Money
The Uganda currency is called shilling and is relatively stable currency and floats against the US dollar. It is also fully convertible by the Ugandan shilling with US dollars or US dollars with Ugandan Shilling at the bank and foreign exchange bureaus. Currently, the notes in circulation are shillings 50,000, 20,000,10,000,5,000, 2,000,1,000 and coins in 500,200,100,50 ush. If you are a traveler, you should note that the bank of Uganda has since April 2010 printed new bills, same denominations with completely different looks.
The Banks in Uganda and local Forex bureaus all around the capital city do convert USA dollars to local currency. When at a private Forex bureau, the transaction of money exchange takes more than a minute and no documents like passport is required. While in the bank, some paper work will be required, however, the exchange rate against US dollars is more favorable at a forex than at any banks. Banks in Uganda do open from 8:30 to 16:00 on weekends though some of the banks remain open in late hours of the day from 09:00 to 13:00 on Saturdays while Forex bureau offices open up earlier and do close at around 17:00.
Just like elsewhere in East Africa, Uganda US dollars printed before 2000 are not recognized, due to a prevalence of forgeries which dates from this period and no bank will allow any torn or blemished notes, no matter how insignificant the damage and any financial institution within the country will look upon it with suspicion or do reject altogether all your travelers’ cheques. The based on the backdrop that some years back, some Ugandan banks were defrauded by a series of forgeries which left some of them bankrupt. Note however that with recent developments, travelers cheques can generally be exchanged at most banks in Uganda and in most forex bureaus and it is very possible to buy US dollar traveler check from Standard chattered, Stanbic and Barclays Bank for small fees. In case you are in Uganda and you are uncertain about the use of travelers’ cheques, please feel free to contact us as we shall be willing to help you. Remember that the sole advantage of travelers’ cheques over cash is that there is a guarantee of refund in case they are lost from you. Luck enough, Kampala is not a city that carries major risks of daylight theft but clearly it does make sense to carry the travelers’ cheques and proof of purchase.
Using ATMs and Credit Cards in Uganda in Uganda ATM machines:
In case you poses a visa debit card it will be very easy to get the best rate of your country’s currency which is converted into shillings. You can use a bank ATM and hardly pay any fees with their bank back home. Withdrawing is limited from 500,000 to 600,000 shillings per day. When using Barclays bank, their limit is 500,000 shillings however, you can withdraw 400,000 first and then 200,000 more to make a total of 600,000 shillings. If you are using a credit card you need to have a pin number and alert your bank to know that you will be doing withdrawals in Uganda. Without that, you will not get any money here in Uganda.In case you at an ATM machine and the machine eat your card; you will have to go to the bank the next day with a passport so that you can get your ATM back. Within the country, the most widespread banking network is operated by Barclays and Stanbic Bank. Stanbic bank occupies most of the upcountry branches of the formerly Uganda Commercial Bank in Mbale, Jinja, Fort portal, Kisoro, Mbarara, Hoima, Arua, Masindi and Tororo.