What is the local currency?
Tanzanian Shilling (Shilingi)
What denominations does it come in?
Notes: TSH 10,000 (red, elephant), TSH 5,000 (purple, rhino), TSH 1,000 (blue, late President Nyerere) TSH 500 (green, buffalo)
Coins: TSH 200, 100, 50, 20, 10 and 5. (The last three are rarely used except in supermarkets and banks)
What is the best way to exchange currency?
Bureau of Exchanges throughout the city. Rates vary so shop around.
Hotels can also exchange currency, but at an inferior exchange rate.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash. Some major shops accept Visa and MasterCard. It is advisable to have cash available in case of problems with the credit card machines (telecoms are unreliable). Some places accept American Express. If buying from street vendors, you must have local currency in cash.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Yes, in hotels and some very select restaurants. There will be a 5-percent surcharge for such a facility. In most instances, you will need Tanzanian shillings. Foreign cash is accepted, but at very poor exchange rates. Some institutions insist on being paid in U.S. dollars, but you have the right to pay in shillings. However, you will more than likely get a poor exchange rate.
By what method are bills (such as rent and utilities) paid?
Rentals are paid for in U.S. dollars or Tanzania shillings by bank check or in cash. Government hospitals are paid in shillings in cash.
Car insurance and medical aid are paid in US dollars or Tanzania shilling, by check or cash. Electricity, water, car licenses, telephone, etc., are paid in Tanzanian cash.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
- Private account - As a foreigner, you are able to open an account in Tanzanian shillings, U.S. dollars and, sometimes, euros.
You will need a work/residence permit, two passport-size photographs, a letter of appointment from your employer and a cash deposit: in TSHs, a minimum of 50,000; for a U.S.-dollar account, a minimum of 1,000; and for euros a minimum of 1,000.
- A Company Bank account can be opened provided that the following documents are available: Memorandum of Articles, Certificate of Incorporation, valid business license, Certificate of Registration, TIN (Tax Identification Number) and photographs of directors. Board resolutions determine the opening of a bank account with that particular bank.
Will foreign residents be able to find banking services in their native languages?
All banks use English and Swahili as the languages of correspondence.
Are there any restrictions on services for those who are new to your country?
Once you have opened the account, there are not many restrictions. Provided you have sufficient funds, you can transfer and remit any amount out of the country. Conversely, you can transfer in as much as you want, but it will be converted into the currency of your account/s.
What are typical banking hours?
Banking hours on weekdays are normally 8:30 a.m. to 3:30 p.m.
Saturday hours are 9:00 a.m. to noon. There are over 30 banks, with Barclays, Standard Chartered, Stanbic, First National Bank, Kenya Commercial Bank, Exim Bank, Bank of Africa, Eco Bank, Bank of Baroda, FBME, and Citibank being the more well known internationally.
Are automatic teller machines (ATMs) available around the clock?
Most banks have ATMs and offer Visa, and MasterCard facilities. Cash is dispensed in Tanzanian shillings. Normally, the maximum is TSH 1 000,000.
Is there any other money information that might help me?
Travelers checks are acceptable, but generally only exchanged at banks, hotels and bureaus of exchange.
Credit cards are slowly being introduced but, when dealing with locals, cash is the only legal tender and helps things to happen when problems arise. All bureaus of exchange, banks and hotels advertise the exchange rates offered by that institution. Most daily newspapers list the official rates of buying, mid-rate and selling as published by Bank of Tanzania for 20 currencies throughout the world.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.