Uganda Money Tips: Your Guide to Currency, Banks & ATMs

Banking Hours and Accessibility:

• Weekday Operations: Most banks operate from 8:30 AM to 4:00 PM. Select banks in Kampala offer extended hours until 7:00 PM.
• Saturday Banking: Available from 9:00 AM to 2:00 PM in most locations.
• Rural Banking: Significant presence of banks like Stanbic, Absa, and Centenary in regional towns, easing forex complications.

Currency Exchange Services:

• Exchange Facilities: Convert cash or traveler’s cheques into US dollars, UK Pounds, and Euros at fair rates.
• Banking Process: Exchanging currency at banks may take longer but generally offers reasonable rates.
• Credit Card Services: Cash withdrawals are possible using credit cards, subject to processing time and fees.
• Traveler’s Cheque Conversion: Banks accept them with proof of purchase and a passport, but the exchange rate is typically lower.

Comparison with Forex Bureaus:

• Rate Differences: Bank rates are typically lower compared to private forex bureaus in Kampala.
• Regional Forex Bureaus: Many have closed due to competitive bank services, improving the rates offered by banks in regional areas.

Extensive Banking Networks:

• Stanbic Bank: Broad reach, serving in major towns including Entebbe, Jinja, Mbale, Fort Portal, Kisoro, Mbarara, Hoima, and Masindi.
• Absa Bank: Offers nearly the same widespread coverage as Stanbic.

Detailed Insights into Forex Bureaus in Uganda

Operating Times and Locations:

• General Hours: Typically open earlier than banks and close at 5:00 PM. Grand Mall in Kampala is open until 8 pm every day.
• Sunday Operations: Available at places like Garden City Mall, Grand Imperial Hotel, and Kampala Road, and a few banks and forex bureaus at Entebbe International Airport are also open.

Exchanging and Re-Exchanging Currency:

• Efficient Conversion: Quick conversion of foreign currency to Ugandan Shillings and vice versa, with a minor loss on re-exchange.
• Convenience at Airport: Services at Entebbe Airport cater to all incoming and outgoing flights.

Important Guidelines for US Dollar Transactions:

• Bill Acceptance: Avoid bills printed before 2003 due to high forgery risks from that period.
• Note/Bill Condition: Banks and Forex bureaus reject torn or damaged bills. Ensure the US dollar bills are clean, unmarked, not stamped, tear-free, and without blemishes, with $100 bills being from 2009 or later.
• Denomination Impact: Lower exchange rates for bills smaller than $50, particularly $20 or less.

Using Travelers’ Cheques in Uganda

Acceptance and Limitations:

• Major international banks like Stanbic, Absa, and Standard Chartered accept American Express travelers’ cheques, usually up to $500.
• Thomas Cook cheques might be accepted, depending on the branch.
  

  

• Necessary documentation includes a passport and proof of purchase.

Exchange Rates and Fees:

• Rates for travelers’ cheques are slightly lower than for cash.
• Banks in Kampala offer the option to buy US dollar travelers’ cheques for small fees.

Safety and Handling Tips:

• Carry travelers’ cheques and proof of purchase separately to minimize theft risk.
• Standard Chartered Bank on Kampala Road might help in case of loss or theft, but the process is lengthy and uncertain.
• Double-check the paperwork and cheque brand before exchanging.

Recommendation:

• Prefer American Express cheques for easier exchange; others might be problematic.

Using ATMs in Uganda

ATM Accessibility and Card Types:

• Most banks in larger cities have ATMs compatible with 4-digit PINs.
  

• Visa ATM cards are widely accepted, offering good exchange rates.
• Mastercard and American Express are also accepted at several ATMs, hotels, and tour operators.

Travel Tips and Precautions:

• Inform your bank about your travel to Uganda to prevent card holds.
• Use ATMs during bank hours for immediate assistance if needed.
• Consider preloading your Visa card to avoid interest charges.
• Avoid using ATMs in bars or public places to reduce theft risk.
• Be prepared for potential ATM network failures or card rejections.

Recommendation:

• Limit reliance on ATMs; network issues and card problems can delay tours.
  

  

Credit & Debit Card Usage in Uganda

Security Concerns:

• The UK government advises against credit card use in Uganda due to information theft risks.
• Credit card fraud has been reported even in high-end hotels.

Card Acceptance:

• Visa is the most accepted credit card.
• Mastercard, American Express, JCB, and Union Pay are also accepted in some places.
• Hotels, restaurants, and shops add a 3.5% to 6% surcharge for credit card payments.

Financial Considerations:

• Additional charges apply for credit card use, especially for safari payments and in hospitality establishments.