your bank that you are travelling to Uganda, so they don’t block your card for suspicious activity. You should also know that Mastercard and other cards are not widely accepted in Uganda, and you will rarely find a place to swipe your card. Therefore, it is advisable to always carry some cash with you.

Bank accounts and mobile money:

If you want to open a local bank account in Uganda, you will need to provide some documents, such as your passport, copies of it, passport photos, and sometimes a letter of recommendation from an existing customer of the bank. Different banks have different requirements and services, so you should shop around and compare. Some of the factors to consider are the number and location of branches and ATMs, the fees and charges, the interest rates, and the customer service. Another option to manage your money in Uganda is to use mobile money, which is a service that allows you to send and receive money using your phone. You can sign up with a local carrier, such as MTN or Airtel, and then deposit and withdraw money at any of their agents, which are found all over the country. You can also use mobile money to pay bills, buy airtime, and transfer money to other people.

I hope this article has been helpful to you. However, I understand that everyone’s experience is unique, and there may be aspects we haven’t covered. If you have any additional insights or experiences about managing money in Uganda that you’d like to share, please leave a comment below. Your input could be invaluable to others looking to work or live in Uganda. We look forward to hearing from you!