Currency: The official currency for Uganda is the Uganda Shilling. Ugandan shilling notes of shs 500 and smaller are no longer legal tender and have been replaced with coins.
As of October 2005, the exchange rate between the shilling to the major currencies:
- US$1.00 = Ushs2,000
- EURO1.00 = Ushs2,100
- UK£1.00 = Ushs3,300
Banks and Changing Money: There is a wide array of banks and forex bureau’s to choose from, with several international banks represented (Barclays, Standard Chartered, Stanbic). The US dollar and the pound sterling are the strongest currencies used in Uganda and are the easiest to exchange. US dollar notes dated prior to 1997 are turned away, we recommend if you are using US$ to bring notes issued not earlier than 2000. Also, notes smaller than US$50 attract a far lower exchange rate.
We suggest you bring cash and/or credit cards with you as opposed to traveller’s cheques, as the exchange rate (on traveller’s cheques) is much lower. You can change money on your way in at the airport, because it is convenient, however, be aware that the airport is currently not as competitive as TAB or other forex bureaus in Kampala. We suggest you change up as much as you will need to get you through the first day or so (recommend US$50-100 only). TransAfrica Bank, down from the Entebbe Police Station, offer a better rate than that offered at the airport, however, exchange rates will always be more favorable in Kampala.
Credit Cards: Credit cards are not widely accepted and where they can be used, mainly with the larger hotels and companies, hefty surcharges are common. Barclays Bank (open Mon-Fri, 9.00 am – 3.00 pm), however, offers cash advances against credit cards with a small surcharge.
ATM’s: At the time of writing, Standard Chartered Bank is the only bank who currently offer automated cash machines for (their own) cards, locally and internationally. These ATM’s can be found at the airport and also in Kampala. They only accept Visa.
This tip is provided by supplier M19600
