Money Matters

The Ugandan shilling is on a continuous slide against all major currencies. However, it is a fully convertible currency, but you may have difficulty finding USD cash to buy in Kampala at times, with huge denomination bills.

If you are prepared to accept old bills (100, 50) and small denominations, you may find it easier. At this time, you would be advised to change only what you need on a day-to-day basis when spending time in Kampala and then changing enough for your expected expenditure for your anticipated journey.

Forex bureaus offer better rates than the banks. Do not expect to find forex bureaus at border posts and in all major towns. Border posts are street money changers where care should be taken and rates lower than in Kampala. If you think the rate you are getting from a moneychanger appears to be very high, you are about to rip off and look elsewhere to change money.

USD bills are only accepted if printed after and including 2001. They must be in good condition, not torn and preferably large denominations of the new style bills. Old bills before 2001 are regarded as very suspect, and some bureaus may not accept them.

There have been numerous instances where the Uganda shilling has been counterfeited. It is usual that the silver strip is missing on such bills and has affected only the larger bills of 20,000, 10,000 and 5,000-shilling denominations. The Uganda Shilling is available in note form in 1,000, 5,000, 10,000, 20,000 and 50,000 Shilling denominations. Uganda Shilling notes 50, 100, 200 and 500 are no longer legal tender. These notes have been withdrawn and replaced by coins of the same denominations. Beware that when dirty and in poor light, Uganda Shilling notes of 10,000 and 1,000 denominations can look very similar and easily mistaken.

Travellers’ cheques are rarely accepted for change outside of Kampala/Entebbe. Rates for Travelers’ Cheques are always significantly lower than for cash. US dollars cash in large bills are the preferred currency; British pounds sterling is also highly regarded. Kenyan shillings are readily exchanged. South African Rands, as in all places outside of South Africa, attain a cheap rate. American Express has an office in the Kampala Sheraton but will not cash USD traveller’s cheques for US$ cash. Rates for small USD bills 1,5,10,20 are 20% less than you will get for 50 & 100$ bills.

Credit cards are accepted only at larger hotels and restaurants and certainly not outside of Kampala and Entebbe. Drawing money against your credit card is possible only through Barclays in Kampala.

For those wishing to use their personal Auto Banks cards to obtain money from Auto Teller machines, Standard Chartered have an Auto Teller at the Airport. This machine only accepts VISA cards with a maximum withdrawal of Ushs800,000- (US$450-) per day. Auto Tellers at most of the major banks in Kampala and some large petrol stations in the city. Not all Auto Tellers will dispense cash to International bank cards, unfortunately. Barclays Bank in Kampala is the only bank that provides cash advances against Credit cards.

Suppose you are with a vehicle in Kampala and are concerned about leaving your vehicle unattended when making your forex transaction go to the Grand Imperial Hotel. You can safely park your car in view whilst changing your money in the Shumuk Forex Bureau kiosk adjacent to the hotel’s main entrance. All vehicles are parked inside a 24hour security barrier. The same can be said if you are on foot and feel anxious about making your forex transaction.